TMI Blog2016 (3) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... tent it holds that the Appellant has defaulted in not deducting tax at source and remand the matter to the learned Tribunal to examine the said aspect afresh. The impugned order passed by the learned Tribunal only to the extent it holds that the Appellant has committed default under section 40(a)(ia) of the Income Tax Act, 1961 is quashed and set aside - TAX APPEAL No. 11 OF 2016 - - - Dated:- 7-3-2016 - F.M. REIS AND K. L. WADANE, JJ. For The Appellant : Shri. Mihir Naniwadekar, Advocate with Ms. Vinita Vishram Palyekar, Advocate For The Respondent : Ms. Asha Desai, Advocate ORAL JUDGMENT : (Per F.M. REIS, J.) Heard Shri Mihir Naniwadekar, learned Counsel appearing for the Appellant and Ms. Asha Desai, learned Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e conclusion that tax deducted at source had to be effected and in default the Appellants were liable to pay penalty. 4. Learned Counsel, in support to his contention, has relied upon the Judgment of Division Bench of this Court passed in Income Tax Appeal No.169/2014 dated 08.12.2015 in the case of Commissioner of Income Tax-10 v/s. Gujarat Reclaim Rubber Products Ltd.. Learned Counsel further pointed out that as far as interest, the grievance is that, though the learned Tribunal has remanded the matter to the Assessing Officer to examine whether the subject transaction is speculative or not, the contentions of the Appellant on all counts had to be kept open. Learned Counsel further points out that in any event this issue stands concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant with regard to the directions to the Assessing Officer to examine whether the subject transaction is speculative, we accept the contention of the learned Counsel for the Respondents that on this count there can be no substantial question of law. All contentions of the Appellant on merits on that count are kept open. 8. With regard to substantial question of law referred to above, we find that in the Judgment of the learned Division Bench in the case of Gujarat Reclaim Rubber Products Ltd (supra) it has been, inter alia, held that before effecting deduction at source one of the aspects to be examined is whether such income is taxable in terms of the Income Tax Act. This aspect has not been considered by learned Tribunal while conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
