https://www.taxtmi.com/highlights?id=78662 The ITAT, an Appellate Tribunal, addressed the issue of TDS u/s 194A. The case involved delay interest charged by a broker, treated as finance cost, without TDS deduction. ITAT held that interest paid for delayed payments, not on borrowed capital, isn't covered u/s 2(28A). Citing a similar case, ITAT directed AO to delete the addition, allowing the assessee's appeal. The decision clarified that Section 194A applies to interest on borrowed capital, not on delayed purchase payments. en-us Thu, 20 Jun 2024 10:56:04 +0530 Thu, 20 Jun 2024 10:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78662 The ITAT, an Appellate Tribunal, addressed the issue of TDS u/s 194A. The case involved delay interest charged by a broker, treated as finance cost, without TDS deduction. ITAT held that interest paid for delayed payments, not on borrowed capital, isn't covered u/s 2(28A). Citing a similar case, ITAT directed AO to delete the addition, allowing the assessee's appeal. The decision clarified that Section 194A applies to interest on borrowed capital, not on delayed purchase payments. Highlights Income Tax Thu, 20 Jun 2024 10:56:04 +0530 https://www.taxtmi.com/highlights?id=78662