Disallowance u/s 40(a)(ia) of Income Tax Act shall be imposed when Assessee fails to deduct TDS on amount of Interest to NBFCs: ITAT [Read Order]

By Sunayana Dhal - On September 1, 2023 5:30 pm - 2 mins read

Disallowance - Income Tax Act - Income Tax - Assessee fails to deduct TDS - TDS - amount of Interest to NBFCs - ITAT -NBFCs - taxscan

The Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 shall be imposed when the assessee failed to deduct the Tax Deducted at Source (TDS) on the amount of interest to Non-Banking Financial Company (NBFC). The assessee company had failed to deduct tax…

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