https://www.taxtmi.com/caselaws?id=310730 ITAT Mumbai allowed club entrance/subscription fees as business expenditure following Otis Elevator precedent. Court directed AO to accept assessee's valuation report for TDR capital gains computation at INR 2,29,81,000 per sq. meter, rejecting AO's arbitrary valuation of INR 260 per sq. meter without proper justification. Sales tax subsidy taxability and MAT computation issues were remanded to CIT(A) for fresh adjudication after examining specific state scheme provisions. Road construction and ash handling system expenditures were held revenue in nature following Associated Cement Companies precedent. Various provisions including gratuity, leave encashment, and director's retirement benefits were allowed as ascertained liabilities under Section 115JB. Disallowance under Section 14A was deleted as dividend income pertained to investments from own funds. en-us Fri, 27 May 2022 00:00:00 +0530 Thu, 09 Nov 2023 20:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310730 ITAT Mumbai allowed club entrance/subscription fees as business expenditure following Otis Elevator precedent. Court directed AO to accept assessee's valuation report for TDR capital gains computation at INR 2,29,81,000 per sq. meter, rejecting AO's arbitrary valuation of INR 260 per sq. meter without proper justification. Sales tax subsidy taxability and MAT computation issues were remanded to CIT(A) for fresh adjudication after examining specific state scheme provisions. Road construction and ash handling system expenditures were held revenue in nature following Associated Cement Companies precedent. Various provisions including gratuity, leave encashment, and director's retirement benefits were allowed as ascertained liabilities under Section 115JB. Disallowance under Section 14A was deleted as dividend income pertained to investments from own funds. Case-Laws Income Tax Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310730