The Bombay High Court has held that no disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 can be made merely on account of short deduction of tax at source and reiterated that a corporate guarantee commission rate of 0.5% is justified for loans availed by associated enterprises. A Division Bench comprising Justice B.P….
Special Bench Ruling Ends 22-Year Tax Dispute: ITAT Mumbai Rejects Revenue’s Fresh Challenge Against JP Morgan Chase Bank The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has brought an end to a long-running dispute involving JP Morgan Chase Bank for Assessment Year 1999-2000, holding that issues already decided by a Special Bench in…
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