TDS not deductible on interest paid on loan from group entities: ITAT Mumbai

KD Lite Develpers Pvt Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that interest paid on loan from group entities are in the nature of reimbursement and therefore not liable for deduction of TDS. Therefore, addition made by AO is directed to be deleted. Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) has grossly erred in considering the assessee as “Assesse in default” for non-deduction of TDS without accepting the fact that the interest paid on loan from group entities are in the nature of reimbursement and therefore not liable for deduction of TDS. Conclusion...