Payment to Scheduled Banks for Letters of Credit Not Subject to TDS; No Disallowance u/s 40(a)(ia.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TDS - the payment paid by the assessee to scheduled banks for opening letters of credit was in the nature of interest u/s 2(28A) - but since the amount had been paid to scheduled banks no tax was required to be deducted at source u/s 194A - No disallowance u/s 40(a)(ia) - AT....