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2017 (6) TMI 481 - ITAT AHMEDABADAddition u/s 68 - peak credit theory - Held that:- In the case of assessee also cumulative peak credit theory should be applied because the movement of fund are intermingled as evident from going through the details provided in the order of Ld.CIT(A) as well as chart showing working of peak credit placed on page 133 and 134 of paper book. As per this chart peak credit is on 25/03/2008 at ₹ 45,22,452/- We accept the working of peak credit of ₹ 45,22,452/- shown by the assessee and sustain addition u/s.68 of the Act to ₹ 45,22,452/- as against total individual peal credit of ₹ 61,09,368/- Allow assessee’s ground no.2 of applying global method of peak credit for the five parties at ₹ 45,22,452/- and dismiss ground no.1 and 3 of the assessee. Similarly as we have sustained addition of ₹ 45,22,452/- u/s.68 of the Act Revenue’s ground no.1a is partly allow and ground no.1b relating to admitting the additional evidence stands dismissed. TDS u/s 194J - disallowance made u/s.40(a)(ia) - retrospectivity - Held that:- Respectfully following the judgment of Hon’ble Delhi High Court in CIT V/s. Ansal Land Mark Township (P) Ltd.(2015 (9) TMI 79 - DELHI HIGH COURT) and examining the fact of the case before us, we find that issue is squarely covered by this judgment and are of the view that if the impugned interest expenditure on which tax has not been deducted u/s.194A and if they have been offered to income by the recipient and due taxes has been paid, then no disallowance is called for in the hands of assessee. We accordingly set aside this issue to the file of Ld.AO and direct the assessee to produce necessary evidence including certificate from Chartered Accountant of the non banking finance company’s certifying that the interest received from assessee is forming part of the gross revenue of these non banking finance company which have been duly offered to tax in their return of income. Needless to mention that Ld.AO will provide sufficient opportunities of being heard to the assesse. In the result this ground of assessee is allowed for statistical purpose.
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