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2015 (11) TMI 746 - AT - Income TaxAddition U/s 69 - unexplained investment - CIT(A) deleted the addition - Held that:- The assessee has explained the process of supply the goods through contract to VVNL. The assessee first awarded the contract by the VVNL. Thereafter he supplied the goods which is tested in the laboratory by the engineers, thereafter approved by it. In the present case, the assessee procured the material to be supplied to the electricity company from M/s Galaxy Concab (I) Pvt. Ltd.. The material was inspected on 11/4/2008, which was tested in the laboratory on 17/4/2008. Once the material was passed by the competent authority, the assessee was communicated, accordingly he raised the bill on electricity company for supply of cable. The supplier directly sent the cable to the electricity company through challans with all bills at vehicle, actual quantity. After the entire quantity was supplied, thereafter, issued a delivery challan, which was certified by the stock keeper of the electricity company. The Ld. DR has not controverted the finding given by the ld CIT(A), therefore, we uphold the order of the ld. CIT(A). - Decided against revenue. Addition U/s 40(a)(ia) - payment of interest to Non-banking Finance Company (In short NBFC) without deducting TDS - CIT(A) deleted the addition - Held that:- On issue of amount already paid during the year or amount shown payable as on 31st March of every year, the various courts have different views i.e. in favour of the assessee and against the assessee. The Hon'ble Supreme Court in the case of CIT Vs. Vegetable Products Ltd. (1973 (1) TMI 1 - SUPREME Court) has held that when there are to views on an issue, the view in favour of the assessee has to be preferred. Therefore, we confirm the order of the Ld. CIT(A). Further the recipient are NBFC, therefore, not possible to not be assessed to tax, these payments were related for A.Y. 2009-10 and return for A.Y. 2009-10 already might have been filed by these NBFC by including these interests receipts as their income. Therefore, we do not find any reason to interfere in the order of the Ld. CIT(A).- Decided against revenue.
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