Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (4) TMI 370 - AT - Income TaxTDS u/s 194H - payment on principal to principal basis and was not a payment of a principal to the agent - HELD THAT:- As decided in s relying on M /S. RELIANCE COMMUNICATIONS INFRASTRUCTURE LTD. [2019 (7) TMI 1371 - BOMBAY HIGH COURT] as independently examined the nature of the transaction and come to the conclusion that when the transaction was between two persons on principal to principal basis, deduction of tax at source as per section 194H, would not be made since the payment was not for commission or brokerage. Disallowance u/s 14A r.w.r. 8D - HELD THAT:- The undisputed facts are that the assessee did not have any exempt income during the year. Thus as relying on M /S. RELIANCE COMMUNICATIONS INFRASTRUCTURE LTD. [2019 (7) TMI 1371 - BOMBAY HIGH COURT] the assessee had not earned any exempt income and there is, therefore, no question of disallowance under section 14A that would arise.- Decided in favour of assessee. Disallowance u/s 14A while computing the book profits under Section 115JB - HELD THAT:- Since we have dismissed ground no. 1 of Revenue’s appeal by confirming the order of learned CIT(A) wherein the learned CIT(A) has deleted the disallowance made under Section 14A of the Act on the ground that assessee is not having any exempt income during the year, therefore, this ground is consequential and required to be dismissed
|