2015 (3) TMI 1069

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..... e to deduct the TDS on the part of the assessee has resulted in disallowance of expenditure. The assessee had not furnished any inaccurate particulars of income or expenditure. The assessee has already faced the consequences by way of disallowance of expenditure for non-deduction of TDS as per the provisions of section 194C of the Act. It is not the case of the Revenue that the assessee had not in .....

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..... itated the sustaining of the levy of penalty at ₹ 3,83,890/-. 2. The brief facts of the case are that during the assessment proceedings it was observed by the A.O. that the assessee had claimed deduction of interest expenses of ₹ 11,40,492/- without deducting TDS. He, therefore, made a disallowance of the said expenditure as per the provision of section 40(a)(ia) of the Act. The pen .....

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..... y so levied by the A.O. The assessee is thus in appeal before us. 4. We have heard the rival contentions and have also gone through the records. In this case, the penalty has been levied for disallowance of expenditure u/s.40(a)(ia) of the Act. It is not a case of furnishing of inaccurate particulars of income or concealment of income. The failure to deduct the TDS on the part of the assessee h .....

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