Discount not claimed in commutation of income cannot be disallowed U/s. 40(a)(ia)

Where the impugned amount is not claimed by the assessee by way of deduction under sections 30 to 38 of the Act while computing the income of the assessee under the head “Profits and gains of business or profession” the question of making any dis allowance under section 40(a)(ia) of the Act will not arise. Full Text of the ITAT Order is as follows:- This is an appeal filed by the assessee directed against the order of the Commissioner (Appeals)-6, Kolkata, (hereinafter the “Learned CIT(A)”), date 27-12-2016, passed under section 250 of the Income Tax Act, 1961 (hereinafter “the Act�...