https://www.taxtmi.com/caselaws?id=753815 ITAT Ahmedabad remanded the matter to AO for re-examination of differences between Form 26AS and books of accounts, directing proper enquiry from third parties. The tribunal deleted proportionate disallowance under Section 35AC, holding that donor's deduction cannot be denied for approved institute's misapplication of funds. The 50% disallowance of guarantee commission was deleted as AO failed to establish excessiveness without comparable cases or invoking Section 40A(2)(b). TDS credit issue was remanded for verification with reconciliation statement. Interest under Section 234A was set aside following Gujarat HC precedent where entire tax was paid before original due date despite extended filing deadline. en-us Fri, 07 Jun 2024 00:00:00 +0530 Mon, 10 Jun 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753815 ITAT Ahmedabad remanded the matter to AO for re-examination of differences between Form 26AS and books of accounts, directing proper enquiry from third parties. The tribunal deleted proportionate disallowance under Section 35AC, holding that donor's deduction cannot be denied for approved institute's misapplication of funds. The 50% disallowance of guarantee commission was deleted as AO failed to establish excessiveness without comparable cases or invoking Section 40A(2)(b). TDS credit issue was remanded for verification with reconciliation statement. Interest under Section 234A was set aside following Gujarat HC precedent where entire tax was paid before original due date despite extended filing deadline. Case-Laws Income Tax Fri, 07 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753815