No disallowance u/s. 40(a)(ia) where payments made were apparently less than Rs. 20,000 each and to each party less than Rs. 50,000 per year, as per t

Court :Mumbai Bench of the Income-tax Appellate Tribunal Citation :Vikas Road Carriers Ltd. Vs. ITO [2010-TIOL-417-ITAT-MUM] Brief :In the case of Vikas Road Carriers Ltd. v. ITO [2010-TIOL-417-ITAT-MUM] the Mumbai Bench of the Income-tax Appellate Tribunal (“the Tribunal”), ruled that, in light of the very typical facts of the case, no dis allowance could be made under section 40(a)(ia) of the Income Tax Act, 1961 (“the Act”), for non-withholding of tax since the payments to the transporters were less than Rs. 20,000 each, and less than Rs. 50,000 in a year to any part...