Transaction charges incurred wholly and exclusively for business is allowable expenditure

N.K. Proteins Pvt. Ltd Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that the transaction charges are actually additional cost of funds raised for the purpose of business. Hence, expenditure incurred on account of the same was wholly and exclusively for the purpose of business. Facts- The assessee challenges the disallowance of Rs.1,30,29,338/- made by AO and confirmed by the learned CIT(A) on account of transaction charges. Notably, during the course of Special Audit, it was noticed that transaction charges were paid by the assessee-company for transactions on NSEL platform in connection to ca...