https://www.taxtmi.com/caselaws?id=311987 ITAT Kolkata ruled in favor of assessee on multiple grounds. Regarding TDS u/s 194A, the tribunal held that when payees submit Form 15G for non-deduction of tax, assessee is not obliged to deduct TDS and consequently section 40(a)(ia) disallowance cannot be invoked. For disallowance u/s 14A r.w.r 8D, tribunal restricted disallowance to 1% of exempted dividend income of Rs.62,087. Concerning unexplained mutual fund investment, tribunal deleted the addition after mutual fund clarified actual investment was Rs.2,00,000, not Rs.3,00,000 as determined by lower authorities. en-us Mon, 31 Mar 2014 00:00:00 +0530 Fri, 26 Jan 2024 13:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311987 ITAT Kolkata ruled in favor of assessee on multiple grounds. Regarding TDS u/s 194A, the tribunal held that when payees submit Form 15G for non-deduction of tax, assessee is not obliged to deduct TDS and consequently section 40(a)(ia) disallowance cannot be invoked. For disallowance u/s 14A r.w.r 8D, tribunal restricted disallowance to 1% of exempted dividend income of Rs.62,087. Concerning unexplained mutual fund investment, tribunal deleted the addition after mutual fund clarified actual investment was Rs.2,00,000, not Rs.3,00,000 as determined by lower authorities. Case-Laws Income Tax Mon, 31 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311987