ITAT on Disallowance of Payments of interest to NBFC without TDS deduction

Mr. Shekhar Dadarkar Vs DCIT (ITAT Mumbai) TDS provisions were applicable to interest payments made to NBFCs, however, if payees had shown interest income in their respective returns and paid income tax thereon, no disallowance could be made in view of second proviso to section 40(a)(ia). FULL TEXT OF THE ITAT JUDGMENT The above titled five appeals by the assessee and one by the Revenue have been preferred against the different orders of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] for the respective assessment years. 2. At the outset, we would like to menti...