Expenditure incurred in connection with transfer ::
Court :
HC
Brief :
Held by hon"ble court that any amount the payment of which is necessary for transferring the asset will be treated as expenditure incurred wholly & exclusively in connection with such transfer.
Citation :
Gopee Nath Paul & Sons Vs. D.C.I.T.
Expenditure incurred in connection with transfer
Gopee Nath Paul & Sons Vs. D.C.I.T. 3/8/2005
(2005) 147 Taxman629(Cal.)
Case Fact: Whether expenditure incurred on removing any encumberance without which the asset could not be sold will be treated as expenditure incurred wholly and exclusively in connection with the transfer of capital asset under clause (i) of section 48(1).
Decision: Held by hon"ble court that any amount the payment of which is necessary for transferring the asset will be treated as expenditure incurred wholly & exclusively in connection with such transfer.
CA.Saibaburao Nanduri
Published in Income Tax
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