https://www.taxtmi.com/caselaws?id=752678 ITAT Chandigarh upheld CIT(A)'s deletion of disallowance u/s 40(a)(ia) for non-deduction of TDS on interest payments. The tribunal held that when recipients included interest in their income and paid taxes, the assessee cannot be deemed in default. Non-filing of Form 26A attracts penalty but not expenditure disallowance. Regarding section 14A disallowance, the tribunal restricted it to dividend income amount, ruling disallowance cannot exceed total exempt income earned during the year. en-us Fri, 12 Apr 2024 00:00:00 +0530 Wed, 15 May 2024 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752678 ITAT Chandigarh upheld CIT(A)'s deletion of disallowance u/s 40(a)(ia) for non-deduction of TDS on interest payments. The tribunal held that when recipients included interest in their income and paid taxes, the assessee cannot be deemed in default. Non-filing of Form 26A attracts penalty but not expenditure disallowance. Regarding section 14A disallowance, the tribunal restricted it to dividend income amount, ruling disallowance cannot exceed total exempt income earned during the year. Case-Laws Income Tax Fri, 12 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752678