Dear All,
One of my client who is contractor as an service recepient under audit for last 3 year. in FY 2014-15 there is one party from whom he has taken hiring serviec around 7500000/- and claim expenses as hiring charges paid Rs.7500000/-, but not deducted any TDS. then whether disallowance u/s.40 attract.
But opposition party from whom he has taken hiring service, they had already shown Rs.7500000/- as there Gross receipt as Hiring charges received. also they give us confirmation regarding to TDS not deducted by deductor but we have claim as Income in our book. then on that ground whether disallowance can be waved.
required circular or case laws.
Also there is any specific format or form regarding to confirmation as deductor has not deducted TDS but deductee has claim as Income in her books, hence can be waved disallowance U/s.40 in deductor books.
Please reply its urgent
Regards,
Saumit Patil
CAclubindia
