Litigation Expenses incurred by Assesee Company for Recovery of Money from Debtors cannot be Disallowed: ITAT [Read Order]

ITAT Mumbai - Litigation Expenses - CIT(A) - Assessee - Section 40(a)(ia) Income Tax Act, - taxsan

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that litigation expenses incurred by Assessee Company for recovery of money from the debtors could not be disallowed.  Assessee Minestrone Mumbai is a partnership firm which was carrying on the business of “Manufacture and Export of Diamonds’ ‘. The Assessing Officer from the perusal of…

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