https://www.taxtmi.com/caselaws?id=762377 ITAT Mumbai remanded the matter to AO regarding disallowance of costs and expenses for Kaledonia project, directing fresh examination of construction costs and work-in-progress with proper documentary evidence. The tribunal allowed deletion of business loss addition, ruling that vacancy allowance is permissible under section 23(1)(c) for vacant commercial units. For Form 26AS mismatch, assessee was directed to file reconciliation statement excluding service tax. Interest disallowance under section 36(1)(iii) was partially allowed as sister concern's business necessity was established. Prior period expenses issue was remanded for fresh consideration with proper documentary verification. en-us Fri, 19 Apr 2024 00:00:00 +0530 Fri, 29 Nov 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762377 ITAT Mumbai remanded the matter to AO regarding disallowance of costs and expenses for Kaledonia project, directing fresh examination of construction costs and work-in-progress with proper documentary evidence. The tribunal allowed deletion of business loss addition, ruling that vacancy allowance is permissible under section 23(1)(c) for vacant commercial units. For Form 26AS mismatch, assessee was directed to file reconciliation statement excluding service tax. Interest disallowance under section 36(1)(iii) was partially allowed as sister concern's business necessity was established. Prior period expenses issue was remanded for fresh consideration with proper documentary verification. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762377