https://www.taxtmi.com/caselaws?id=310566 The tribunal partly allowed the appeal, directing the deletion of various disallowances made by the Assessing Officer. It ruled that penalties imposed by the National Stock Exchange/NSDL were not offenses under section 37, and restricted disallowance under section 14A to the exempt income of Rs. 42,082. Annual Maintenance Charges and software charges were deemed revenue expenses, warranting deletion of disallowances. The tribunal also found Mark to Market Losses to be valid, directing their allowance. Finally, it concluded that short TDS deductions did not trigger section 40(a)(ia) disallowances, thus allowing the appeal on this ground. en-us Tue, 01 May 2018 00:00:00 +0530 Tue, 31 Oct 2023 21:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310566 The tribunal partly allowed the appeal, directing the deletion of various disallowances made by the Assessing Officer. It ruled that penalties imposed by the National Stock Exchange/NSDL were not offenses under section 37, and restricted disallowance under section 14A to the exempt income of Rs. 42,082. Annual Maintenance Charges and software charges were deemed revenue expenses, warranting deletion of disallowances. The tribunal also found Mark to Market Losses to be valid, directing their allowance. Finally, it concluded that short TDS deductions did not trigger section 40(a)(ia) disallowances, thus allowing the appeal on this ground. Case-Laws Income Tax Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310566