Case Law Details
Case Name : Commissioner Of Income Tax Vs Crescent Export Syndicate (Calcutta High Court)
Related Assessment Year :
Courts :
All High Courts Calcutta High Court
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The key words used in Section 40(a)(ia), according to us, are “on which tax is deductible at source under Chapter XVII –B”. If the question is “which expenses are sought to be disallowed?” The answer is bound to be “those expenses on which tax is deductible at source under Chapter XVII –B. Once this is realized nothing turns on the basis of the fact that the legislature used the word ‘payable’ and not ‘paid or credited’. Unless any amount is payable, it can neither be paid nor credited. If an amount has neither been paid nor credited,
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Need case laws on TDS not paid on Interest debited by Company in Profit & Loss account against Overdraft facility taken in the Directors Personal Name.
The Interest is directly paid to the bank Overdraft account and not to Directors personal account.