https://www.taxtmi.com/caselaws?id=753657 The ITAT Chennai allowed the assessee's appeal on multiple grounds. The tribunal permitted deduction for customer loyalty program provisions, finding the assessee followed a scientific method based on redemption trends. Section 14A disallowance was set aside as the AO failed to record satisfaction. For assessment year 2009-10, TDS disallowance under section 40(a)(i) was deleted as services were rendered abroad, but the matter was remanded for subsequent years. Issues regarding boutique closure losses and trademark depreciation were remitted to AO for verification. The tribunal allowed marked-to-market losses on ECB loans and directed 60% depreciation on UPS following HC precedent. en-us Wed, 29 May 2024 00:00:00 +0530 Thu, 06 Jun 2024 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753657 The ITAT Chennai allowed the assessee's appeal on multiple grounds. The tribunal permitted deduction for customer loyalty program provisions, finding the assessee followed a scientific method based on redemption trends. Section 14A disallowance was set aside as the AO failed to record satisfaction. For assessment year 2009-10, TDS disallowance under section 40(a)(i) was deleted as services were rendered abroad, but the matter was remanded for subsequent years. Issues regarding boutique closure losses and trademark depreciation were remitted to AO for verification. The tribunal allowed marked-to-market losses on ECB loans and directed 60% depreciation on UPS following HC precedent. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753657