Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 468 - ITAT HYDERABADUnexplained investment in purchase of plot - Held that:- Since enquires were not properly done by Revenue either of assessee contentions that the property is in FTL, so as to make it unfit for construction nor the entries in the slip are corroborated/correlated with any other evidence or enquiry, the matter should be referred to A.O. for making fresh enquiries so as to decide the issue. If assessee contention that the property is in FTL is verified, there may be genuine reason for reduction of price. This aspect requires examination. In order to do the needful, we set aside the issue to the file of A.O. to make necessary enquiries as observed above. Assessee should be given due opportunity to substantiate the contentions. With these observations, the grounds are considered allowed for statistical purposes. Disallowance of interest paid u/s.40a(ia) ₹ 21,11,274 - Held that:- After comparing the proposed and enacted provision which is intended from the replacement of the words in the proposed and enacted provision from the words 'amount credited or paid' to 'payable' it is held that it has to be concluded that provisions of Section 40(a)(ia) are applicable only to the amounts of expenditure which are payable as on the date 31st March of every year and it cannot be invoked to disallow expenditure which has been actually paid during the previous year, without deduction of TDS. Decided the issue in favour of assessee. A.O. is directed to delete the addition.
|