https://www.taxtmi.com/caselaws?id=456056 ITAT Delhi upheld disallowance of office expenses and consultancy fees as these were covered under agreement with holding company and not incurred under commercial expediency. Long-term capital loss on land transfer to 100% holding company was correctly disallowed under section 47(v) as transaction not covered under section 45. Exchange rate losses were allowed as revenue loss for non-banking financial company. Insurance and audit fees were properly allowed as not covered under agreement. Section 14A disallowance was restricted to exempt income only, with 2022 amendments not applying retrospectively to AY 2004-05. Upward adjustment under section 115JB(2)(C) for provision for doubtful loans was correctly denied as amount was certain, not merely provisional. en-us Fri, 09 Jun 2023 00:00:00 +0530 Mon, 24 Jun 2024 20:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456056 ITAT Delhi upheld disallowance of office expenses and consultancy fees as these were covered under agreement with holding company and not incurred under commercial expediency. Long-term capital loss on land transfer to 100% holding company was correctly disallowed under section 47(v) as transaction not covered under section 45. Exchange rate losses were allowed as revenue loss for non-banking financial company. Insurance and audit fees were properly allowed as not covered under agreement. Section 14A disallowance was restricted to exempt income only, with 2022 amendments not applying retrospectively to AY 2004-05. Upward adjustment under section 115JB(2)(C) for provision for doubtful loans was correctly denied as amount was certain, not merely provisional. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456056