Disallowance U/s. 40(a)(ia) cannot be made for non-compliance with requirements of Section 194C(7)

CIT Vs M/s. Sri Parameswari Spinning Mills Private Limited (Madras High Court) Whether the Tribunal is correct in not confirming the disallowance under Section 40(a)(ia) made by the Assessing Officer when the assessee did not comply with requirements of Sub-Section 7 of Section 194C read with Rule 31A?. We find sub-Section 6 of Section 194C is the provision which grants benefit to the assessee. This benefit comes with the condition of compliance of Sub-Section (7) of Section 194C, which is the procedure to be followed. The question would be as to whether if the procedure under Section 194C(7) ...