https://www.taxtmi.com/caselaws?id=391820 The Tribunal partially allowed the assessee's appeal and dismissed the revenue's appeal. It restricted the addition for alleged bogus purchases to 5% of the total, amounting to Rs. 17.04 Lacs, due to the low-margin nature of the trading business. Disallowance under Section 14A was deleted as the dividend income was taxable. The Tribunal upheld the CIT(A)'s exclusion of certain interest components under Section 36(1)(iii) and agreed that no TDS was required on reimbursements under Section 40(a)(ia) due to the absence of a profit element. The order was pronounced on 05/02/2020. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391820 The Tribunal partially allowed the assessee's appeal and dismissed the revenue's appeal. It restricted the addition for alleged bogus purchases to 5% of the total, amounting to Rs. 17.04 Lacs, due to the low-margin nature of the trading business. Disallowance under Section 14A was deleted as the dividend income was taxable. The Tribunal upheld the CIT(A)'s exclusion of certain interest components under Section 36(1)(iii) and agreed that no TDS was required on reimbursements under Section 40(a)(ia) due to the absence of a profit element. The order was pronounced on 05/02/2020. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391820