ITAT Mumbai Ruling: Assessee Wins on Disallowances, Expense Nature, Depreciation Claims, Prior Expenditure, Subsidy Treatment.

The ITAT Mumbai's judgment in this cross-appeal largely favored the assessee, addressing complex issues related to disallowances, the nature of expenses, additional depreciation claims, prior period expenditure and the treatment of subsidies. The Tribunal meticulously applied legal principles and precedents to guide its decisions, ensuring that each disputed item was carefully analyzed in light of the Income Tax Act's provisions and judicial interpretations. .....

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