https://www.taxtmi.com/caselaws?id=333604 The ITAT Mumbai partially allowed the appeals for assessment years 2004-05 and 2005-06, while dismissing the appeal and cross-appeal for 2009-10. The court emphasized adherence to legal provisions and case law in determining tax liabilities and deductions. The disallowance of employees' contributions to Provident Fund and ESIC was sent back to the AO for verification based on a Supreme Court ruling. The taxation of notional gain from foreign exchange rate fluctuations was adjusted under section 43A due to the nature of loan utilization. The issue of expenses incurred in a subsequent year was dismissed as the assessee did not pursue it during the appeal. en-us Wed, 31 Aug 2016 00:00:00 +0530 Wed, 19 Oct 2016 09:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333604 The ITAT Mumbai partially allowed the appeals for assessment years 2004-05 and 2005-06, while dismissing the appeal and cross-appeal for 2009-10. The court emphasized adherence to legal provisions and case law in determining tax liabilities and deductions. The disallowance of employees' contributions to Provident Fund and ESIC was sent back to the AO for verification based on a Supreme Court ruling. The taxation of notional gain from foreign exchange rate fluctuations was adjusted under section 43A due to the nature of loan utilization. The issue of expenses incurred in a subsequent year was dismissed as the assessee did not pursue it during the appeal. Case-Laws Income Tax Wed, 31 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333604