ITAT Disallows ROC Expenses incurred for Issuance of Share Capital

The Income Tax Appellate Tribunal (The “ITAT”) in the matter of Suzuki Suiting Pvt. Ltd. pronounced that ROC expenses incurred for issuing share capital shall be disallowed. The same was disallowed holding it to be capital in nature.

The Ld. Counsel for the assessee (Shri S. N. Divetia) could not controvert the above and fairly admitted that the disallowance had been rightly made.

Relevant Extract:

8. Ground No.3.1 relates to disallowance of ROC expenses amounting to Rs 2 lacs incurred for issuing share capital. The same was disallowed holding it to be capital in nature.

9. The Ld. Counsel for the assessee could not controvert the above and fairly admitted that the disallowance had been rightly made.

9.1 In view of the above ground of appeal No.3.1 is dismissed

The Pronouncement was made by T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member)

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