https://www.taxtmi.com/caselaws?id=448083 The ITAT Mumbai allowed several claims by the assessee while dismissing revenue's appeals. The tribunal permitted depreciation on obsolete assets, bad debts written off, and MODVAT adjustments under section 145A, following consistency principle from previous years. Brokerage expenses were allowed under house property income head. The tribunal partially allowed leave encashment expenses, remitting the matter to AO for verification. Section 80HHC deductions were largely upheld, including export commission at 12.5% arm's length price and foreign exchange gains. Penalty under section 271(1)(c) was deleted due to defective notice without striking off irrelevant portions. The tribunal followed precedents from coordinate benches and HC decisions, emphasizing consistency in tax treatment across assessment years. en-us Tue, 31 Oct 2023 00:00:00 +0530 Wed, 10 Jan 2024 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448083 The ITAT Mumbai allowed several claims by the assessee while dismissing revenue's appeals. The tribunal permitted depreciation on obsolete assets, bad debts written off, and MODVAT adjustments under section 145A, following consistency principle from previous years. Brokerage expenses were allowed under house property income head. The tribunal partially allowed leave encashment expenses, remitting the matter to AO for verification. Section 80HHC deductions were largely upheld, including export commission at 12.5% arm's length price and foreign exchange gains. Penalty under section 271(1)(c) was deleted due to defective notice without striking off irrelevant portions. The tribunal followed precedents from coordinate benches and HC decisions, emphasizing consistency in tax treatment across assessment years. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448083