Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 1089 - AT - Income TaxAddition of unsecured loan as income of assessee - Held that:- The amount of loan is reflecting in the bank statement of the assessee which is placed on page 10 of the paper book. On perusal of the records we find that the lower authorities have taken only into consideration the opening and closing balance of the assessee ignoring the transactions took place in the banks of both the parties in intervening period. We find that the loan transactions were through banking Channel. The ld AR in support of his claim has submitted the identity proof, confirmation, bank details, cash flow statements of both the parties. The lower authorities have not brought any defect in the submission made by the assessee. - Decided in favour of assessee Non-deduction of TDS u/s. 40(a)(ia) - disallowance of interest paid - Held that:- In the present case, the interest was paid for the delayed payment of the bills which in our considered view is outside the purview of the provisions of section 194A of the Act. Accordingly, the provisions of TDS will not be attracted to the payment of interest in the aforesaid cases. In view of above, we are inclined to reverse the order of authorities below. Hence the ground of appeal of the assessee is allowed.
|