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2016 (11) TMI 1009 - AT - Income TaxAddition u/s 40(a)(ia) - disallowance of finance charges for non deduction of tds - Held that:- The amount paid by the assessee towards the finance charges include both interest and principle amount and the entire amount has been paid during the relevant previous year. As decided in case of Merilyn Shipping & Transport (2012 (4) TMI 290 - ITAT VISAKHAPATNAM) held that no disallowance u/s 40(a)(ia) can be made if the entire amount is paid during the relevant previous year and nothing remained payable. TDS u/s 194C - Disallowance of transportation charges - Held that:- We agree with the contention of the assessee that the payment made by the assessee to the truck owners is not pursuant to any contract and therefore, provisions of section 194C are not applicable and consequently no disallowance u/s 40(a)(ia) can be made.
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