https://www.taxtmi.com/caselaws?id=430541 The tribunal upheld the Ld.CIT(A)'s decision, ruling in favor of the assessee and dismissing the Revenue's appeal. It determined that factoring charges were not to be treated as interest subject to TDS deduction under section 40(a)(ia) of the Income-tax Act, 1961. Additionally, it held that the Second Proviso to section 40(a)(ia) had retrospective effect from 01/04/2005, not 01/04/2013, thereby rejecting the Revenue's argument. The tribunal's judgment provided a thorough analysis of legal provisions and case law, resulting in a favorable outcome for the assessee. en-us Tue, 20 Sep 2022 00:00:00 +0530 Tue, 22 Nov 2022 09:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430541 The tribunal upheld the Ld.CIT(A)'s decision, ruling in favor of the assessee and dismissing the Revenue's appeal. It determined that factoring charges were not to be treated as interest subject to TDS deduction under section 40(a)(ia) of the Income-tax Act, 1961. Additionally, it held that the Second Proviso to section 40(a)(ia) had retrospective effect from 01/04/2005, not 01/04/2013, thereby rejecting the Revenue's argument. The tribunal's judgment provided a thorough analysis of legal provisions and case law, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430541