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2015 (11) TMI 407 - HC - Income TaxDisallowance of guest house expenses - ITAT allowed the claim - Held that:- The appeal by the Revenue to the Tribunal was dismissed in view of the fact that sub-section (4) of section 37 of the Act was deleted from the Act with effect from April 1, 1988. Thus, disallowance of the guest house expenses for the assessment year 1999-2000 in the absence of section 37(4) of the Act was not proper. Thus in view of the clear and self-evident position of law during the subject assessment year, viz., absence of section 37(4) of the Act, no fault can be found with the impugned order. Thus, no substantial question of law arises. - Decided against revenue. Non deduction of TDS - payment to master card international and visa card international - disallowance under section 40(a)(i) - Indo-US DTAA - Held that:- In allowing its appeal, the Tribunal rightly followed its decision in the case of Central Bank of India v. Deputy CIT [2010 (9) TMI 661 - ITAT MUMBAI] wherein on similar facts, it was held that even if no TDS is deducted, the payments made to visa card international and master card international on account of fees could not be disallowed in view of article 26(3) of the Indo-US Double Taxation Avoidance Agreement (DTAA).- Decided against revenue. Notional loss arising from unmatured foreign exchange contracts - whether allowable when the loss is neither a definite liability nor a legal liability as held by ITAT ? - Held that:- o ground made out in the appeal memo or in any affidavit as to why the Revenue is preferring an appeal against the impugned order on the above issue when an identical question decided by the Special Bench of the Tribunal in Bank of Baharain and Kuwait (2010 (8) TMI 578 - ITAT, MUMBAI ) has been accepted by the Revenue. - Decided against revenue.
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