https://www.taxtmi.com/caselaws?id=339759 The tribunal upheld the allowability of Standby Letter of Credit (SBLC) charges as a business expenditure due to commercial expediency. However, it reversed the disallowance under Section 40(a)(ia) for failure to deduct tax on consultancy and professional fees, following the jurisdictional High Court's ruling. The tribunal also upheld the partial disallowance under Section 40(a)(ia) for failure to deposit TDS within the stipulated time, agreeing with the CIT(A) that the amendment applied retrospectively. The appeal was partly allowed in favor of the revenue. en-us Fri, 03 Mar 2017 00:00:00 +0530 Tue, 07 Mar 2017 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339759 The tribunal upheld the allowability of Standby Letter of Credit (SBLC) charges as a business expenditure due to commercial expediency. However, it reversed the disallowance under Section 40(a)(ia) for failure to deduct tax on consultancy and professional fees, following the jurisdictional High Court's ruling. The tribunal also upheld the partial disallowance under Section 40(a)(ia) for failure to deposit TDS within the stipulated time, agreeing with the CIT(A) that the amendment applied retrospectively. The appeal was partly allowed in favor of the revenue. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339759