https://www.taxtmi.com/caselaws?id=462762 ITAT Mumbai dismissed revenue's appeal on multiple grounds. CIT(A) correctly deleted disallowances for employee conveyance expenses on tour (not covered under Rule 6D per Gannon Dunkerly judgment), entertainment expenses for employees at workplace (following Expo Machinery precedent), and club expenses (per Otis Elevator ruling). However, ITAT reversed CIT(A)'s deletion of unrealized forward profit addition, directing recognition of foreign exchange gains per Woodward Governor SC judgment while avoiding double taxation. CIT(A) properly allowed bad debt recovery exemption where provisions weren't previously deducted, deleted RBI interest addition as differential interest rather than penalty, and permitted broken period interest and CCDS scheme deletions. ITAT disallowed broker transaction losses violating SCRA Section 15 but dismissed revenue's challenge on securities transaction losses, upholding CIT(A)'s finding these were regular business transactions properly written off. en-us Thu, 27 Jul 2023 00:00:00 +0530 Mon, 14 Jul 2025 15:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462762 ITAT Mumbai dismissed revenue's appeal on multiple grounds. CIT(A) correctly deleted disallowances for employee conveyance expenses on tour (not covered under Rule 6D per Gannon Dunkerly judgment), entertainment expenses for employees at workplace (following Expo Machinery precedent), and club expenses (per Otis Elevator ruling). However, ITAT reversed CIT(A)'s deletion of unrealized forward profit addition, directing recognition of foreign exchange gains per Woodward Governor SC judgment while avoiding double taxation. CIT(A) properly allowed bad debt recovery exemption where provisions weren't previously deducted, deleted RBI interest addition as differential interest rather than penalty, and permitted broken period interest and CCDS scheme deletions. ITAT disallowed broker transaction losses violating SCRA Section 15 but dismissed revenue's challenge on securities transaction losses, upholding CIT(A)'s finding these were regular business transactions properly written off. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462762