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Rushi Builders and Developers Versus Asst. CIT-15 (3) , Mumbai

2015 (3) TMI 1069 - ITAT MUMBAI

Penalty u/s.271(1)(c) - deduction of interest expenses without deducting TDS - Held that:- 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 .....

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d 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 incurred the expenditure claimed or that the claim of expe .....

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of the Act is not attracted in this case and the same is accordingly ordered to be deleted. - Decided in favour of assessee. - I.T.A. No. 6684/Mum/2012 - Dated:- 4-3-2015 - SHRI B. R. BASKARAN, AM AND SHRI SANJAY GARG, JM For the Petitioner : None F .....

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y 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, m .....

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nly a technical lapse on the part of the assessee in non production of proof of Forms No. 15G, which were misplaced and not traceable. The assessee also submitted that certain payments of interest were made to HUF s and the assessee was under bona fi .....

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concealed its income. He, therefore, levied the impugned penalty u/s.271(1)(c) of the Act. 3. In the first appeal, the ld. CIT(A) confirmed the penalty so levied by the A.O. The assessee is thus in appeal before us. 4. We have heard the rival conten .....

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