https://www.taxtmi.com/caselaws?id=446296 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal permitted deduction of finance costs under section 36(1)(iii) as they had direct nexus with stock broking business for meeting margin requirements. Business loss was held as not speculative since assessee wasn't engaged in share trading. Bonus disallowance was deleted as assessee provided adequate documentation and made suo motu disallowance for unpaid amounts. Section 14A disallowance was partially allowed, directing AO to recompute considering only exempt income investments. Adhoc 25% expenditure disallowance was deleted for lack of specific adverse findings. Transfer pricing adjustment was deleted as AO lacked jurisdiction without TPO reference, though professional fees issue was remitted for fresh examination. en-us Fri, 27 Oct 2023 00:00:00 +0530 Thu, 30 Nov 2023 06:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446296 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal permitted deduction of finance costs under section 36(1)(iii) as they had direct nexus with stock broking business for meeting margin requirements. Business loss was held as not speculative since assessee wasn't engaged in share trading. Bonus disallowance was deleted as assessee provided adequate documentation and made suo motu disallowance for unpaid amounts. Section 14A disallowance was partially allowed, directing AO to recompute considering only exempt income investments. Adhoc 25% expenditure disallowance was deleted for lack of specific adverse findings. Transfer pricing adjustment was deleted as AO lacked jurisdiction without TPO reference, though professional fees issue was remitted for fresh examination. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446296