Expenditure towards transfer of share is allowable as per section 48

Pallav Pandey Vs ACIT (ITAT Delhi)

ITAT Delhi held that expenditure incurred wholly and exclusively towards transfer of shares is allowable transfer expenses as per section 48 of the Income Tax Act.

Facts- Assessee filed return claiming transfer expenses of Rs. 25,92,818/-. The case of the assessee was selected for scrutiny under CASS. The assessment proceedings came to be initiated, during the assessment proceedings, the assessee contended that expenses of Rs. 25,92,818/-

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