ITAT Deletes Section 40(a)(ia) Disallowance as Payments Stayed Below TDS Threshold

Prontos Private Limited Vs ITO (ITAT Chandigarh) ITAT Removes Branch Stock Addition After Holding Unsold Goods Were Not Taxable Income;  ITAT Deletes Closing Stock Addition Because Branch Stock Represented Recoverable Sales The ITAT Chandigarh partly allowed the assessee’s appeal for AY 2013-14 involving two additions: disallowance under Section 40(a)(ia) of Rs.1,26,708 and addition of Rs.7,43,098 relating to branch office closing stock. On the disallowance under Section 40(a)(ia), the assessee had paid professional charges of Rs.1,26,708 without deducting tax at source under Section 194J,...