https://www.taxtmi.com/caselaws?id=762172 ITAT Mumbai allowed the assessee's appeal regarding bad debt deductions under Section 36(1)(vii), ruling that the claim was valid as per statutory provisions and allowable as business loss. The tribunal permitted deduction for Rs. 3.29 crores loss arising from asset exchange, treating it as legitimate business loss. Regarding Section 14A disallowance, ITAT deleted the suo moto disallowance following SC's Maxopp Investment Ltd. decision, as shares were held as stock-in-trade. Professional fees paid to McKinsey were allowed as business expenditure. One issue regarding adjusted total income computation was remanded to AO for fresh consideration. en-us Thu, 21 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762172 ITAT Mumbai allowed the assessee's appeal regarding bad debt deductions under Section 36(1)(vii), ruling that the claim was valid as per statutory provisions and allowable as business loss. The tribunal permitted deduction for Rs. 3.29 crores loss arising from asset exchange, treating it as legitimate business loss. Regarding Section 14A disallowance, ITAT deleted the suo moto disallowance following SC's Maxopp Investment Ltd. decision, as shares were held as stock-in-trade. Professional fees paid to McKinsey were allowed as business expenditure. One issue regarding adjusted total income computation was remanded to AO for fresh consideration. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762172