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2022 (12) TMI 1005 - AT - Income TaxCapital gain computation - transfer expenses as per Section 48 - Transfer expenses were not incurred wholly & exclusively for the purpose of transfer of shares - HELD THAT:- In the present case, the service of M/s Signal Hills has been utilized for sale of share s of private limited company shares exclusively; further the payment has been made by banking channel as against the invoice raised by M/s Signal hills. There is nothing on record to suggest or no material brought on record by the A.O. to suggest that that transfer expenses were not incurred wholly & exclusively for the purpose of transfer of shares held by the Assessee in companies M/s. Knowlarity Communications Pvt. Ltd. (Singapore) & M/s. Knowlarity Communications Pvt. Ltd. (India). On the other hand the Ld. CIT(A) has partly agreed with the Assessee by not doubting the transaction per se. By following the ratio laid down by the Jurisdiction High Court in the case of Kausalya Devi [2018 (4) TMI 1137 - DELHI HIGH COURT] we are of the opinion that, the expenses incurred by the Assessee is allowable transfer expenses as per Section 48 of the Act and both the Lower authorities have committed an error in disallowing the expense incurred by the Assessee. - Decided in favour of assessee.
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