Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]

Municipal Tax allowable - expenditure - Income Tax Act - Assessee paid- proportionate Tax - Society-ITAT-TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the municipal tax shall be allowable as expenditure under Section 24 of the Income Tax Act, 1961 when the assessee paid the proportionate tax to the society. The assessee is engaged in the business of dealing in shares and securities and renting immovable…

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