https://www.taxtmi.com/caselaws?id=404174 The Tribunal upheld the CIT(A)'s directions with modifications in a case involving disallowance under Section 14A, transfer pricing adjustments, and club expenses. The disallowance under Section 14A was restricted to exempt income received or receivable during the year, aligning with judicial precedents. The Tribunal directed fresh adjudication on transfer pricing adjustments considering bank guarantee charges recovered by the assessee. Club expenses were allowed as revenue expenditure, following judicial precedents. The appeals were partly allowed for statistical purposes, ensuring compliance with legal principles and providing a balanced resolution to the issues. en-us Thu, 28 Jan 2021 00:00:00 +0530 Sat, 14 Jan 2023 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404174 The Tribunal upheld the CIT(A)'s directions with modifications in a case involving disallowance under Section 14A, transfer pricing adjustments, and club expenses. The disallowance under Section 14A was restricted to exempt income received or receivable during the year, aligning with judicial precedents. The Tribunal directed fresh adjudication on transfer pricing adjustments considering bank guarantee charges recovered by the assessee. Club expenses were allowed as revenue expenditure, following judicial precedents. The appeals were partly allowed for statistical purposes, ensuring compliance with legal principles and providing a balanced resolution to the issues. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404174