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2013 (1) TMI 808 - AT - Income TaxDelay in filing the appeal - Held that:- assessee was under the bonafide belief that no appeal need to be filed against the order of CIT till reassessment is made - On the facts of the case it is deemed fit in the interest of justice to condone the delay of 26 days - Decided in favor of assessee Whether TDS deducted on professional charges and interest charges - levy interest u/s.201(IA) - Held that:- The scope of the order u/s.263 is restricted to the income and expenditure in computation of taxable income - The failure to deduct tax at source and levy of interest there on are to be considered under separate provisions - Thus AO cannot levy interest u/s.201(IA) - Decided in favor of assessee Interest income on loans advanced by the assessee to M/s. Adarsh Developers (P) Ltd - Held that:- As per the agreement a coupon rate of 4% p.a for he first quarter was decided - Such interest is subject to TDS - The borrower co. invested the amount in share capital of another co. - the assessee co. has not derived any interest from M/s Adarsh Developers Pvt. Ltd and no interest has been provided in its books - the order of CIT is to be setaside - decided in favor of assessee Disallowance of ₹ 5,35,748/- as factory maintenance - Held that:- assessee acquired a property in auction - incurred expenditure of ₹ 5,35,000 as maintenance of plant and machinery - assessee had neither produced any evidence regarding such expense - issue is set aside for reconsidering the allowability of expenditure - remanded bck
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