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2017 (7) TMI 495 - AT - Income TaxUnexplained expenditure u/s 69C - Held that:- From the order of the lower authorities it is not clear as to whether AO has called for the concerned persons to whom interest was alleged to be paid and from whom loan was alleged to be received by the assessee. Merely on the basis of paper seized, the AO came to the conclusion that assessee had paid the interest without recording the same in its regular books of accounts. In view of the above discussion, we set aside the order of the lower authorities and the matter is restored back to the file of the AO for deciding afresh after considering the evidences filed by the assessee in support of the fact that interest was paid by the society and TDS was also deducted thereon by the society itself and not by the assessee. We also direct the AO to call the concerned parties to whom assessee has been alleged to be paid interest so as to verify the genuineness of the transaction of interest having actually been paid and the loan actually having been received. Appeal of the assessee is allowed in part for statistical purposes.
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