https://www.taxtmi.com/caselaws?id=349377 The Tribunal directed the AO to examine if the assessee earned any exempt income during the relevant year; if not, no disallowance under section 14A should be made. The Tribunal found no principal-agent relationship between the assessee and Restricted Money Changers (RMCs), deleting the disallowance under Section 40(a)(ia) for non-deduction of tax. Additionally, the Tribunal held that Section 40(a)(ia) applies only to non-deduction, not short deduction of tax, and deleted the disallowance for short deduction of tax on certain expenses. The Tribunal dismissed the Department's allegation of Rule 46A violation by the CIT(A), ultimately allowing the assessee's appeal while dismissing the Department's appeal and the cross objection of the assessee. en-us Fri, 06 Oct 2017 00:00:00 +0530 Thu, 12 Oct 2017 08:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349377 The Tribunal directed the AO to examine if the assessee earned any exempt income during the relevant year; if not, no disallowance under section 14A should be made. The Tribunal found no principal-agent relationship between the assessee and Restricted Money Changers (RMCs), deleting the disallowance under Section 40(a)(ia) for non-deduction of tax. Additionally, the Tribunal held that Section 40(a)(ia) applies only to non-deduction, not short deduction of tax, and deleted the disallowance for short deduction of tax on certain expenses. The Tribunal dismissed the Department's allegation of Rule 46A violation by the CIT(A), ultimately allowing the assessee's appeal while dismissing the Department's appeal and the cross objection of the assessee. Case-Laws Income Tax Fri, 06 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349377