https://www.taxtmi.com/caselaws?id=352480 The Tribunal held that if the recipient declared finance charges as income, the assessee is not in default under section 40(a)(ia) of the Income-tax Act. However, the assessee must provide evidence of this declaration. The Tribunal directed the Assessing Officer to verify the recipient's declaration; if confirmed, no disallowance under section 40(a)(ia) is necessary. The order was modified accordingly, partially allowing the appeal for statistical purposes. en-us Wed, 13 Dec 2017 00:00:00 +0530 Fri, 15 Dec 2017 08:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352480 The Tribunal held that if the recipient declared finance charges as income, the assessee is not in default under section 40(a)(ia) of the Income-tax Act. However, the assessee must provide evidence of this declaration. The Tribunal directed the Assessing Officer to verify the recipient's declaration; if confirmed, no disallowance under section 40(a)(ia) is necessary. The order was modified accordingly, partially allowing the appeal for statistical purposes. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352480