https://www.taxtmi.com/caselaws?id=417117 Disallowance under section 40(a)(ia) depends on whether the payer remains an assessee in default under the first proviso to section 201(1); if the payee has filed its return, accounted for the sum, paid tax due, and the prescribed accountant's certificate is in order, the disallowance cannot be sustained. The Tribunal therefore directed verification of the certificate by the Assessing Officer and deletion of the disallowance if the conditions were satisfied. The notional interest addition relating to capital work in progress also turned on verification of the assessee's supporting details, and was likewise remitted for factual examination, with deletion directed if the particulars were found correct. en-us Tue, 07 Dec 2021 00:00:00 +0530 Sat, 15 Jan 2022 08:49:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417117 Disallowance under section 40(a)(ia) depends on whether the payer remains an assessee in default under the first proviso to section 201(1); if the payee has filed its return, accounted for the sum, paid tax due, and the prescribed accountant's certificate is in order, the disallowance cannot be sustained. The Tribunal therefore directed verification of the certificate by the Assessing Officer and deletion of the disallowance if the conditions were satisfied. The notional interest addition relating to capital work in progress also turned on verification of the assessee's supporting details, and was likewise remitted for factual examination, with deletion directed if the particulars were found correct. Case-Laws Income Tax Tue, 07 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417117