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Revenue Expenditure - Income TaxExtract A partnership is into business of Layout forming and selling plots. The undeveloped land was contributed by one of the partners towards his capital. Before all sites were sold, the said partner retired and partnership was re- constituted. As per rules in Karnataka, the Firm had to pay stamp duty and registration fee on value of sites remaining unsold. The query is whether such payment of stamp duty and registration charges for registering the re-constituted firm is allowable expenditure u/s 37 .
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