No disallowance for interest paid to NBFC without TDS deduction, considered by NBFC in their Income

1. The only issue arises in the appeal of the assessee is whether in the facts and circumstances of the case the authorities below have erred in disallowing the interest payment to Non Banking Financial Corporations (NBFCs) u/s. 40(a)(ia).

2. In the course of assessment proceedings the AO made a dis allowance of Rs. 17,79,823/- on account of interest payment made by the assessee to NBFCs without deduction of tax at source by invoking the provisions of Please become a Premium member. If you are already a Premium member, login here to access the full content.