https://www.taxtmi.com/caselaws?id=755729 ITAT Mumbai partially allowed the assessee's appeal regarding bogus sub-contract charges and interest on unsecured loans. For sub-contract charges, the tribunal restricted disallowance to 4.5% of sub-contract receipts, following its own precedent, rather than complete disallowance by AO. Regarding interest on unsecured loans, ITAT allowed the claim as assessee provided adequate documentation showing lenders cleared sub-contractor dues due to working capital shortage, and AO failed to controvert the evidence with relevant material. en-us Mon, 29 Jan 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755729 ITAT Mumbai partially allowed the assessee's appeal regarding bogus sub-contract charges and interest on unsecured loans. For sub-contract charges, the tribunal restricted disallowance to 4.5% of sub-contract receipts, following its own precedent, rather than complete disallowance by AO. Regarding interest on unsecured loans, ITAT allowed the claim as assessee provided adequate documentation showing lenders cleared sub-contractor dues due to working capital shortage, and AO failed to controvert the evidence with relevant material. Case-Laws Income Tax Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755729