Allowing the appeal of the assessee the Tribunal held that ; the assessee had furnished documentary evidence to demonstrate that recipient of finance charges paid by assessee had offered it as income in return of income hence no disallowances can be made. The AO was directed to verify the aspects .( AY. 2012-13)
Vardhvinayak Township Development (P.) Ltd. v. DCIT (2018) 168 ITD 456 (Mum) (Trib.)
S.40(a)(ia):Amounts not deductible – Deduction at source – Recipients had offered the income ,hence no disallowance can be made . The AO was directed to verify said aspects