https://www.taxtmi.com/caselaws?id=771279 ITAT Mumbai dismissed Revenue's appeal regarding brokerage expenses disallowance. AO incorrectly disallowed brokerage expenses despite assessee disclosing substantial income from property sales and maintaining proper books with banking channel payments and invoice support. Tribunal held brokerage expenses were legitimate selling costs under IND AS-2, not capitalizable as work-in-progress, and allowable as business expenditure in the year incurred. CIT(A)'s deletion of addition was upheld as brokerage payments were normal business expenses for construction company's large-scale operations. en-us Mon, 28 Apr 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771279 ITAT Mumbai dismissed Revenue's appeal regarding brokerage expenses disallowance. AO incorrectly disallowed brokerage expenses despite assessee disclosing substantial income from property sales and maintaining proper books with banking channel payments and invoice support. Tribunal held brokerage expenses were legitimate selling costs under IND AS-2, not capitalizable as work-in-progress, and allowable as business expenditure in the year incurred. CIT(A)'s deletion of addition was upheld as brokerage payments were normal business expenses for construction company's large-scale operations. Case-Laws Income Tax Mon, 28 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771279