TDS deductible on delayed pay-in-charges payable to sharebroker for making delayed payment

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) Delayed pay-in-charges payable by the assessee to sharebroker for making delayed payment of purchase consideration for purchase of shares is infact „interest‟ within meaning of Section 2(28A) of the 1961 Act and the assessee was required to deduct income-tax at source on such interest of Rs.4,21,773/- within the provisions of Section 194A of the 1961 Act. Since, the assessee fails to deduct income-tax at source on this payment of Rs.4,21,773/- , the assessee will be hit by provisions of Section 40(a)(ia) of the 1961 Act and the di...