Tribunal held that professional fees paid to lawyers / accounting firms for services rendered for sale of shares of subsidiary is held to be allowable as deduction while computing capital gains . Referred CIT v. Shakuntala Kantilal (1991) 190 ITR 56 (Bom.) (HC). ( AY. 2010-11)
AIG Offshore Systems Services Inc. v. ACIT (2019) 175 ITD 647/ 197 TTJ 765 (Mum.)(Trib.)
S. 48 : Capital gains–Computation-Foreign Institutional Investor (FII)-Sale of shares of Indian subsidiary-legal/professional fees paid to lawyers/accounting firms- Allowable as deduction. [S.45, 48(1)]