https://www.taxtmi.com/caselaws?id=459088 ITAT Mumbai ruled on multiple issues for an assessee who ceased business operations. The tribunal deleted addition of lease rental income as agreements had expired and assets were non-performing, making income realization uncertain under accounting standards. Disallowance of expenses was confirmed except for depreciation on sale-leaseback transactions, which was remanded to AO for examination of asset nature. Addition under section 68 was partially deleted to avoid double disallowance but confirmed for loans lacking proper documentation beyond confirmation letters. The tribunal directed implementation of brought forward loss set-off as mandated by law. en-us Wed, 11 Jan 2023 00:00:00 +0530 Fri, 29 Nov 2024 18:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459088 ITAT Mumbai ruled on multiple issues for an assessee who ceased business operations. The tribunal deleted addition of lease rental income as agreements had expired and assets were non-performing, making income realization uncertain under accounting standards. Disallowance of expenses was confirmed except for depreciation on sale-leaseback transactions, which was remanded to AO for examination of asset nature. Addition under section 68 was partially deleted to avoid double disallowance but confirmed for loans lacking proper documentation beyond confirmation letters. The tribunal directed implementation of brought forward loss set-off as mandated by law. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459088