Payment made to Professionals towards due Diligence Fees for Rendering Assistance to Acquiring Company is Revenue Expenditure u/s  37(1) of Income Tax Act: ITAT allows Deduction [Read Order]

By Aparna. M - On November 11, 2023 7:00 am - 2 mins read
Payment - Professionals towards due Diligence Fees for Rendering Assistance to Acquiring Company is Revenue Expenditure - Income Tax Act - ITAT allows Deduction - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that the payment made to professionals towards due diligence fees for rendering assistance to acquiring company is revenue expenditure. Therefore, the bench allowed the deduction claimed by the assessee. The assessee, Shrimp Improvement Systems India (P) Ltd engaged in the business of production of aquaculture products…

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