https://www.taxtmi.com/caselaws?id=755484 ITAT Mumbai allowed the assessee's appeal regarding section 14A disallowance, holding that AO failed to record satisfaction before rejecting suo-moto disallowance, making the action bad in law per Maxopp Investments SC precedent. ITAT allowed ESOP expenses as deductible under section 37(1) following Biocon Ltd. HC decision. The tribunal rejected Revenue's contention that Finance Act 2022 amendment to section 14A is retrospective, holding it prospective following Era Infrastructure Delhi HC ruling. ITAT upheld CIT(A)'s decisions allowing credit card bad debts under section 36(1)(vii) and provision for reward points as legitimate banking expenses, and permitted revised section 36(1)(viia) deduction claim. en-us Wed, 24 Jan 2024 00:00:00 +0530 Fri, 12 Jul 2024 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755484 ITAT Mumbai allowed the assessee's appeal regarding section 14A disallowance, holding that AO failed to record satisfaction before rejecting suo-moto disallowance, making the action bad in law per Maxopp Investments SC precedent. ITAT allowed ESOP expenses as deductible under section 37(1) following Biocon Ltd. HC decision. The tribunal rejected Revenue's contention that Finance Act 2022 amendment to section 14A is retrospective, holding it prospective following Era Infrastructure Delhi HC ruling. ITAT upheld CIT(A)'s decisions allowing credit card bad debts under section 36(1)(vii) and provision for reward points as legitimate banking expenses, and permitted revised section 36(1)(viia) deduction claim. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755484