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2014 (1) TMI 1240 - AT - Income TaxDeduction u/s 80IB - Held that:- Following assessee's own case for A.Y. 2004-05 - When complete facts are not evident from the relevant orders while the learned CIT(A) have not recorded any findings on the specific issues - The issue has been restored for fresh adjudication. Unsecured loan taken - Held that:- The ld.CIT(A) has given a finding that the ld.AR failed to put up the details of confirmation and creditworthiness of these parties - However, the contention of the assessee is that all the confirmations were duly placed on record of the ld.CIT(A) - The order of the ld.CIT(A) is cryptic and, therefore, in the interest of justice - The issue has been restored for fresh adjudication. Disallowance u/s 40(a)(ia) - Held that:- The appellant had deducted TDS on commission and interest expenses and the payment has been made before the due date - As regards freight and octroi it is seen from the ledger account produced before him that the sum paid on each occasion is not exceeding Rs.20,000/- and not liable for deduction of TDS - The order of CIT(A) was justified in deleting addition - Decided against Revenue. Addition on account of capital introduced - Held that:- The appellant submitted before him evidences like copy of receipt of income-tax of all the partners along with statement of total income and copy of accounts of the partners as appearing in the books of account of the appellant firm in support of capital introduced by the appellant which has been verified - Decided against Revenue. Penalty u/s 271(1)(c) - Held that:- Following COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD [2010 (3) TMI 80 - SUPREME COURT] - Any details supplied by the assessee in its return were not found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) - A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars - Decided against Revenue.
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