Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]

By Namaskar Acharya - On September 11, 2023 7:30 pm - 2 mins read

Incurring expenditure - expansion of business - Income Tax Act - ITAT

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that NBFC being financial company tried to enter in to banking business and for this purpose the assessee incurred expenditure on preparation of a report on transformation of company from financial institution to banking company, which was not beyond the scope of working. The…

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