https://www.taxtmi.com/caselaws?id=456069 ITAT Mumbai allowed assessee's appeal on multiple issues. Bogus expenses disallowance was deleted after assessee provided evidence, noting capital expenditure component indicated genuineness. Bogus purchases matter was remanded for fresh examination. Section 14A disallowance was restricted to 15% of exempt income. Depreciation on goodwill from amalgamation and sales promotion expenses were remanded for proper examination. MAT provision for doubtful debts was allowed as deduction. ESOP expenses claim was upheld. Pre-commencement revenue expenses at SEZ plant were allowed as deduction. Interest under section 234C for delayed advance tax payment was upheld as beyond tribunal's condonation powers. Mark-to-market loss on forward contracts was remanded for factual verification regarding business nature. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 24 Jun 2024 21:30:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456069 ITAT Mumbai allowed assessee's appeal on multiple issues. Bogus expenses disallowance was deleted after assessee provided evidence, noting capital expenditure component indicated genuineness. Bogus purchases matter was remanded for fresh examination. Section 14A disallowance was restricted to 15% of exempt income. Depreciation on goodwill from amalgamation and sales promotion expenses were remanded for proper examination. MAT provision for doubtful debts was allowed as deduction. ESOP expenses claim was upheld. Pre-commencement revenue expenses at SEZ plant were allowed as deduction. Interest under section 234C for delayed advance tax payment was upheld as beyond tribunal's condonation powers. Mark-to-market loss on forward contracts was remanded for factual verification regarding business nature. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456069