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Payment of transaction charges allowable as business expense in commodity business
Case Law Details
- Case Name
- Sanjaykumar Sarabhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Ahmedabad
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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...
