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2020 (10) TMI 519 - HC - Income TaxClaim of deduction u/s 48(i) - deduction of expenditure incurred wholly and exclusively in connection with the transfer of shares - expenditure was incurred voluntarily - whether section 48(i) of the Act makes no distinction between voluntary or involuntary expenditure -Tribunal disallowing the Appellant’s claim for deduction of expenditure on the ground that the Appellant had not fulfilled a condition in a clause in the Share Purchase Agreement - HELD THAT:- Tribunal after taking note of Clause 29 in the agreement has recorded a finding that even if the assessee has made payment as required under Clause 29 of the Share Purchase Agreement, the same cannot be termed as expenditure in connection with transfer of shares - whether the expenditure is incurred wholly and exclusively in connection with transfer of an asset is a question of fact, which depends in the facts and circumstances of the case. We agree with the findings recorded by the Tribunal and hold that from careful scrutiny of the order passed by the Tribunal, it is evident that in fact, first substantial question of law does not arise for consideration in this appeal. Assessee was unable to point out that three share holders who were parties to the same transaction had claimed the similar expenditure in their returns as was claimed by the assessee. - Decided against assessee.
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