https://www.taxtmi.com/caselaws?id=449770 The ITAT Mumbai ruled on multiple issues in favor of the assessee. The tribunal allowed expenditure payments to clubs as revenue in nature, deleted section 14A disallowance citing excess own funds over investments, and held that Letters of Comfort don't constitute international transactions. For transfer pricing on delayed sales proceeds, the court followed Delhi HC precedent allowing assessee's position. Professional charges were disallowed due to insufficient evidence of services rendered. The tribunal directed verification for additional sales tax, MAT additions, refund amounts, dividend distribution tax, and interest under section 244A claims. en-us Tue, 06 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449770 The ITAT Mumbai ruled on multiple issues in favor of the assessee. The tribunal allowed expenditure payments to clubs as revenue in nature, deleted section 14A disallowance citing excess own funds over investments, and held that Letters of Comfort don't constitute international transactions. For transfer pricing on delayed sales proceeds, the court followed Delhi HC precedent allowing assessee's position. Professional charges were disallowed due to insufficient evidence of services rendered. The tribunal directed verification for additional sales tax, MAT additions, refund amounts, dividend distribution tax, and interest under section 244A claims. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449770