ITAT Restored Case to AO Regarding TDS Applicability u/s 194A on Financial Charges Paid for Car Loan

Samir Synthetics Mills Vs DCIT (ITAT Ahmedabad) The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan? ITAT states that they have perused the provisions of section 194A of the Act pertaining of deduction of tax on payment of interest other than interest on securities. The Ld. counsel has neither demonstrated how the financial charges paid for car loan are not covered u/s. 194A of the Act , nor pointed out any specific exception prescribed in section 194(3) of the Act under which the payer of...