https://www.taxtmi.com/caselaws?id=177405 The Tribunal dismissed Revenue's appeal regarding deduction claimed by assessee u/s.80-IA of Income Tax Act, 1961, emphasizing that losses cannot be notionally set off for the purpose of claiming the deduction. Additionally, the Tribunal upheld the deletion of disallowance made by the Assessing Officer u/s.40(a)(i) concerning non-deduction of tax at source on agency commission paid to non-residents, stating that the payments were for services outside India and the assessee had a genuine belief that the income was not taxable in India. The Tribunal affirmed the decisions of lower authorities on both grounds. en-us Thu, 30 Jun 2011 00:00:00 +0530 Tue, 26 Jul 2022 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177405 The Tribunal dismissed Revenue's appeal regarding deduction claimed by assessee u/s.80-IA of Income Tax Act, 1961, emphasizing that losses cannot be notionally set off for the purpose of claiming the deduction. Additionally, the Tribunal upheld the deletion of disallowance made by the Assessing Officer u/s.40(a)(i) concerning non-deduction of tax at source on agency commission paid to non-residents, stating that the payments were for services outside India and the assessee had a genuine belief that the income was not taxable in India. The Tribunal affirmed the decisions of lower authorities on both grounds. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177405