https://www.taxtmi.com/caselaws?id=255354 The Tribunal allowed all appeals filed by the Revenue, reversing the CIT(A)'s orders. The Tribunal upheld the Assessing Officer's disallowance of usance charges under Section 40(a)(i) as the Assessee failed to deduct TDS under Section 195(1) for payments made to non-residents. The Tribunal clarified that the explanation to Section 10(15)(iv)(c) regarding usance interest applied only to ship-breaking activities, not to other businesses, thus confirming the requirement for TDS deduction on usance charges. en-us Wed, 07 Jan 2015 00:00:00 +0530 Mon, 18 May 2015 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255354 The Tribunal allowed all appeals filed by the Revenue, reversing the CIT(A)'s orders. The Tribunal upheld the Assessing Officer's disallowance of usance charges under Section 40(a)(i) as the Assessee failed to deduct TDS under Section 195(1) for payments made to non-residents. The Tribunal clarified that the explanation to Section 10(15)(iv)(c) regarding usance interest applied only to ship-breaking activities, not to other businesses, thus confirming the requirement for TDS deduction on usance charges. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255354