https://www.taxtmi.com/caselaws?id=184384 The Tribunal partly allowed the appeal, directing the deletion of disallowance of transaction charges under section 40(a)(ia) subject to verification by the assessing authority. The addition on account of brokerage income was remanded for the assessee to substantiate its claim with audited accounts. The disallowance under section 14A r/w rule 8D was upheld as the assessee failed to prove no expenditure was incurred on tax-exempt incomes. The challenge against the charge of interest u/s.234 was dismissed, and the initiation of penalty proceedings u/s.271(1)(c) was deemed non-appealable. en-us Fri, 27 Nov 2015 00:00:00 +0530 Thu, 07 Jul 2016 11:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184384 The Tribunal partly allowed the appeal, directing the deletion of disallowance of transaction charges under section 40(a)(ia) subject to verification by the assessing authority. The addition on account of brokerage income was remanded for the assessee to substantiate its claim with audited accounts. The disallowance under section 14A r/w rule 8D was upheld as the assessee failed to prove no expenditure was incurred on tax-exempt incomes. The challenge against the charge of interest u/s.234 was dismissed, and the initiation of penalty proceedings u/s.271(1)(c) was deemed non-appealable. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184384