https://www.taxtmi.com/caselaws?id=461854 ITAT Delhi ruled in favor of the assessee on multiple disallowances. The tribunal held that depreciation on securities should be allowed based on actual sales verification rather than balance sheet figures prepared per RBI guidelines, following SC precedent in UCO Bank case recognizing mercantile system accounting for market value investments. Disallowances for pension fund contributions and expenses under section 14A were deleted, following the tribunal's earlier decision in assessee's own case. Corresponding disallowances under section 115JB for book profit computation were automatically deleted since underlying disallowances under normal provisions were removed. en-us Wed, 07 Feb 2024 00:00:00 +0530 Fri, 02 May 2025 15:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461854 ITAT Delhi ruled in favor of the assessee on multiple disallowances. The tribunal held that depreciation on securities should be allowed based on actual sales verification rather than balance sheet figures prepared per RBI guidelines, following SC precedent in UCO Bank case recognizing mercantile system accounting for market value investments. Disallowances for pension fund contributions and expenses under section 14A were deleted, following the tribunal's earlier decision in assessee's own case. Corresponding disallowances under section 115JB for book profit computation were automatically deleted since underlying disallowances under normal provisions were removed. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461854