https://www.taxtmi.com/caselaws?id=327952 The Tribunal allowed the assessee's appeal regarding the disallowance under section 36(1)(iii) of the Income Tax Act, stating that the interest-free advance to its subsidiary was for business purposes. The disallowance under section 14A was dismissed as no exempt income was earned, following judicial decisions over circulars. The disallowance under section 40(a)(ia) for non-deduction of TDS on service fees paid to scheduled banks for Letter of Credit services was also dismissed, as it was considered exempt from TDS. en-us Fri, 22 Apr 2016 00:00:00 +0530 Mon, 23 May 2016 09:56:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327952 The Tribunal allowed the assessee's appeal regarding the disallowance under section 36(1)(iii) of the Income Tax Act, stating that the interest-free advance to its subsidiary was for business purposes. The disallowance under section 14A was dismissed as no exempt income was earned, following judicial decisions over circulars. The disallowance under section 40(a)(ia) for non-deduction of TDS on service fees paid to scheduled banks for Letter of Credit services was also dismissed, as it was considered exempt from TDS. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327952