Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 680 - ITAT INDOREDisallowance u/s 40(a)(ia) - Assessee took on vehicles on lease and paid lease money – By invoking Sec. 40(a)(ia), assessee have to deduct TDS from the lease money shown as payable - Held that:- Following the decision in case of Merilyn Shipping & Transport (2012 (4) TMI 290 - ITAT VISAKHAPATNAM) the provisions of sec. 40(a)(ia) are applicable only to the amounts of expenditure which are payable as on 31st March of every year and it cannot be invoked to disallow the expenditure which had been actually paid during the previous year without deduction of TDS. Therefore to recompute the amount of disallowance issue remand back to AO Capital Gain – AO compute capital gain u/s 50C adopting the stamp duty value as sales consideration – Original return was accepted u/s 143(1), therefore AO invoke Sec. 147 – Held that:- AO was well within his powers to compute the capital gain during the u/s 147 proceedings. Matter has not been controverted by the assessee by bringing any positive material on record. Therefore appeal decides in favour of revenue.
|