https://www.taxtmi.com/caselaws?id=267935 A joint venture making payments to its constituents as sub-contract expenses was held liable to deduct tax at source under section 194C, because the accounts showed contractual receipts, classification of the payments as subcontract costs, and actual TDS deduction in its books. However, disallowance under section 40(a)(ia) was deleted where tax had been deducted and remitted belatedly, and the corresponding income had been offered to tax by the recipients. The Tribunal treated the 2012 amendment to section 40(a)(ia) as declaratory and curative, applying the provision in a manner that avoids disallowance for mere delayed remittance of TDS when the payee's income is already taxed. en-us Fri, 09 Oct 2015 00:00:00 +0530 Tue, 17 Nov 2015 05:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267935 A joint venture making payments to its constituents as sub-contract expenses was held liable to deduct tax at source under section 194C, because the accounts showed contractual receipts, classification of the payments as subcontract costs, and actual TDS deduction in its books. However, disallowance under section 40(a)(ia) was deleted where tax had been deducted and remitted belatedly, and the corresponding income had been offered to tax by the recipients. The Tribunal treated the 2012 amendment to section 40(a)(ia) as declaratory and curative, applying the provision in a manner that avoids disallowance for mere delayed remittance of TDS when the payee's income is already taxed. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267935