https://www.taxtmi.com/caselaws?id=430466 The ITAT Mumbai partially allowed the appeal concerning disallowances under the Income Tax Act. It directed the Assessing Officer to restrict disallowance under section 14A r.w.r. 8D(2)(iii) to the extent of exempt income earned. Disallowance of depreciation on vehicles was upheld pending verification of business use. The issue of reducing the block of vehicles for carry forward was remanded for fresh examination. Yacht expenses disallowance was upheld due to lack of evidence of business use. The overall appeal was partly allowed, emphasizing the need for proper documentation and verification in tax assessments. en-us Wed, 16 Nov 2022 00:00:00 +0530 Sat, 19 Nov 2022 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430466 The ITAT Mumbai partially allowed the appeal concerning disallowances under the Income Tax Act. It directed the Assessing Officer to restrict disallowance under section 14A r.w.r. 8D(2)(iii) to the extent of exempt income earned. Disallowance of depreciation on vehicles was upheld pending verification of business use. The issue of reducing the block of vehicles for carry forward was remanded for fresh examination. Yacht expenses disallowance was upheld due to lack of evidence of business use. The overall appeal was partly allowed, emphasizing the need for proper documentation and verification in tax assessments. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430466