https://www.taxtmi.com/caselaws?id=313163 ITAT Mumbai decided multiple issues in this tax appeal. Commission payment disallowance was upheld following earlier tribunal decisions against the assessee. Marine Navy Officers Welfare Fund and Utmal Employees Welfare Fund contributions under section 40A(9) were allowed as deduction, following favorable precedent from A.Y. 1997-98. The Bangalore undertaking transfer was treated as slump sale based on lumpsum consideration without individual asset valuation, though loss claims were denied. Section 80HHC deduction computation was partially allowed regarding scrap sales inclusion and unclaimed credit balance treatment. Professional fees for non-materialized projects were disallowed as capital expenditure for aborted ventures. Various construction-related expenses were allowed following A.Y. 1997-98 precedent. The appeal was partly allowed with mixed outcomes on different grounds. en-us Wed, 27 Jul 2016 00:00:00 +0530 Thu, 28 Mar 2024 17:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313163 ITAT Mumbai decided multiple issues in this tax appeal. Commission payment disallowance was upheld following earlier tribunal decisions against the assessee. Marine Navy Officers Welfare Fund and Utmal Employees Welfare Fund contributions under section 40A(9) were allowed as deduction, following favorable precedent from A.Y. 1997-98. The Bangalore undertaking transfer was treated as slump sale based on lumpsum consideration without individual asset valuation, though loss claims were denied. Section 80HHC deduction computation was partially allowed regarding scrap sales inclusion and unclaimed credit balance treatment. Professional fees for non-materialized projects were disallowed as capital expenditure for aborted ventures. Various construction-related expenses were allowed following A.Y. 1997-98 precedent. The appeal was partly allowed with mixed outcomes on different grounds. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313163