https://www.taxtmi.com/caselaws?id=418939 The ITAT allowed the appeal, setting aside the disallowance of interest paid to the NBFC under Sec. 40(a)(ia) of the Income-tax Act, 1961. The ITAT considered the payee's tax compliance and the 2nd proviso to section 40(a)(ia), ultimately ruling in favor of the assessee as the payee had accounted for the interest and paid taxes. The ITAT also dismissed the unpressed ground related to certain expenses, condoned the delay in filing the appeal due to a partner's death, admitted additional evidence, and interpreted the statutory provision to support its decision. en-us Mon, 21 Feb 2022 00:00:00 +0530 Mon, 28 Feb 2022 08:33:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418939 The ITAT allowed the appeal, setting aside the disallowance of interest paid to the NBFC under Sec. 40(a)(ia) of the Income-tax Act, 1961. The ITAT considered the payee's tax compliance and the 2nd proviso to section 40(a)(ia), ultimately ruling in favor of the assessee as the payee had accounted for the interest and paid taxes. The ITAT also dismissed the unpressed ground related to certain expenses, condoned the delay in filing the appeal due to a partner's death, admitted additional evidence, and interpreted the statutory provision to support its decision. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418939