https://www.taxtmi.com/caselaws?id=374165 The Tribunal ruled in favor of the assessee on all issues. It held that the long-term capital gain from the sale of land should be treated as capital gains, not business income. Additionally, it determined that no disallowance should be made under Section 40(a)(ia) for non-deduction of TDS on bank guarantee commission, applying a CBDT circular retrospectively. Lastly, the Tribunal ruled that no disallowance under Section 14A was warranted as the assessee did not earn any exempt income. en-us Mon, 21 Jan 2019 00:00:00 +0530 Mon, 28 Jan 2019 07:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374165 The Tribunal ruled in favor of the assessee on all issues. It held that the long-term capital gain from the sale of land should be treated as capital gains, not business income. Additionally, it determined that no disallowance should be made under Section 40(a)(ia) for non-deduction of TDS on bank guarantee commission, applying a CBDT circular retrospectively. Lastly, the Tribunal ruled that no disallowance under Section 14A was warranted as the assessee did not earn any exempt income. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374165