https://www.taxtmi.com/caselaws?id=447285 The ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal upheld the allocation of advertisement expenses to eligible units based on turnover ratio for computing deduction under sections 80IB/80IC, following a coordinate bench precedent. Advertisement expenses for brand building of existing business were held to be revenue expenditure, not capital. The tribunal remanded the section 145A inventory adjustment issue to the AO for factual verification. The retention money exclusion matter was also remanded for verification based on Bombay HC precedent. The CIT(A)'s direction to recompute section 14A disallowance following Godrej Boyce case was upheld. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 21 Dec 2023 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447285 The ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal upheld the allocation of advertisement expenses to eligible units based on turnover ratio for computing deduction under sections 80IB/80IC, following a coordinate bench precedent. Advertisement expenses for brand building of existing business were held to be revenue expenditure, not capital. The tribunal remanded the section 145A inventory adjustment issue to the AO for factual verification. The retention money exclusion matter was also remanded for verification based on Bombay HC precedent. The CIT(A)'s direction to recompute section 14A disallowance following Godrej Boyce case was upheld. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447285