Expenses for completing transfer as per approved scheme of arrangement allowable

DCIT Vs Larsen & Toubro Limited (ITAT Mumbai) The case involves an appeal by M/s. Larsen & Toubro Limited (the assessee) against the order of the Commissioner of Income Tax (Appeals) regarding the assessment year 2016-17. The main issue concerns whether certain expenses related to the transfer of business should be allowed as deductions while computing capital gains under section 48(1) of the Income Tax Act. The appellant, Larsen & Toubro Limited, sought to deduct expenses amounting to Rs. 82,59,94,515/- incurred for the transfer of a port division through a slump sale. These expen...