https://www.taxtmi.com/caselaws?id=766524 The ITAT Mumbai ruled in favor of the assessee on multiple issues. Section 14A disallowance was restricted to exempt income extent, following Nirved Traders precedent and tribunal's own earlier decision. Consultation charges were allowed as revenue expenses after CIT(A) reversed capital treatment, consistent with previous years' decisions. Transfer pricing adjustment on equipment purchases from associated enterprise was deleted since the assessee produced all relevant bills before TPO and DRP, establishing legitimate purchases. All additions were consequently deleted. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766524 The ITAT Mumbai ruled in favor of the assessee on multiple issues. Section 14A disallowance was restricted to exempt income extent, following Nirved Traders precedent and tribunal's own earlier decision. Consultation charges were allowed as revenue expenses after CIT(A) reversed capital treatment, consistent with previous years' decisions. Transfer pricing adjustment on equipment purchases from associated enterprise was deleted since the assessee produced all relevant bills before TPO and DRP, establishing legitimate purchases. All additions were consequently deleted. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766524