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2014 (1) TMI 190 - ITAT MUMBAIDisallowance of interest u/s 40(a)(ia) - Held that:- On perusal of the amendment made by Finance Act, 2012 by inserting the proviso to section 40(a)(ia) of the Act w.e.f.1.7.2013, it is stated that " if the payer fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII-B of the Act on sum paid to a resident or on the sum credited to the account of resident, payer shall not be deemed to be an assessee in default if in respect of on such amount tax has been paid by the payee resident in the return filed by him - The said proviso is applicable from assessment year 2012-13 and accordingly the benefit of the same could not be given to the assessee as the assessment year involved is assessment year 2007-08 - Decided against assessee.
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