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2016 (7) TMI 394 - AT - Income TaxDisallowance u/s 40(a)(ia) - assessee had failed to deduct tax on payment of interest - Held that:- In the present case of the assessee, the amounts of interests had already been paid and the provisions of section 40(a)(ia) are applicable only to the amounts remaining payable. That we also take note of the proviso to section 40(a)(ia) that where the assessee cannot be found in default u/s 201, no disallowance u/s 40(a)(ia) could be made. The assessee has already submitted before the CIT (A) list of all the people to whom interests were paid and it is also not disputed that interests were paid in most of the cases to organizations which are exempt from payment of tax. That considering all the facts in this case in its entirety and the judicial pronouncements as discussed above, we do not find any reason to interfere with the order of the learned CIT (A). The relief granted to the assessee is therefore, sustained. The appeal by the Revenue is dismissed. - Decided in favour of assessee
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