Exp. incurred by builder on brokerage and commission on booking of properties allowable; SLP dismissed

Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of (Brokerage expenses) - Assessee, a builder, incurred expenditure towards brokerage and commission - Assessing Officer disallowed said expenditure on ground that during relevant year conveyance of sale deeds were not executed - Tribunal, however, held that expenses incurred on brokerage and commission on booking of properties being a finance/selling expenses were allowable in full - High Court upheld Tribunal's order - Whether, on facts, SLP filed against order of High Court was to be dismissed - Held, yes[In favour of assessee]

Refer:[2020] 114 taxmann.com 98 (SC) in the case of
Principal Commissioner of Income Tax-3

v.
DLF Home Developers Ltd.