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2013 (5) TMI 872 - AT - Income TaxLevy of interest under S.115P - Held that:- There can not be any declaration of dividend unless the same is approved by Board and by General body of the company. There is no merit in the action of AO in levying interest on notional basis. Revenue’s grounds on this issue are accordingly rejected. Disallowance made under S.40(a)(ia) - non deduction of tds - Held that:- Since the assessee is not entitled to export directly and export by the MMTC was on principal-principal basis, there can be no commission payment to MMTC, as such the question of sustaining the order of the Assessing Officer in estimating the commission and disallowing the same under S.40(a)(ia) does not arise. Infact there is no claim of commission by assessee. So question of deduction of tax does not arise and consequently disallowance u/s 40(a)(ia). Accordingly, the order of the CIT(A) is upheld and Revenue’s ground on this issue is rejected.
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