Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 915 - AT - Income TaxTDS u/s 194A - Disallow of interest u/s 40(a)(ia) - non deduction of TDS - HELD THAT:- The amendment to section 194A was expressly provided from the prospective date of 1st June 2015 but not retrospectively. In the instant case the A.Y. involved is 2014-15, hence, the amendment to section 194A has no application in assessee’s case. Since the facts are identical and the Ld.CIT(A) followed the order of this Tribunal, we decide the issue in favour of the assessee and uphold the order of the Ld.CIT(A). The revenue’s appeal on this ground is dismissed. Amortization of government securities - HELD THAT:- The assessee is required to maintain 25% of its demand and time liabilities in the form of liquid assets as per the provisions of section 24 of the Banking Regulation Act, 1949. In compliance with these provisions, the assessee purchased some government securities. As per the RBI guidelines, where the cost of acquisition of these securities is more than their face value, such excess amount has to be amortised over the remaining period of maturity. The assessee claimed towards amortization for the impugned assessment year. The AO treated the same as contingent liability and disallowed the same. Against which the assessee went on appeal before the CIT(A) and the CIT(A) allowed the appeal of the assessee following the order of this Tribunal in the assessee’s own case for the A.Y. 2012-13 and 2013-14 - Issue is remitted back to the file of the AO with a direction to decide the appeal afresh as per the directions given by the Ld.CIT(A) and also keeping in view of latest direction of the RBI
|