https://www.taxtmi.com/caselaws?id=765222 ITAT Mumbai ruled in favor of the assessee on two issues. First, disallowance of interest expenses was deleted as advances were given for business purposes with commercial expediency, expecting profit shares from deals, and sufficient interest-free funds were available. The AO had not made similar disallowances in earlier years. Second, disallowance of provision for expenses was deleted as the assessee followed mercantile accounting system requiring provisions for known expenses to reflect true financial position. Revenue's appeal was dismissed. en-us Thu, 16 Jan 2025 00:00:00 +0530 Tue, 28 Jan 2025 08:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765222 ITAT Mumbai ruled in favor of the assessee on two issues. First, disallowance of interest expenses was deleted as advances were given for business purposes with commercial expediency, expecting profit shares from deals, and sufficient interest-free funds were available. The AO had not made similar disallowances in earlier years. Second, disallowance of provision for expenses was deleted as the assessee followed mercantile accounting system requiring provisions for known expenses to reflect true financial position. Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765222