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.

307 Views Comment Share Income Tax Report

Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

View Judgements

Comments