https://www.taxtmi.com/caselaws?id=763837 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal deleted disallowance under Section 36(1)(iii) for interest-free loans to wholly-owned subsidiaries, finding commercial expediency as the loans were for business expansion and waiver protected investments. Addition under Section 68 for cash deposits was deleted after AO's verification confirmed deposits were from normal restaurant business operations. For rental income addition under Section 24, the tribunal remanded the matter to AO for fresh adjudication after proper verification, noting discrepancies between returns and Form 26AS required further inquiry. en-us Mon, 04 Nov 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763837 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal deleted disallowance under Section 36(1)(iii) for interest-free loans to wholly-owned subsidiaries, finding commercial expediency as the loans were for business expansion and waiver protected investments. Addition under Section 68 for cash deposits was deleted after AO's verification confirmed deposits were from normal restaurant business operations. For rental income addition under Section 24, the tribunal remanded the matter to AO for fresh adjudication after proper verification, noting discrepancies between returns and Form 26AS required further inquiry. Case-Laws Income Tax Mon, 04 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763837