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2016 (1) TMI 679 - AT - Income TaxTDS U/S 194J and 194I - tds not deducted on dock fees and airport terminal charges and cargo handling charges - Held that:- The stand of the Assessing Officer is that since the total reserves exceeds the investment in securities, income from which is exempt, therefore, it can be presumed that investment were out of borrowed funds. However, the investments were made by the assessee over the years and the total reserves in the respective years were more than the total investments during the year. Thus, in view of the decision in Reliance Utilities in (2009 (1) TMI 4 - BOMBAY HIGH COURT), we find merit in the submissions of the assessee. It is also noted that the ld. Commissioner of Income Tax (Appeals) uphold the disallowance amounting to ₹ 3304. We affirm the stand of the ld. Commissioner of Income Tax (Appeals). So far as, disallowance of payments made in violation of the provisions u/s 40(a)(ia) r.w.s 194 I and 194J is concerned, we note that in para 4.1 of the impugned order, the brake up of the disallowance made by the Assessing Officer has been discussed. Since, we have held that the assessee is not covered u/s 194I/194J and the assessee cannot be treated in default, therefore, we affirm the stand of the ld. Commissioner of Income Tax (Appeals). Resultantly, this appeal of the Revenue is also having no merit. - Decided in favour of assessee.
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