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2016 (8) TMI 57 - AT - Income TaxTDS u/s 195 - disallowance u/s. 40(a)(ia) - Held that:- We find that the income and expenses recorded in the books of Subex Ltd. in the intervening period between 1.9.2007 and 31.3.2008 were recorded in the assessee’s books by way of journal entry. We have perused the relevant ledger account extracts of the expenses of ₹ 624,983,348 by virtue of such journal entry. We are of the opinion that the impugned payment of ₹ 624,983,348 to STI is merely a journal entry and hence the need for tax deduction at source u/s. 195 of the Act does not arise and the lower authorities have erred in disallowing the impugned amount u/s. 40(a)(ia) of the Act.
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