Penalty Possible But Expenditure Allowable: No TDS Deduction, Income Declared by Payee u/s 40(a)(ia).

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....Application of section 40(a)(ia) - payment made without TDS - the payee has declared the income in his ITR - penalty can be levied on assessee but no disallowance of the expenditure can be made u/s.40(a)(ia) - AT....