https://www.taxtmi.com/caselaws?id=461777 ITAT Ranchi allowed assessee's appeal regarding Section 40(a)(ia) addition for hire charges paid without TDS deduction. Following Vector Shipping decision and SC precedent in Vegetable Products Ltd., tribunal held Section 40(a)(ia) applies only to unpaid amounts at year-end, not payments made during the year. Regarding bogus expenses, tribunal upheld CIT(A)'s restricted disallowance noting assessee disclosed 5% profit margin reasonable for transportation business. Higher depreciation rate of 30% for trucks and excavators was allowed following ITAT Kolkata precedent. CIT(A)'s deletion of diesel expense addition was upheld as payments were for legitimate business purposes. en-us Fri, 11 Mar 2016 00:00:00 +0530 Mon, 28 Apr 2025 19:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461777 ITAT Ranchi allowed assessee's appeal regarding Section 40(a)(ia) addition for hire charges paid without TDS deduction. Following Vector Shipping decision and SC precedent in Vegetable Products Ltd., tribunal held Section 40(a)(ia) applies only to unpaid amounts at year-end, not payments made during the year. Regarding bogus expenses, tribunal upheld CIT(A)'s restricted disallowance noting assessee disclosed 5% profit margin reasonable for transportation business. Higher depreciation rate of 30% for trucks and excavators was allowed following ITAT Kolkata precedent. CIT(A)'s deletion of diesel expense addition was upheld as payments were for legitimate business purposes. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461777