https://www.taxtmi.com/caselaws?id=755609 ITAT Mumbai decided against the appellant on commission expenses disallowance, finding insufficient evidence of services rendered and noting identical issues were previously decided against the appellant in earlier assessment years. The tribunal held that without knowing exact nature of services, payments to parties for public sector contracts violated public policy under Section 37. On construction work-in-progress valuation, the appeal was dismissed as academic since no addition was made. Provision for foreseeable losses was partly allowed, directing verification of completed projects. Addition under Section 40A(9) was deleted following previous tribunal decision. Depreciation disallowance was deleted as transaction was held to be slump sale. Section 14A disallowance was deleted as investments were made from own funds. Transfer pricing adjustment was remanded for fresh determination. en-us Mon, 11 Dec 2023 00:00:00 +0530 Mon, 15 Jul 2024 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755609 ITAT Mumbai decided against the appellant on commission expenses disallowance, finding insufficient evidence of services rendered and noting identical issues were previously decided against the appellant in earlier assessment years. The tribunal held that without knowing exact nature of services, payments to parties for public sector contracts violated public policy under Section 37. On construction work-in-progress valuation, the appeal was dismissed as academic since no addition was made. Provision for foreseeable losses was partly allowed, directing verification of completed projects. Addition under Section 40A(9) was deleted following previous tribunal decision. Depreciation disallowance was deleted as transaction was held to be slump sale. Section 14A disallowance was deleted as investments were made from own funds. Transfer pricing adjustment was remanded for fresh determination. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755609