https://www.taxtmi.com/caselaws?id=449831 ITAT Mumbai allowed assessee's appeal on three grounds. First, lease rental payments were permitted as deductible expenditure, following SC and Karnataka HC precedents that same transaction cannot be treated differently for lessor and lessee. Second, expenses disallowed as provisions were remitted to AO for proper verification with supporting evidence. Third, foreign tax credit claim was remitted to AO for verification per CBDT Circular, noting AO's duty to grant legitimate tax relief even if inadvertently unclaimed by assessee. en-us Wed, 07 Feb 2024 00:00:00 +0530 Tue, 20 Feb 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449831 ITAT Mumbai allowed assessee's appeal on three grounds. First, lease rental payments were permitted as deductible expenditure, following SC and Karnataka HC precedents that same transaction cannot be treated differently for lessor and lessee. Second, expenses disallowed as provisions were remitted to AO for proper verification with supporting evidence. Third, foreign tax credit claim was remitted to AO for verification per CBDT Circular, noting AO's duty to grant legitimate tax relief even if inadvertently unclaimed by assessee. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449831