Tuesday, 29 September 2015

Belief of partner that he wasn't liable for TDS on interest paid to firm wasn't a reasonable cause t

IT: Language of section 194A does not leave scope for any ambiguity on liability of a partner to deduct tax on interest paid by him to firm; therefore, belief of partner that he is not liable to deduct tax at source on interest paid to firm, cannot be considered as reasonable cause as contemplated under section 273B

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