Legal Fees paid for transfer of Shares allowable as deduction from LTCG

AIG Offshore Systems Services Inc. Vs ACIT (ITAT Mumbai) Conclusion: Legal and professional fees paid in connection with the transfer of shares was allowable as deduction from long term capital gain under section 48(i) as the expenditure incurred was wholly and exclusively in connection with the transfer of shares of the Indian Subsidiary. Held: In the present case, in the relevant previous year, assessee had transferred / sold shares of its Indian Subsidiary and had offered the income from such transfer as long term capital gain. AO in the assessment order had mentioned that the transaction r...