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….
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) held that deduction under Section 80G of the Income Tax Act, 1961 cannot be denied merely because the donation forms part of the assessee’s Corporate Social Responsibility (CSR) expenditure. The Tribunal further ruled that no disallowance under Section 14A can be made where the assessee…
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