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2016 (10) TMI 995 - AT - Income TaxDisallowance of loss made on account of fire claim & loss of cylinders - Held that:- There is no dispute about the genuineness of the claim of the assessee about loss due to fire and insurance claim. Ld. Assessing Officer on presumption has held that the assessee has recouped loss without giving any cogent findings. Ld. CIT(A) has elaborately discussed the facts and circumstances; and based thereon has held that there is no evidence to substantiate the findings of the ld. AO. In view thereof, I see no infirmity in the order of the ld. CIT(A) on this issue which is upheld. Disallowance u/s.40(a)(ia) - reimbursement of export clearing & forwarding charges without TDS which had been clubbed in same bill raised for contractual payments liable to TDS - Held that:- From the record it clearly emerges that the impugned amount paid by the assessee is in the nature of reimbursement of expenses for which there is no liability of TDS u/s 194H. The ld. AO has grassed over the pertinent facts which have been rightly streamlined by the ld. CIT(A). No infirmity in the order of the ld. CIT(A) on this issue, which is upheld. Disallowance on account of Commission Expenses - Held that:- From the record it clearly emerges that the assessee has submitted full address and PAN of the commission agents. It is also observed that the amount has been paid through cheque by deducting TDS which clearly indicates that the services have been rendered by these commission agents for the appellant’s business. Therefore, find no infirmity in the order of the ld. CIT(A) on this issue, which is upheld. Disallowance of interest u/s 40A(2)(b)- Held that:- CIT(A) has duly considered the factual aspect and demonstrated that the Barclays Bank loan in effective terms cost 18.31% to the assessee as against assessee has charged 18% from the related parties. Section 40A(2)(b) is not applicable to assessee’s case. Thus, the order of the ld. CIT(A) is upheld on this issue and this ground of the Revenue is dismissed.
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