https://www.taxtmi.com/caselaws?id=260954 The ITAT partly allowed the appeal, directing the assessing officer to restrict disallowance under section 14A to 20% for shares in stock-in-trade. The disallowance of irrecoverable amounts was found to be an adjustment against arrear rent, not a capital loss. The addition of retention money was deleted as the liability had accrued, justifying the retention for bad debts. The disallowance of the difference in Service Tax was upheld due to lack of reconciliation. The judgment provided detailed reasoning and fair analysis, addressing each issue raised by the assessee. en-us Wed, 29 Apr 2015 00:00:00 +0530 Mon, 29 Jun 2015 06:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260954 The ITAT partly allowed the appeal, directing the assessing officer to restrict disallowance under section 14A to 20% for shares in stock-in-trade. The disallowance of irrecoverable amounts was found to be an adjustment against arrear rent, not a capital loss. The addition of retention money was deleted as the liability had accrued, justifying the retention for bad debts. The disallowance of the difference in Service Tax was upheld due to lack of reconciliation. The judgment provided detailed reasoning and fair analysis, addressing each issue raised by the assessee. Case-Laws Income Tax Wed, 29 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260954