Can an Investment Company Deduct Office Expenditure as Cost Of Acquisition of Shares ?

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An unlisted public limited investment company is engaged in the business of investment in shares and other securities of unlisted companies. It books income/or loss as Income from Long Term Capital Gain/Short Term Capital Gain or Long Term Capital Loss/Short Term Capital Loss. The Company has spent on salary to employee and directors, legal and professional fees, ROC filing fees and Interest on loan availed for the business. Whether the expenditure such as salary to employee and directors, legal and professional fees, ROC filing fees and Interest on loan availed for the business are not allowed to be deducted under Section 37 of the Income Tax Act, 1961.

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