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2023 (10) TMI 1036 - AT - Income TaxNature of expenses - due diligence expenses under the head “exceptional items” - revenue or Capital expenditure - HELD THAT:- We find that this issue is no longer res integra in view of the decision of Onmobile Global Ltd [2021 (1) TMI 923 - KARNATAKA HIGH COURT] wherein, it was held that the expenditure incurred by the assessee for conducting due diligence of a company which was eventually acquired by the company to be allowable as revenue expenditure. Further, we find that in the case of PCIT Vs. Vaibhav Global Ltd [2021 (12) TMI 1407 - RAJASTHAN HIGH COURT] had also held under similar circumstances, the expenses incurred thereon to be revenue expenditure u/s 37 - Decided in favour of assessee.
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