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2020 (5) TMI 251 - AT - Income TaxAddition u/s 69C - unexplained expenditure - unaccounted interest paid by the assessee - assessee submitted that the issue under consideration relates to the addition u/s 194A r.w.s. 40(a)(ia) - HELD THAT:- There is requirement of reading the loan agreement between the assessee and M/s Religare Finvest Ltd., EMI particulars, actual interest payable by the assessee to M/s Religare Finvest Ltd., the application of TDS provisions of the Act to the interest payment etc. AO should go by the documentation and the liability of the assessee in matters of interest payments and not by the TDS figures available on the TDS certificate or Form No.26AS of M/s Religare Finvest Ltd. AO is directed to apply the TDS provisions of the Act strictly and re-do the assessment on this addition. In any case, the CIT(A) also given certain directions that he should be considered strictly in tune with the provisions of the Act. With these directions, this issue is remanded to the file of the Assessing Officer. The Assessing Officer shall grant reasonable opportunity of being heard to the assessee in accordance with set principles of natural justice. Thus, the grounds raised by the assessee are allowed for statistical purposes.
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