https://www.taxtmi.com/caselaws?id=287075 The ITAT Mumbai allowed the assessee's appeal in a case involving disallowance of expenses claimed as exempt under sections 10(34) and 10(38) of the Income Tax Act. The ITAT directed the Assessing Officer to delete the disallowance amount as the AO did not identify any specific defect in the assessee's computation. Additionally, the ITAT directed the exclusion of securities transaction tax and wrongly accounted speculation gain from the book profit under section 115JB. The disallowance under section 14A was also deleted, resulting in the allowance of all grounds raised by the assessee. en-us Thu, 22 Jan 2015 00:00:00 +0530 Sat, 28 Mar 2020 10:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287075 The ITAT Mumbai allowed the assessee's appeal in a case involving disallowance of expenses claimed as exempt under sections 10(34) and 10(38) of the Income Tax Act. The ITAT directed the Assessing Officer to delete the disallowance amount as the AO did not identify any specific defect in the assessee's computation. Additionally, the ITAT directed the exclusion of securities transaction tax and wrongly accounted speculation gain from the book profit under section 115JB. The disallowance under section 14A was also deleted, resulting in the allowance of all grounds raised by the assessee. Case-Laws Income Tax Thu, 22 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287075