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2020 (9) TMI 317 - AT - Income TaxRevision u/s 263 - TDS u/s 194A - Addition u/s.40(a)(ia) - non deduction of tds on payment of interest to M/s. Magma Financial Corporation by the assessee during the relevant financial period - HELD THAT:- Ld counsel could not controvert the fact that recipient of impugned interest is a company incorporated under the Companies Act, 1956 and thus, the provisions of section 194A(3)(iii)(b) of the Act is not applicable to the facts and circumstances of the case. It is also not in dispute that the assessee has not complied with the provisions of Rule 31CAB read with first proviso to section 201(1) of the Act and has not submitted Form 26A as mandated under Rule 31ACB of the I.T.Rules. No hesitation to uphold the order of the PCIT, holding the assessment order is erroneous and prejudicial to the interest of the revenue and directing the AO to modify the assessment order by disallowing a sum u/s.40(a)(ia) of the Act and adding the same to the total income of the assessee. Hence, we confirm the order of the ld PCIT. - Decided against assessee.
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