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Legal & professional expenses incurred towards buy back of shares allowable as deduction u/s 37

June 1, 2019[2019] 106 395 (Gujarat)/[2019] 264 Taxman 182 (Gujarat)

INCOME TAX: Where assessee-company claimed deduction of legal and professional expenses incurred in relation to buyback of shares of company from its shareholders, since said expenditure would not in any manner enhance capital structure of assessee company, expenditure in question being revenue in nature was eligible for deduction under section 37(1)

INCOME TAX: Where assessee claimed deduction of membership fees paid to club by Chairman and Managing Director of company, since membership allowed employees to interact with its customers, it could be said that expenditure was incurred wholly and exclusively for purpose of business and, thus, assessee's claim was eligible for deduction

INCOME TAX: Where assessee having purchased business on slump sale from 'M' Ltd., claimed depreciation on intangible assets and marketing rights of business acquired, in view of fact that business transfer agreement was by way of slump sale and further that 'M' Ltd. was not a related concern as per provisions of section 40A(2)(b) at point of sale, claim raised for depriciation was to be allowed
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