https://www.taxtmi.com/caselaws?id=334991 The Tribunal allowed the assessee's appeal regarding the disallowance of finance charges under Section 40(a)(ia) of the Income Tax Act, holding that no disallowance can be made if the entire amount, including both interest and principal, is paid during the relevant previous year. Similarly, the disallowance of transportation charges under the same section was also overturned as the payments to truck owners were not pursuant to any contract, making Section 194C provisions inapplicable. The Tribunal found procedural lapses but ultimately ruled in favor of the assessee, allowing the appeal and rejecting the stay application. en-us Fri, 18 Nov 2016 00:00:00 +0530 Thu, 24 Nov 2016 20:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334991 The Tribunal allowed the assessee's appeal regarding the disallowance of finance charges under Section 40(a)(ia) of the Income Tax Act, holding that no disallowance can be made if the entire amount, including both interest and principal, is paid during the relevant previous year. Similarly, the disallowance of transportation charges under the same section was also overturned as the payments to truck owners were not pursuant to any contract, making Section 194C provisions inapplicable. The Tribunal found procedural lapses but ultimately ruled in favor of the assessee, allowing the appeal and rejecting the stay application. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334991