https://www.taxtmi.com/caselaws?id=768291 ITAT Chennai dismissed Revenue's appeal regarding disallowances under Section 40(a)(ia) for non-deduction of TDS on interest payments made towards VIP deposits for AYs 2009-10 and 2011-12. Following coordinate bench precedent, the Tribunal held that recurring deposits cannot be considered time deposits and their interest payments are not liable for TDS. Additionally, the Tribunal directed deletion of disallowance under Section 14A read with Rule 8D, noting that AO failed to provide reasons for rejecting assessee's explanation, applying SC precedent in Maxopp Investment Ltd case. en-us Tue, 25 Mar 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768291 ITAT Chennai dismissed Revenue's appeal regarding disallowances under Section 40(a)(ia) for non-deduction of TDS on interest payments made towards VIP deposits for AYs 2009-10 and 2011-12. Following coordinate bench precedent, the Tribunal held that recurring deposits cannot be considered time deposits and their interest payments are not liable for TDS. Additionally, the Tribunal directed deletion of disallowance under Section 14A read with Rule 8D, noting that AO failed to provide reasons for rejecting assessee's explanation, applying SC precedent in Maxopp Investment Ltd case. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768291