Mutual Fund Promotion and Initial Public Offer expense allowed as business expense

CIT Vs Sahara Asset Management Company Pvt. Ltd (Madras High Court) Madras High Court held that ITAT rightly deleted the addition on account of Mutual Fund Promotion Expenditure and Initial Public Offer Expenditure since the said expenses are incurred wholly for the purpose of business and hence the same are allowable expense. Facts- The assessee is an asset management company acting as fund manager, managing mutual fund schemes. For the Assessment Year 2005-06, assessee had claimed mutual fund promotion expenditure and initial public offer expenditure. AO held that the assessee company is a f...