Hi.
we had availed some unsecured loan from corporate entity for business purpose and utilized the funds in our business, we had provided interest to our lender and we had deducted TDS and deposited the same, but we didn't pay interest amount to lender as company don't have sufficient funds.
My query is whether it will be allowed for deduction under income tax act, as we had only provided interest but not remit to the lender.
CAclubindia
