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2017 (2) TMI 1129 - AT - Income TaxUnexplained cash credit u/s.68 - Held that:- Assessee has in its permissible limit has proved beyond doubt the identity, genuineness and creditworthiness of the loan creditors and it could not be disputed by the Revenue at any stage nor any enquiry was made in case of any other loan creditor, which could disprove the evidence placed by assessee. We therefore, find no reason to interfere with the order of ld. Commissioner of Income Tax(A) deleting the impugned addition on account of unexplained cash credit - Decided in favour of assessee Disallowance on account of interest expenses on cash credit - Held that:- As we have already decided adjudicating ground no.1 of Revenue wherein we have confirmed the order of ld. Commissioner of Income Tax(A) deleting the impugned addition u/s 68 and as have accordingly held that assessee has proved the identity, genuineness and creditworthiness of the cash creditors. Therefore, the interest paid on such genuine loan creditors cannot be treated as non-genuine. - Decided in favour of assessee TDS u/s 194A - disallowance u/s.40(a)(ia) - non deduction of tds on interest expenses - submission of Form No. 15 G - Held that:- We are of the view that as the assessee has filed form no.15G in the cases of 9 parties to whom interest of ₹ 3,00,348/- was paid there was no liability of deducting tax at source at assesse’s behest and, therefore, ld. Commissioner of Income Tax(A) has rightly deleted the disallowance. We find no substance in this ground raised by Revenue against ld. Commissioner of Income Tax(A)’s order for admitting additional evidence in violation of Rule 46A as from the perusal of the assessment order it is well evident that the details, names and addresses, PAN, bank statement, income-tax returns were all placed before the assessing authority and as regards form no.15G in relation to non-payment of ₹ 3,00,348/- record was very much available with the assessing authority as these forms were filed on 4.4.2009 with ITO, TDS-3, Ahmedabad. Therefore, we find that ld. Commissioner of Income Tax(A) has not admitted any additional evidence in violation of Rule 46A. We, therefore, dismiss this ground of Revenue.- Decided in favour of assessee
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