https://www.taxtmi.com/caselaws?id=249919 ITAT Mumbai examined whether repairs already allowed in an earlier year could be disallowed again merely because payment was made in the year under appeal, and held that the prior allowance could not be reversed on that basis; the related compensation paid under a memorandum of understanding was treated as contractual reimbursement and allowable business expenditure. It also held that licence fee from owned office premises let on a long-term licence was taxable as income from house property, even if the asset was held as stock-in-trade, subject to verification. Notional interest on a partner's debit balance and levy of interest under sections 234B and 234D were restored for fresh consideration, while the ad hoc disallowance of office, staff welfare and maintenance es was sustained. en-us Wed, 16 Jul 2014 00:00:00 +0530 Mon, 28 Jul 2014 09:25:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249919 ITAT Mumbai examined whether repairs already allowed in an earlier year could be disallowed again merely because payment was made in the year under appeal, and held that the prior allowance could not be reversed on that basis; the related compensation paid under a memorandum of understanding was treated as contractual reimbursement and allowable business expenditure. It also held that licence fee from owned office premises let on a long-term licence was taxable as income from house property, even if the asset was held as stock-in-trade, subject to verification. Notional interest on a partner's debit balance and levy of interest under sections 234B and 234D were restored for fresh consideration, while the ad hoc disallowance of office, staff welfare and maintenance es was sustained. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249919