ITAT Mumbai ruling on interest disallowance & Keyman insurance taxation  

Mr. Atul Hirji Maru Vs  ACIT (ITAT Mumbai) In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Mumbai addressed two appeals from Atul Hirji Maru regarding tax assessments for the assessment years (AY) 2018-19 and 2020-21. The appeals, numbered I.T.A. No. 2879/Mum/2024 and I.T.A. No. 4064/Mum/2024, were filed against separate orders from the National Faceless Assessment Centre (NFAC), Delhi, dated 3rd May 2024 and 8th July 2024. Background of the Case The core issues in both appeals stemmed from the assessment of Maru’s income and deductions. The first appeal concerned a di...