https://www.taxtmi.com/caselaws?id=462483 ITAT Mumbai ruled in favor of the assessee on two issues. First, regarding TDS disallowance u/s 40(a)(ia), the Tribunal upheld CIT(A)'s direction to delete the disallowance, subject to verification that deductees had shown amounts in their returns and paid due taxes. Second, on Debenture Redemption Reserve adjustment while computing book profits u/s 115JB, the Tribunal allowed the adjustment, holding that DRR creation was towards discharge of ascertained liability for debenture redemption as mandated by Companies Act Section 117C, not mere appropriation. The decision followed precedents from Bombay HC in Raymond Ltd. and ITAT Mumbai in JSW Energy Ltd. en-us Thu, 12 Mar 2020 00:00:00 +0530 Wed, 25 Jun 2025 19:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462483 ITAT Mumbai ruled in favor of the assessee on two issues. First, regarding TDS disallowance u/s 40(a)(ia), the Tribunal upheld CIT(A)'s direction to delete the disallowance, subject to verification that deductees had shown amounts in their returns and paid due taxes. Second, on Debenture Redemption Reserve adjustment while computing book profits u/s 115JB, the Tribunal allowed the adjustment, holding that DRR creation was towards discharge of ascertained liability for debenture redemption as mandated by Companies Act Section 117C, not mere appropriation. The decision followed precedents from Bombay HC in Raymond Ltd. and ITAT Mumbai in JSW Energy Ltd. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462483