https://www.taxtmi.com/caselaws?id=459096 The ITAT Mumbai dismissed the revenue's appeal on multiple grounds. The tribunal disallowed depreciation on goodwill from amalgamation, ruling that the assessee failed to establish tangible benefits or growth post-merger, finding only consolidation of figures. However, it allowed expenses for real estate projects as revenue expenditure under section 37, following precedent and preventing double addition. The tribunal upheld provisions for future expenses based on matching concept principles. Regarding section 14A disallowance, the tribunal found the AO failed to provide cogent reasons for rejecting the assessee's suo-moto disallowance and improperly invoked Rule 8D without recording satisfaction as required by Supreme Court precedent. en-us Thu, 13 Apr 2023 00:00:00 +0530 Sat, 30 Nov 2024 08:41:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459096 The ITAT Mumbai dismissed the revenue's appeal on multiple grounds. The tribunal disallowed depreciation on goodwill from amalgamation, ruling that the assessee failed to establish tangible benefits or growth post-merger, finding only consolidation of figures. However, it allowed expenses for real estate projects as revenue expenditure under section 37, following precedent and preventing double addition. The tribunal upheld provisions for future expenses based on matching concept principles. Regarding section 14A disallowance, the tribunal found the AO failed to provide cogent reasons for rejecting the assessee's suo-moto disallowance and improperly invoked Rule 8D without recording satisfaction as required by Supreme Court precedent. Case-Laws Income Tax Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459096