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2016 (11) TMI 877 - AT - Income TaxAddition u/s 40(a)(ia) - non deduction of tds - Held that:- The assessee has made the payments by the end of the relevant financial year and therefore, the provisions of section 40(a)(ia) are not applicable. The CIT (A) has given a correct finding that the payment has already been made and therefore, nothing remained payable at the end of the relevant financial year and therefore, the disallowance is not sustained - Decided in favour of assessee Consideration received on cancellation of the development agreement - Held that:- We are satisfied that the individual directors are the actual owners of ₹ 1.35 crores and the sum of ₹ 4.51 crores received by the assessee included the sum of ₹ 1.35 crores belonging to the individual directors. We are of the opinion that the Cit (A) has properly appreciated the contentions of the assessee that the sum of ₹ 1.35 crores does not belong to the assessee, but that it belongs to the individual directors of the company in allowing the assessee’s appeal - Decided in favour of assessee
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