https://www.taxtmi.com/caselaws?id=368329 The Tribunal allowed both appeals, deleting the addition made by the Assessing Officer concerning the disallowance of interest paid on unsecured loans. Emphasizing the payee's acknowledgment of interest as income and payment of taxes to prevent disallowance under section 40(a)(ia), the Tribunal concluded that the disallowance was unwarranted. By considering legislative intent and relevant case law, the Tribunal held that the payee's confirmation of accounting for the interest income should override the requirement for Form 26A, resulting in a favorable outcome for the assessee. en-us Thu, 04 Oct 2018 00:00:00 +0530 Fri, 05 Oct 2018 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368329 The Tribunal allowed both appeals, deleting the addition made by the Assessing Officer concerning the disallowance of interest paid on unsecured loans. Emphasizing the payee's acknowledgment of interest as income and payment of taxes to prevent disallowance under section 40(a)(ia), the Tribunal concluded that the disallowance was unwarranted. By considering legislative intent and relevant case law, the Tribunal held that the payee's confirmation of accounting for the interest income should override the requirement for Form 26A, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368329