https://www.taxtmi.com/caselaws?id=366410 The Tribunal set aside the order of the ld. CIT(A) and allowed the appeal of the assessee regarding the addition made under section 40(a)(ia) of the IT Act for interest paid on loans taken from three parties. The Tribunal held that the assessee fulfilled the conditions specified in the first proviso to section 201, thus falling under the relief provided by the second proviso to section 40(a)(ia). By demonstrating that the payees had paid the tax on the income received, the Tribunal deemed the additions arbitrary and ruled in favor of the assessee. en-us Fri, 24 Aug 2018 00:00:00 +0530 Sat, 01 Sep 2018 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366410 The Tribunal set aside the order of the ld. CIT(A) and allowed the appeal of the assessee regarding the addition made under section 40(a)(ia) of the IT Act for interest paid on loans taken from three parties. The Tribunal held that the assessee fulfilled the conditions specified in the first proviso to section 201, thus falling under the relief provided by the second proviso to section 40(a)(ia). By demonstrating that the payees had paid the tax on the income received, the Tribunal deemed the additions arbitrary and ruled in favor of the assessee. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366410