https://www.taxtmi.com/caselaws?id=750706 ITAT Mumbai ruled on multiple issues in this construction company case. The Tribunal allowed work-in-progress valuation following consistent accounting principles per previous years' decisions. Commission payment disallowance was upheld due to insufficient evidence. Contribution to Utmal Employees Welfare Fund was allowed following precedent. Depreciation claim regarding Bangalore Undertaking transfer was allowed. Sales tax deferred loan liability extinguishment was treated as capital receipt. Several issues including section 14A disallowance, section 80HHC deduction, and miscellaneous income reduction were restored to AO for verification. Section 14A disallowance under MAT provisions was deleted following Special Bench precedent. Additional grounds for section 80HHC and 80HHE deductions under MAT were admitted and restored to AO. en-us Fri, 15 Mar 2024 00:00:00 +0530 Wed, 27 Mar 2024 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750706 ITAT Mumbai ruled on multiple issues in this construction company case. The Tribunal allowed work-in-progress valuation following consistent accounting principles per previous years' decisions. Commission payment disallowance was upheld due to insufficient evidence. Contribution to Utmal Employees Welfare Fund was allowed following precedent. Depreciation claim regarding Bangalore Undertaking transfer was allowed. Sales tax deferred loan liability extinguishment was treated as capital receipt. Several issues including section 14A disallowance, section 80HHC deduction, and miscellaneous income reduction were restored to AO for verification. Section 14A disallowance under MAT provisions was deleted following Special Bench precedent. Additional grounds for section 80HHC and 80HHE deductions under MAT were admitted and restored to AO. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750706