https://www.taxtmi.com/caselaws?id=460492 The ITAT Delhi dismissed the Revenue's appeal in two matters. Regarding bad debt addition of 25% margin money to NSEL, the Tribunal held that losses incidental to business operations are deductible under Section 28, following U.K. Paints India Ltd. precedent. The loss had direct nexus with business operations through transactions with Philip Commodities India Pvt. Ltd. On Section 14A disallowance, the Tribunal found the AO failed to follow mandatory procedural requirements under Section 14A(2), including expressing dissatisfaction with the assessee's voluntary disallowance. The disallowance was deleted for non-compliance with prescribed methodology. en-us Mon, 04 Mar 2024 00:00:00 +0530 Tue, 28 Jan 2025 15:42:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460492 The ITAT Delhi dismissed the Revenue's appeal in two matters. Regarding bad debt addition of 25% margin money to NSEL, the Tribunal held that losses incidental to business operations are deductible under Section 28, following U.K. Paints India Ltd. precedent. The loss had direct nexus with business operations through transactions with Philip Commodities India Pvt. Ltd. On Section 14A disallowance, the Tribunal found the AO failed to follow mandatory procedural requirements under Section 14A(2), including expressing dissatisfaction with the assessee's voluntary disallowance. The disallowance was deleted for non-compliance with prescribed methodology. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460492