https://www.taxtmi.com/caselaws?id=292912 The Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decisions on the disallowance under section 40(a)(ia) and the addition under section 14A of the I.T. Act, 1961. The Tribunal held that Section 194C did not apply to the transactions in question, thus no TDS deduction was required. Additionally, as there was no evidence of borrowed funds used for share investments, the disallowance under Rule 8D was deemed inapplicable. The Tribunal emphasized that the Revenue failed to prove the use of interest-bearing funds for investments, leading to the deletion of the contested addition. en-us Thu, 01 Nov 2018 00:00:00 +0530 Tue, 12 Jan 2021 21:16:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292912 The Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decisions on the disallowance under section 40(a)(ia) and the addition under section 14A of the I.T. Act, 1961. The Tribunal held that Section 194C did not apply to the transactions in question, thus no TDS deduction was required. Additionally, as there was no evidence of borrowed funds used for share investments, the disallowance under Rule 8D was deemed inapplicable. The Tribunal emphasized that the Revenue failed to prove the use of interest-bearing funds for investments, leading to the deletion of the contested addition. Case-Laws Income Tax Thu, 01 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292912