https://www.taxtmi.com/caselaws?id=353132 The ITAT upheld the appeal for statistical purposes, directing a denovo consideration by the AO regarding the disallowance of interest paid to Reliance Capital Ltd. for failure to deduct tax at source. The CIT(A)'s decision to allow the deduction for interest paid to companies engaged in insurance business under section 194A(3)(iii)(e) was upheld. The ITAT remanded the issue to determine if Reliance Capital Ltd. was solely engaged in insurance business. Regarding the applicability of the second proviso to section 40(a)(ia), the AO was directed to verify if recipients declared the receipts in their income tax returns and paid taxes. en-us Fri, 01 Dec 2017 00:00:00 +0530 Thu, 28 Dec 2017 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353132 The ITAT upheld the appeal for statistical purposes, directing a denovo consideration by the AO regarding the disallowance of interest paid to Reliance Capital Ltd. for failure to deduct tax at source. The CIT(A)'s decision to allow the deduction for interest paid to companies engaged in insurance business under section 194A(3)(iii)(e) was upheld. The ITAT remanded the issue to determine if Reliance Capital Ltd. was solely engaged in insurance business. Regarding the applicability of the second proviso to section 40(a)(ia), the AO was directed to verify if recipients declared the receipts in their income tax returns and paid taxes. Case-Laws Income Tax Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353132