https://www.taxtmi.com/caselaws?id=462496 The ITAT Mumbai dismissed most grounds of appeal from both assessee and Revenue. Key disallowances were upheld including foreign travel expenses for non-employee/director's daughter for uncommenced business, share capital increase expenses following Supreme Court precedent, and legal/professional charges lacking business nexus. The tribunal allowed statistical relief for bad debts directing AO to consider alternative business loss claim, and for Modvat credit requiring recomputation under section 145A. Interest expense disallowance was upheld but AO directed to consider subsequent year claims under section 24. The reassessment under sections 143(3)/147 was held valid as it addressed escaped income from disallowed expenses. Gratuity expense claims were rejected as reassessment proceedings cannot revisit original assessment decisions. en-us Fri, 27 Apr 2012 00:00:00 +0530 Wed, 02 Jul 2025 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462496 The ITAT Mumbai dismissed most grounds of appeal from both assessee and Revenue. Key disallowances were upheld including foreign travel expenses for non-employee/director's daughter for uncommenced business, share capital increase expenses following Supreme Court precedent, and legal/professional charges lacking business nexus. The tribunal allowed statistical relief for bad debts directing AO to consider alternative business loss claim, and for Modvat credit requiring recomputation under section 145A. Interest expense disallowance was upheld but AO directed to consider subsequent year claims under section 24. The reassessment under sections 143(3)/147 was held valid as it addressed escaped income from disallowed expenses. Gratuity expense claims were rejected as reassessment proceedings cannot revisit original assessment decisions. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462496