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DCIT Circle-1 (1) Panaji Versus M/s Rani Infrastructure Development Ltd.

Non deduction of TDS as per the provisions of sec.194A - CIT (Appeals) has deleted the addition on the ground that M/s. L & T Finance has shown the said amount as income in the return of income filed and has paid the tax due thereon - Held that:- The purpose of deducting tax at source is that there is no loss to the Government for tax due on income embedded in the amount paid by the assessee to the recipient of the amount. When the recipient of the amount includes the said receipt in its income .....

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is not deemed to be an assessee in default under the first proviso to sub-section (1) of section 201, then, for the purpose of this sub-clause, it shall be deemed that the assessee has deducted and paid the tax on such sum on the date of furnishing of return of income by the resident payee referred to in the said proviso - Decided in favour of assessee. - ITA No. 61/PNJ/2015 - Dated:- 27-7-2015 - N. S. Saini, AM And George Mathan, JM, JJ. For the Petitioner : Shri Prakash Shetty (Manager - Fin .....

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ing Officer observed that the assessee has paid interest to the following parties:- Sr.No. Name of the Party Interest paid 1 Indian Oil Corporation Ltd. ₹ 5,30,320/- 2 L & T Finance ₹ 35,32,622/- 3 Finance on HP (L & T Finance) ₹ 23,37,717/- ₹ 64,00,659/- According to the Assessing Officer, as per the provisions of sec. 194A, the assessee should have deducted TDS on the interest paid to the said parties on loans borrowed from them. Since the assessee failed to ded .....

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ance, whereas ₹ 5,30,320/- was paid to M/s. Indian Oil Corporation Ltd. The appellant stated that TDS on interest was introduced from that year itself. The appellant had availed of loan from M/s. L&T Finance and had given them post dated cheques inclusive of interest components, prior to the changes made in the TDS provisions. They were also not clear about the applicability of TDS provisions on Non Banking Financial Companies (NBFCs) as M/s. Larsen and Toubro Finance is an NBFC. Since .....

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Coca Cola Beverage P. Ltd Vs. CIT, reported in (2007) 293 ITR 226 (SC). In this case, the appellant had deducted tax at lower rate. But the Hon'ble Tribunal said that since the deducted has paid taxes on the income, there is no need to deduct the tax all over again. Instant case is quite similar to the case decided by the Hon'ble Supreme Court. In the instant case, the recipient has shown interest income amounting to ₹ 46,82,700/- in its Return and has paid taxes on the same. Ther .....

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ited is a public sector undertaking, but not a Govt. body, which is exempt from TDS provisions. In view of this, disallowance of ₹ 5,30,320/- is hereby confirmed. In the result, disallowance to the extent of ₹ 17,17,959/- is confirmed and ₹ 46,82,700 is deleted. This ground of appeal of the appellant is partly allowed." 5. The Departmental Representative supported the order of the Assessing Officer. 6. The Authorized Representative of the assessee supported the order of th .....

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