Payment of transaction charges allowable as business expense in commodity business

Sanjaykumar Sarabhai Patel Vs ITO (ITAT Ahmedabad) Conclusion: Transaction charges paid to National Multi Commodity Exchange of India (NMCE) was clearly in the course of commodity business and thus, assessee was entitled to claim such expenditure as ‘business expenditure’. Held: It was held by Tribunal that the claim of assessee that transaction charges paid to National Multi Commodity Exchange of India (NMCE) required to be allowed as ordinary business expenditure in the course of commodity trading carried good deal of force. The expense incurred was clearly in the course of commodity bus...