Expenditure pertaining to Consultancy fees can be treated as Revenue Expenditure are eligible for deduction u/s. 37(1) of Income Tax Act: ITAT [Read Order]

By Shabna Rahim - On November 23, 2023 5:00 pm - 2 mins read

Expenditure pertaining - Consultancy fees - Revenue Expenditure - Income Tax Act - ITAT - Income - Appellate - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the expenditure of consultancy fees can be treated as revenue expenditure and is eligible for the deduction under section 37 (1) of the Income Tax Act,1961. KMTC (India) Private Limited, the appellant assessee was engaged in the business of customary agency services of…

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