TMI Blog2023 (4) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed authority is only procedural and cannot result in a disallowance. This Tribunal also held that to the extent that payment of interest relates to the government and exempted category of persons, no disallowance is warranted. As in the present facts, the assessee is directed to furnish Form 15G/H to the Ld.AO. AO is directed to consider the same and to consider the claim of assessee by carrying out necessary verification after affording proper opportunity of being heard. Ground raised by assessee stands allowed for statistical purposes. - ITA No. 210/Bang/2023 - - - Dated:- 25-4-2023 - Smt. Beena Pillai, Judicial Member For the Assessee : Shri Narendra Kumar Jain, Advocate And Mrs. Geetha Rani. K, Advocate For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant craves leave to add, alter, vary, omit, substitute or amend the above grounds of appeal, at any time before or at, the time of hearing. of the appeal, so as to enable the Income-tax Appellate Tribunal to decide the appeal according to law. The Appellant prays accordingly. 2. Brief facts of the case are as under: 2.1 Assessee is an individual and proprietor of M/s. Sankeshwar Beverages. Assessee filed his return of income for year under consideration on 05.10.2016 declaring a loss of Rs.75,72,457/-. The case was selected for scrutiny and notices u/s. 143(2) was issued along with the notice u/s. 142(1) of the act. The Ld. AO observed that assessee claimed expenses amounting to Rs.1,00,37,654/-, towards interest at 12% on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 15G/15H could be produced before the Ld AO, therefore, this contention of the assessee is rejected. However, on the alternate ground taken by the appellant that the payee has declared the amount in its return has neither been demonstrated at the time of assessment proceeding nor at the time of appellate proceedings. The assessee should have furnished supporting evidence for the same. if he had the same in his possession. Since the assessee failed on this front also, therefore, the said argument is also rejected. Now, coming to the third contention of the appellant, i.e expenditure incurred on interest payment should have been restricted to 30% of such total expenditure, I find force in it, as section 40(a)(ia) was amended w.e.f from A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in (2015) 57 taxmann.com 273 which was followed by the Coordinate Bench of this Tribunal in case of JCIT vs. Karnataka Vikas Grameena Bank reported in (2018) 93 taxmann.com 256. 4.2 On the contrary, the Ld.DR submitted that the form 15H and 15G filed by the assessee pertains to FY 2016-17 and the affidavit filed by the consultant of assessee placed at pages 267- 268 is not in accordance with law. He submitted that it is not ascertainable that the amounts mentioned in the alleged form 15G/H pertains to the same disallowance made by the Ld.AO for the year under consideration for non-deduction of TDS. It is the submission of the Ld.DR that the certificates require necessary verification by the Ld.AO. I have perused the submissi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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