https://www.taxtmi.com/caselaws?id=396345 Circular No. 723 treats the shipping business of non-residents as a self-contained code, so tax deduction provisions under sections 194C and 195 did not apply to ocean freight paid through the statutory shipping mechanism; the disallowance under section 40(a)(ia) was deleted. The addition for the account difference with M/s Eskay Sales Corporation failed because the discrepancy was an old carried-forward balance from earlier years and not a fresh year-specific item; the addition was deleted. Ad hoc disallowance from travelling and miscellaneous expenses was unjustified because no specific defect in the audited books was identified; the disallowance was deleted. en-us Fri, 26 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396345 Circular No. 723 treats the shipping business of non-residents as a self-contained code, so tax deduction provisions under sections 194C and 195 did not apply to ocean freight paid through the statutory shipping mechanism; the disallowance under section 40(a)(ia) was deleted. The addition for the account difference with M/s Eskay Sales Corporation failed because the discrepancy was an old carried-forward balance from earlier years and not a fresh year-specific item; the addition was deleted. Ad hoc disallowance from travelling and miscellaneous expenses was unjustified because no specific defect in the audited books was identified; the disallowance was deleted. Case-Laws Income Tax Fri, 26 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396345