Disallowance of brokerage paid on acquisition of investments - ...

Brokerage on Investment Acquisition Not a Capital Expense; No Grounds for Disallowance by Assessing Officer.

July 12, 2022

Case Laws Income Tax AT

Disallowance of brokerage paid on acquisition of investments - whether the expenditure is in the nature of capital expenditure and forms a part of cost of asset - When it is not the claim of the ld AO that valuation of securities held as stock in trade at the end of the year is not valued higher to the extent of commission and brokerage incurred on these securities to determine “at cost” valuation , we do not find any reason to uphold disallowance made by the ld AO. - AT

View Source

← Previous Next →

Disallowance of brokerage paid on acquisition of investments - ...

Brokerage on Investment Acquisition Not a Capital Expense; No Grounds for Disallowance by Assessing Officer.

July 12, 2022

Case Laws Income Tax AT

You may also like:

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was...

CIT(A) restricted addition on account of accommodation entries to 15% instead of 100%, as the Assessing Officer failed to establish that work was not actually performed....

Exemption u/s 10(38) - bogus LTCG on purchase and sale of shares - disallowance brokerage expense - penny stock transaction - ssessee has successfully proved the...

Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

The Income Tax Appellate Tribunal (ITAT) decided the following: Disallowance of proportionate interest expenses was unjustified as the assessee had sufficient...

Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and...

Disallowance of brokerage expenses while working out the capital gains - when the assessee has duly filed confirmations from all the brokers to whom commission has been...

ITAT dismissed Revenue's appeal regarding additions under Section 68 and brokerage expense disallowance. The Tribunal held that revaluation of assets by AOP (DD...

Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

Capital gain - even where cost of acquisition of capital asset cannot be ascertained but the asset has market value, capital gain will be attracted by taking the cost of...

Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

The assessee was entitled to follow the 'project completion method' consistently for recognizing revenue, as it had not achieved the minimum threshold for applying the...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Quick Updates: