1 itxa4957-10 sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4957 OF 2010 The Commissioner of Income Tax-7, Mumbai ..Appellant. V/s. Tracstar Investment Pvt. Ltd. ..Respondent. Mr. Suresh Kumar with Ms. Suchitra Kamble for the appellant. Mr. P.J. Pardiwala, senior Advocate with Mandar Vaidya i/b. Rpy's Law Firm for the respondent. CORAM : J.P. DEVADHAR AND A.R. JOSHI, JJ. DATED : 29TH NOVEMBER, 2011 P.C. :- 1. Whether the ITAT was justified in allowing the professional charges, travelling charges and legal expenses amounting to Rs. 3,00,000/-, 21,48,050/- and Rs.8,47,895/- respectively incurred by the assessee on behalf of its subsidiary company, is the question raised in this appeal. 2. The Tribunal has recorded finding of fact that the assessee is an investment Company holding 100% shares of its subsidiary company and with a view to disinvest its shares in the subsidiary 2 itxa4957-10 company, the assessee incurred the above expenses. In our opinion, no fault can be found with the decision of the ITAT in holding that the expenditure incurred by an investment company to divest shares held it as stock in trade are allowable business expenditure. Accordingly, the appeal is dismissed with no order as to costs. (A.R. JOSHI, J.) (J.P. DEVADHAR, J.)