https://www.taxtmi.com/caselaws?id=272484 The ITAT affirmed that charges retained by banks/credit card agencies from credit card transactions do not constitute "commission or brokerage" under Section 194H. It was held that the agencies do not act as agents for the assessee, leading to no requirement for TDS under Section 194H. The disallowance of interest expenses under Section 14A was deleted as the interest expenditure was not linked to tax-free investments, supported by judicial precedents. The application of Rule 8D for computing the disallowance under Section 14A was partially accepted, with the Revenue's appeal being dismissed in favor of the assessee. en-us Wed, 31 May 2017 00:00:00 +0530 Sat, 05 May 2018 06:51:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272484 The ITAT affirmed that charges retained by banks/credit card agencies from credit card transactions do not constitute "commission or brokerage" under Section 194H. It was held that the agencies do not act as agents for the assessee, leading to no requirement for TDS under Section 194H. The disallowance of interest expenses under Section 14A was deleted as the interest expenditure was not linked to tax-free investments, supported by judicial precedents. The application of Rule 8D for computing the disallowance under Section 14A was partially accepted, with the Revenue's appeal being dismissed in favor of the assessee. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272484