Expenses for prospective clients allowable, even if not resulting in immediate income

PCIT Vs Trinity Insurance Brokers Pvt Ltd (Delhi High Court) The Delhi High Court recently ruled on the appeal (ITA 624/2023) filed by the Principal Commissioner of Income Tax (PCIT) against Trinity Insurance Brokers Pvt Ltd for Assessment Year 2011-12. The appellant sought to challenge the deletion of additions made by the Assessing Officer (AO) related to supervisory and risk management expenses. This article provides an in-depth analysis of the case, examining the grounds of appeal, the court’s findings, and the implications of the decision. Detailed Analysis: 1. Delay Condonation App...