The Income Tax Appellate Tribunal (ITAT) in Delhi held that interpretation of the transaction of loss of security in the nature of revenue expenditure as a capital loss, not allowable against the business profit, by AO is not sustainable. Therefore, lower authorities were not justified in sustaining the penalty levied under Section 271(1)(c) of the […]
The post Disallowance made by Interpreting Revenue Expenditure as Capital Loss not Sustained: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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