https://www.taxtmi.com/caselaws?id=763474 ITAT Mumbai upheld CIT(A)'s decision allowing software expenses as revenue expenditure, following precedent from A.Y. 2007-08 that attained finality. The tribunal confirmed deletion of inventory valuation addition, accepting assessee's LIFO method based on Bombay HC decision and consistent application since A.Y. 1982-83. For Section 14A disallowance, ITAT partially allowed appeal, directing AO to restrict disallowance under Rule 8D(2) to investments yielding exempt income during the relevant year and consider suo moto disallowance made by assessee. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763474 ITAT Mumbai upheld CIT(A)'s decision allowing software expenses as revenue expenditure, following precedent from A.Y. 2007-08 that attained finality. The tribunal confirmed deletion of inventory valuation addition, accepting assessee's LIFO method based on Bombay HC decision and consistent application since A.Y. 1982-83. For Section 14A disallowance, ITAT partially allowed appeal, directing AO to restrict disallowance under Rule 8D(2) to investments yielding exempt income during the relevant year and consider suo moto disallowance made by assessee. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763474