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2017 (5) TMI 109 - AT - Income TaxSection 40(a)(ia) applicability - amount paid or “paid” and “payable.” - TDS on interest - Held that:- The authorities below have specifically brought the material on record that loan was granted to the assessee company and that repayment of loan amount and interest was paid through the account of the assessee company. The asset pledged was owned by the assessee. Since no TDS was deducted on interest payment, authorities below were justified in disallowing interest u/s 40(a)(ia). The issue is covered against the assessee by judgement of Hon’ble Gujarat High Court in the case of CIT vs Sikander Khan N Tunvar [2013 (5) TMI 457 - GUJARAT HIGH COURT] in which it was held that “provisions u/s 40(a)(ia) would cover amount payable at any time during the accounting year”. The issue is also decided against the assessee by judgment of Hon’ble P & H High Court in the case of P.M.S.Diesels [2015 (5) TMI 617 - PUNJAB & HARYANA HIGH COURT] in which on the same principle, the appeal of the assessee has been dismissed. No infirmity has been pointed out in the order of the Ld.CIT(A), therefore, the appeal of the assessee has no merit, the same is accordingly dismissed.
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