Audit fees allowed as expense as commencement of business proved and expense incurred wholly for business

Zuari Management Services Ltd. Vs DCIT (ITAT Panaji) ITAT Panaji held that disallowance of audit fees is not justifiable since commencement of business operation is recognised under the Companies Act and expenditure was incurred wholly and exclusively for business. Accordingly, appeal allowed to that extent. Facts- The case of the assessee was selected for scrutiny and an assessment u/s 143(3) of the Act was passed whereby returned NIL income with claim for c/f of BL and LTCL was accepted without variation. Subsequently, the case of the assessee was subjected to revision u/s 263 of the Act. A...