Architect Fee Paid related to Transfer of Development Rights Allowable

Standard Industries Limited Vs DCIT (ITAT Mumbai) Assessing Officer has disallowed the claim of expenditure incurred towards the architect fees of ₹33,67,200/- while computing capital gain on transfer of development right. The Assessing Officer was of the view that architect fees cannot be considered as incurred wholly and exclusively in connection with the transfer as per the provision of section 48(1) of the Act. The assessee has made payment of ₹33,67,200/- for architectural services to the architect vide invoice dated 8th July 2006 for determining the F.S.I. of the land component of MC...