https://www.taxtmi.com/caselaws?id=371071 The Tribunal allowed the assessee's appeal by deleting the disallowance of the provision for wages as it was considered an actual and ascertainable liability. The Tribunal also upheld the CIT(A)'s decision to delete the addition made under Section 14A since no exempt income was earned. The initiation of penalty proceedings under Section 271(1)(c) was dismissed as not pressed. The judgment highlights the importance of actual liability for deductions and the inapplicability of Section 14A in the absence of exempt income. en-us Fri, 07 Sep 2018 00:00:00 +0530 Wed, 28 Nov 2018 08:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371071 The Tribunal allowed the assessee's appeal by deleting the disallowance of the provision for wages as it was considered an actual and ascertainable liability. The Tribunal also upheld the CIT(A)'s decision to delete the addition made under Section 14A since no exempt income was earned. The initiation of penalty proceedings under Section 271(1)(c) was dismissed as not pressed. The judgment highlights the importance of actual liability for deductions and the inapplicability of Section 14A in the absence of exempt income. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371071