ITAT allows advisory fees paid for application of a banking license

Tourism Finance Corporation of India Ltd Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi’s recent decision in the case of Tourism Finance Corporation of India Ltd. vs. ACIT revolves around the allowability of expenditure incurred for the purpose of business expansion. This article provides a detailed analysis of the ITAT’s decision and its implications. 1. Grounds of Appeal: The appellant has raised specific grounds of appeal against the order of the Ld. CIT(A)-16, New Delhi, dated 26.02.2018, for the Assessment Year 2014-15. Notably, the appellant does not wish...