Voluntary Expense Disallowance Doesn't Make Assessee a Defaulter; No Interest Imposed Under Income Tax Act.

Voluntary Expense Disallowance Doesn't Make Assessee a Defaulter; No Interest Imposed Under Income Tax Act. https://www.taxtmi.com/highlights?id=74282 Applicability of TDS provisions in respect of provision for expenses made at the end of the year - Merely because the assessee had voluntarily disallowed the expenses u/s 40(a)(ia) of the Act in the return, the same would not automatically enable the ld. AO to treat it as "assessee in default" u/s 201(1) of the Act and consequentially levy interest u/s 201(1A) of the Act. - AT en-us Fri, 19 Jan 2024 08:49:26 +0530 Fri, 19 Jan 2024 08:49:26 +0530 TaxTMI RSS Generator Voluntary Expense Disallowance Doesn't Make Assessee a Defaulter; No Interest Imposed Under Income Tax Act. https://www.taxtmi.com/highlights?id=74282 Applicability of TDS provisions in respect of provision for expenses made at the end of the year - Merely because the assessee had voluntarily disallowed the expenses u/s 40(a)(ia) of the Act in the return, the same would not automatically enable the ld. AO to treat it as "assessee in default" u/s 201(1) of the Act and consequentially levy interest u/s 201(1A) of the Act. - AT Highlights Income Tax Fri, 19 Jan 2024 08:49:26 +0530 https://www.taxtmi.com/highlights?id=74282