Allowing the appeal of the revenue the Tribunal held that ; Word ‘payable’ occurring in section 40(a)(ia) not only covers cases where amount is yet to be paid but also those cases where amount has actually been paid.(AY. 2008-09)
ACIT v. Guntur District Co-operative Bank Ltd (2018) 66 ITR 61 (SN) (Vishakha) ( Trib.)
S. 40(a)(ia) : Amounts not deductible- Deduction at source-Word ‘payable’ occurring in section 40(a)(ia) not only covers cases where amount is yet to be paid but also those cases where amount has actually been paid.