https://www.taxtmi.com/caselaws?id=63859 The Revenue appealed against the deletion of disallowance of discounting charges under section 40(a)(i) of the IT Act, arguing that the charges constituted interest and should have been subject to tax deduction at source. However, the CIT(A) ruled in favor of the assessee, stating that the discounting charges were not interest as defined in the Act. The Tribunal upheld the CIT(A)'s decision, emphasizing that the charges did not fall under the definition of interest and citing a Supreme Court ruling exempting similar payments from tax deduction at source. Consequently, the Revenue's appeal was dismissed. en-us Fri, 09 Oct 2009 00:00:00 +0530 Fri, 31 May 2013 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63859 The Revenue appealed against the deletion of disallowance of discounting charges under section 40(a)(i) of the IT Act, arguing that the charges constituted interest and should have been subject to tax deduction at source. However, the CIT(A) ruled in favor of the assessee, stating that the discounting charges were not interest as defined in the Act. The Tribunal upheld the CIT(A)'s decision, emphasizing that the charges did not fall under the definition of interest and citing a Supreme Court ruling exempting similar payments from tax deduction at source. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 09 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63859