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2017 (10) TMI 1244 - AT - Income TaxAssessee in default u/s 201 - disallowance u/s 40(a)(ia) - interest on EMIs paid to financial institutions - person responsible for deduction and payment of tax at source - Held that:- As decided in assessee's own case that if the payees have admitted the receipt of income, there is no need for the payee to deduct the TDS. Since the provisions of section 201(1) allow such assessee to be not an "assessee in default", consequently, the second proviso to section 40(a)(ia) also comes into operation even though the said provision was introduced from 01/04/2013.and the assessee has followed due procedure of submitting the tax compliance before the AO as similar to the findings of previous AY, we dismiss the appeal filed by the revenue.
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