Disallowance can’t be more than the Income earned by assessee: ITAT grants relief to Oman International Bank [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while remitting the matter back to the AO held that the disallowance cannot be more than the income earned by the assessee. The assessee, Oman International Bank is engaged in the business of banking including foreign exchange transactions. It has two branches in India and its head […]

from Taxscan | Simplifying Tax Laws https://ift.tt/2RHZSqi