https://www.taxtmi.com/highlights?id=77270 Disallowance u/s 40(a)(i) as assessee not deducted TDS - The Tribunal agreed with the assessee's argument that there was no failure to deduct TDS, as the amounts payable to financial institutions were nil. - ITAT accepted the justification provided by the assessee concerning the percentage completion method as per Accounting Standard AS-7. - Moreover, it accepted the contention that the interest paid was cumulative and claimed as expenditure upon project completion. As a result, the disallowance under section 40(a)(ia) was deemed unwarranted. en-us Thu, 09 May 2024 10:40:48 +0530 Thu, 09 May 2024 10:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77270 Disallowance u/s 40(a)(i) as assessee not deducted TDS - The Tribunal agreed with the assessee's argument that there was no failure to deduct TDS, as the amounts payable to financial institutions were nil. - ITAT accepted the justification provided by the assessee concerning the percentage completion method as per Accounting Standard AS-7. - Moreover, it accepted the contention that the interest paid was cumulative and claimed as expenditure upon project completion. As a result, the disallowance under section 40(a)(ia) was deemed unwarranted. Highlights Income Tax Thu, 09 May 2024 10:40:48 +0530 https://www.taxtmi.com/highlights?id=77270