Dear all,
Can any one guide me on the following case:
Case
A private Limited company engaged in Business of Trade in Land & Building. Purchased Land and held it as stock in trade Claimed as expenditure the following.
1) Purchase Cost (As per Deed)
2) Stamp Duty & Registrtion Expenditure
3) Payment made for obtaining possession from the persons who had unauthorised possession over the land.
I want to know whether the Expenditure mention in point no (3) allowed as per income tax act. Please suggest the relevant section or case law.
CAclubindia
