https://www.taxtmi.com/caselaws?id=399269 The Revenue's appeal against the deletion of penalty on Transfer Pricing (TP) adjustment and disallowance under section 14A was dismissed. The Tribunal upheld the deletion of penalty as the foundation for it was removed. Additionally, the Tribunal directed the Assessing Officer to allow the credit of Tax Deducted at Source (TDS) as per the provisions of law in preceding assessment years. The adjustment related to interest on loan and corporate guarantee was deleted based on relevant case law. The disallowance under section 14A was restricted to the amount of exempt income earned. The rejection of set-off of prior period expenses against prior period income was overturned, allowing the set-off. en-us Wed, 30 Sep 2020 00:00:00 +0530 Wed, 07 Oct 2020 11:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399269 The Revenue's appeal against the deletion of penalty on Transfer Pricing (TP) adjustment and disallowance under section 14A was dismissed. The Tribunal upheld the deletion of penalty as the foundation for it was removed. Additionally, the Tribunal directed the Assessing Officer to allow the credit of Tax Deducted at Source (TDS) as per the provisions of law in preceding assessment years. The adjustment related to interest on loan and corporate guarantee was deleted based on relevant case law. The disallowance under section 14A was restricted to the amount of exempt income earned. The rejection of set-off of prior period expenses against prior period income was overturned, allowing the set-off. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399269