https://www.taxtmi.com/caselaws?id=753849 The ITAT Mumbai allowed the assessee's appeal regarding contribution to Core Settlement Guarantee Fund (Core SGF), holding that statutory contributions made by a stock exchange to Core SGF under SEBI regulations are allowable as business expenditure under section 37(1) of the Income Tax Act. The tribunal followed coordinate bench precedent in BSE Ltd. case and noted that section 10(23EE) treats such contributions as income in recipient's hands, supporting corresponding deduction claim. Issues regarding leasehold land amortization, correct head of income for maintenance charges, and section 14A disallowance were remanded to lower authorities for fresh consideration with proper examination of facts and legal contentions. en-us Thu, 26 Oct 2023 00:00:00 +0530 Tue, 11 Jun 2024 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753849 The ITAT Mumbai allowed the assessee's appeal regarding contribution to Core Settlement Guarantee Fund (Core SGF), holding that statutory contributions made by a stock exchange to Core SGF under SEBI regulations are allowable as business expenditure under section 37(1) of the Income Tax Act. The tribunal followed coordinate bench precedent in BSE Ltd. case and noted that section 10(23EE) treats such contributions as income in recipient's hands, supporting corresponding deduction claim. Issues regarding leasehold land amortization, correct head of income for maintenance charges, and section 14A disallowance were remanded to lower authorities for fresh consideration with proper examination of facts and legal contentions. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753849