https://www.taxtmi.com/caselaws?id=176907 The ITAT partially allowed the Revenue's appeal, upholding the deletion of disallowances for brokerage and commission expenses as well as professional fees expenses. However, it remanded the issue of loss on auction bidding for further examination regarding its relation to the assessee's main business activities. Additionally, the ITAT directed the Assessing Officer to reevaluate the disallowance under section 14A in line with a recent judgment, emphasizing the need for a reasonable method of calculation and consideration of interest expenditure. en-us Fri, 18 Mar 2011 00:00:00 +0530 Wed, 19 Apr 2023 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176907 The ITAT partially allowed the Revenue's appeal, upholding the deletion of disallowances for brokerage and commission expenses as well as professional fees expenses. However, it remanded the issue of loss on auction bidding for further examination regarding its relation to the assessee's main business activities. Additionally, the ITAT directed the Assessing Officer to reevaluate the disallowance under section 14A in line with a recent judgment, emphasizing the need for a reasonable method of calculation and consideration of interest expenditure. Case-Laws Income Tax Fri, 18 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176907