https://www.taxtmi.com/caselaws?id=762267 The ITAT Mumbai allowed the assessee's claim for exemption under section 10(23G), holding that where sufficient interest-free funds are available, investments are presumed to be made from such funds following HC precedents. The Tribunal allowed depreciation on leased assets continuing from past transactions and upheld bad debt write-offs under section 36(2) for banking business. Business losses on asset sales and sales promotion expenses were allowed following consistency principle from earlier years. Club membership fees were treated as allowable business expenditure per SC ruling. The matter regarding investment loss was restored to AO for fresh examination regarding the revised computation claim. en-us Fri, 25 Oct 2024 00:00:00 +0530 Mon, 25 Nov 2024 15:35:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762267 The ITAT Mumbai allowed the assessee's claim for exemption under section 10(23G), holding that where sufficient interest-free funds are available, investments are presumed to be made from such funds following HC precedents. The Tribunal allowed depreciation on leased assets continuing from past transactions and upheld bad debt write-offs under section 36(2) for banking business. Business losses on asset sales and sales promotion expenses were allowed following consistency principle from earlier years. Club membership fees were treated as allowable business expenditure per SC ruling. The matter regarding investment loss was restored to AO for fresh examination regarding the revised computation claim. Case-Laws Income Tax Fri, 25 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762267