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of ITAT upheld disallowance of interest payments under s.40(a)(ia) due to non-deduction of TDS on payments made to NBFCs. Appellant's contention that NBFCs were considered banks was rejected, as ignorance of law is not a valid defense. The tribunal noted appellant's failure to submit Form 27BA certification regarding payments and statutory deductions. Additionally, lump sum expense disallowances were sustained due to assessee's inability to maintain proper records or provide evidence of business purpose for vehicle and telephone expenses. The tribunal also confirmed penalty under s.271AAB(1)(c), finding no grounds for interference with the penalty order following dismissal of quantum assessment appeal.
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