https://www.taxtmi.com/caselaws?id=338075 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of commission payment under sections 37 and 40(a)(i) as allowable business expenditure. It ruled that the retrospective amendment by the Finance Act 2010 did not apply to the case, thus affirming the deletion of disallowance under section 40(a)(i). The disallowance under section 14A was partly allowed, with the interest expenditure disallowance deleted and the overhead expenses disallowed limited to the exempt income earned. The Revenue's appeal was dismissed, and the assessee's Cross Objection was partly allowed. en-us Wed, 18 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 08:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338075 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of commission payment under sections 37 and 40(a)(i) as allowable business expenditure. It ruled that the retrospective amendment by the Finance Act 2010 did not apply to the case, thus affirming the deletion of disallowance under section 40(a)(i). The disallowance under section 14A was partly allowed, with the interest expenditure disallowance deleted and the overhead expenses disallowed limited to the exempt income earned. The Revenue's appeal was dismissed, and the assessee's Cross Objection was partly allowed. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338075