https://www.taxtmi.com/highlights?id=78699 The ITAT held that disallowance of advertisement expenses lacked merit as the charges were reasonable. The 15% discount received by the agent did not impact the reasonableness of charges borne by the assessee. However, hoarding expenses lacked substantiation, requiring further verification. The matter was remanded to the AO for review. Similarly, addition on commission and brokerage expenses needed reevaluation with proper substantiation. The AO's disallowance of depreciation on fixed assets was overturned as the assessee was entitled to claim depreciation under section 32 of the Act. en-us Fri, 21 Jun 2024 18:46:11 +0530 Fri, 21 Jun 2024 18:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78699 The ITAT held that disallowance of advertisement expenses lacked merit as the charges were reasonable. The 15% discount received by the agent did not impact the reasonableness of charges borne by the assessee. However, hoarding expenses lacked substantiation, requiring further verification. The matter was remanded to the AO for review. Similarly, addition on commission and brokerage expenses needed reevaluation with proper substantiation. The AO's disallowance of depreciation on fixed assets was overturned as the assessee was entitled to claim depreciation under section 32 of the Act. Highlights Income Tax Fri, 21 Jun 2024 18:46:11 +0530 https://www.taxtmi.com/highlights?id=78699