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2015 (6) TMI 277 - AT - Income TaxDisallowance u/s 40(a)(ia) - non deduction of TDS on internal audit fee - Held that:- In each of the case audit fee did not exceed Rs.,20,000/-. The relevant assessment year involved is 2006-07 relevant to financial year 2005-06. In view of the proviso of section 194J of the Act fee for professional or technical services the assessee is not liable to deduct TDS in case the payment does not exceed the monetary limit prescribed i.e. ₹ 20,000/- in that year in each of the case. Thus assessee is not liable to deduct tax as the payment in all the three cases is less than ₹ 20,000/- each. - Decided in favour of assessee. Disallowance of interest on loan - Held that:- From the above decision of the Co-ordinate Bench of Mumbai Tribunal in the case of Vipin Mehta (2011 (5) TMI 503 - ITAT MUMBAI) and the fact in this case is that the assessee has received Form 15G from the respective payees to whom interest is paid, the AO has no authority to make any disallowance for non deduction of TDS u/s 40(a)(ia) of the Act. - Decided in favour of assessee.
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