Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 279 - AT - Income TaxDis-allowance u/s 40(a)(ia) on ground of failure to pay TDS within prescribed time - Civil contractor - assessee contended that amount has been paid before the due date of filing of the return and words used in section 40(ia) were “payable” and not “paid” - Held that:- On perusal of records it is observed that there was no amount payable at the end of the year and although the amounts were paid to the sub-contractors during the entire FY under consideration on different dates but finally the entire payment of TDS to the Government Exchequer was paid before the due date of filing of the return. Hence, dis-allowance directed to be deleted. Addition on account of unexplained and unverifiable expenses - Revenue contended that though the account payee cheques were issued by the assessee but whether that payment had reached to the hands of the said parties was not affirmed by filing other corroborative evidence - Held that:- Apprehension of Revenue is ill-founded because two substantial evidences, i.e. payments made through account payee cheques evidenced through bank statements and second, deduction of tax at source have conclusively proved that the assessee has in fact incurred the expenditure exclusively for the purpose of the business, therefore allowable u/s.37(1) - Decided in favor of assessee
|