https://www.taxtmi.com/caselaws?id=447754 The ITAT Mumbai partly allowed the assessee's appeal regarding disallowances on TV serial production costs and other expenses. The tribunal confirmed the CIT-A's restriction of production cost disallowance to 2% due to lack of evidence. For interest expenditure, the tribunal deleted Rs. 3,24,000 disallowance on genuine loans and Rs. 64,661 to avoid double disallowance, granting relief of Rs. 4,51,161. Regarding unexplained asset additions, the tribunal held that only depreciation claimed on plant, machinery, and furniture could be disallowed, not the entire asset cost, directing the AO to restrict disallowance to depreciation amounts only. en-us Fri, 27 Oct 2023 00:00:00 +0530 Thu, 04 Jan 2024 09:10:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447754 The ITAT Mumbai partly allowed the assessee's appeal regarding disallowances on TV serial production costs and other expenses. The tribunal confirmed the CIT-A's restriction of production cost disallowance to 2% due to lack of evidence. For interest expenditure, the tribunal deleted Rs. 3,24,000 disallowance on genuine loans and Rs. 64,661 to avoid double disallowance, granting relief of Rs. 4,51,161. Regarding unexplained asset additions, the tribunal held that only depreciation claimed on plant, machinery, and furniture could be disallowed, not the entire asset cost, directing the AO to restrict disallowance to depreciation amounts only. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447754