https://www.taxtmi.com/caselaws?id=757098 ITAT DELHI allowed the assessee's appeal on multiple grounds. The tribunal restricted section 14A disallowance to Rs 2,00,000 as the AO failed to record objective satisfaction regarding the assessee's suo moto disallowance. For book profit computation under section 115JB, only actual expenditure of Rs 2,00,000 was directed to be disallowed, not the Rule 8D mechanism. Expenditure on paintings was allowed as revenue expenditure since the assessee provides facility management services and paintings enhance aesthetic appeal for business purposes. The currency burnt in fire issue was remanded to AO for fresh adjudication with additional evidence, directing verification of advance received from scrap dealer and ensuring no double taxation occurs. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 14 Aug 2024 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757098 ITAT DELHI allowed the assessee's appeal on multiple grounds. The tribunal restricted section 14A disallowance to Rs 2,00,000 as the AO failed to record objective satisfaction regarding the assessee's suo moto disallowance. For book profit computation under section 115JB, only actual expenditure of Rs 2,00,000 was directed to be disallowed, not the Rule 8D mechanism. Expenditure on paintings was allowed as revenue expenditure since the assessee provides facility management services and paintings enhance aesthetic appeal for business purposes. The currency burnt in fire issue was remanded to AO for fresh adjudication with additional evidence, directing verification of advance received from scrap dealer and ensuring no double taxation occurs. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757098