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SHARE OF EXPORTS IN ANNUAL GDP

CONSOLIDATION OF TRADING RELATIONSHIP WITH USA

SHARE OF AGRI-EXPORTS IN GDP

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Disallowing interest expenses u/s. 40(a)(ia) - tax deducted at source...

Income Tax
19-11-2021

Disallowing interest expenses u/s. 40(a)(ia) - tax deducted at source (TDS) was not deposited - No disallowance u/s. 40(a)(ia) is warranted as the payee has accounted for the interest income in its Books of Accounts and filed its return of income u/s. 139(1) of the Act. However, since the information filed by the assessee showing that the payee had accounted for the interest receipts in its Books of Accounts and paid taxes, were never examined by the lower authorities, subject to verification of these evidences by the Assessing Officer, we direct to delete the disallowance made u/s. 40(a)(ia) of the Act. - Tri

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