https://www.taxtmi.com/caselaws?id=179333 The appeals of the Revenue were dismissed by the ITAT Hyderabad. The levy of interest under S.115P of the Act for the assessment years 2008-09 and 2009-10 was deemed unjustified as the declaration of dividend is not automatic upon finalization of accounts. The Board of directors must approve the declaration, and interest cannot be levied on a notional basis. Additionally, the deletion of disallowance made under S.40(a)(ia) for the assessment year 2008-09 was upheld as there was no commission payment to MMTC due to the nature of the export transactions. en-us Fri, 31 May 2013 00:00:00 +0530 Thu, 20 Apr 2017 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179333 The appeals of the Revenue were dismissed by the ITAT Hyderabad. The levy of interest under S.115P of the Act for the assessment years 2008-09 and 2009-10 was deemed unjustified as the declaration of dividend is not automatic upon finalization of accounts. The Board of directors must approve the declaration, and interest cannot be levied on a notional basis. Additionally, the deletion of disallowance made under S.40(a)(ia) for the assessment year 2008-09 was upheld as there was no commission payment to MMTC due to the nature of the export transactions. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179333