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2016 (5) TMI 483 - AT - Income TaxTDS u/s 194C or u/s 194H - Amount paid to the consolidator on purchase of land - Held that:- The amounts paid to the consolidator i.e. M/s. Vikram Electric Co. (P) Ltd. was duly accounted by the assessee in the purchases and closing stock. Undisputedly no sales have been made by the assesee during the period under consideration. In view of above scenario and facts we concur with the conclusion of the coordinate bench of the Tribunal in the case of the Philana Builders & Developers P. Ltd. (2016 (3) TMI 647 - ITAT DELHI ) and hold that the provisions of section 40(i)(ia) of the Act do not apply to the present case on the payments made by the assessee to the consolidator as the assessee has not claimed any deduction for payment as amounted to the consolidator, either in the profit and loss account or in the computation of the taxable income filed alongwith the return of income. Thus, we decline to accept contention of the Ld. DR that the payment made by the assessee to the consolidator on purchase of land attracts the TDS provision of section 194C or section 194H of the Act - Decided in favour of assessee
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