https://www.taxtmi.com/caselaws?id=461742 The ITAT Mumbai addressed a delayed jurisdictional challenge to the assessment order and declined to quash it, noting the lapse of time, the assessee's participation in proceedings, and the absence of record support for the alleged lack of authorisation. On the substantive tax issues, it followed earlier years and allowed depreciation on demerged assets, treated software expenditure as revenue, allowed foreign travel and foreign visitor expenses, restricted the section 14A disallowance to 2% of exempt income, directed MODVAT-related adjustment to opening stock, allowed advances written off as business loss or expenditure, and ordered recomputation of section 80HHC benefits. It also deleted the notional house property addition, accepted DVO valuation for capital gains, and recognised capital loss on the scientific research building. en-us Wed, 20 Mar 2024 00:00:00 +0530 Wed, 23 Apr 2025 13:05:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461742 The ITAT Mumbai addressed a delayed jurisdictional challenge to the assessment order and declined to quash it, noting the lapse of time, the assessee's participation in proceedings, and the absence of record support for the alleged lack of authorisation. On the substantive tax issues, it followed earlier years and allowed depreciation on demerged assets, treated software expenditure as revenue, allowed foreign travel and foreign visitor expenses, restricted the section 14A disallowance to 2% of exempt income, directed MODVAT-related adjustment to opening stock, allowed advances written off as business loss or expenditure, and ordered recomputation of section 80HHC benefits. It also deleted the notional house property addition, accepted DVO valuation for capital gains, and recognised capital loss on the scientific research building. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461742