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M/s. Vas Electronics Versus Assistant Commissioner of Income-tax, Circle-36, Kolkata.

2015 (11) TMI 1528 - ITAT KOLKATA

TDS u/s. 194C - labour charges, carriage inward charges and hire charges for non-deduction of TDS - Held that:- We are inclined to set aside the issue to the file of the AO and accordingly, we direct the AO to verify whether the recipients have included the income in their respective returns and also paid taxes on the same. The assessee will provide the details of recipients i.e. their assessment particulars etc. to the AO so that the AO can verify. In case the recipient parties are not cooperat .....

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invested in interest free loans. In view of the above plea of the assessee, we remit the issue back to the file of the AO with the direction to follow the decision of Reliance Utilities & Powers Ltd. [2009 (1) TMI 4 - BOMBAY HIGH COURT ] and accordingly, decide the issue.- Decided in favour of assessee for statistical purposes - I.T.A No. 662/Kol/2013 - Dated:- 24-11-2015 - Shri Mahavir Singh, JM & Shri M. Balaganesh, AM For the Appellant: Shri S. M. Surana, Advocate .....

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he order of CIT(A) confirming the action of AO in disallowing the labour charges amounting to ₹ 55,440/-, carriage inward charges amounting to ₹ 62,07,498/- and hire charges amounting to ₹ 29,12,123/- for non-deduction of TDS u/s. 194C of the Act by invoking the provisions of section 40(a)(ia) of the Act. For this, assessee has raised following ground nos. 2, 3 and 4: 2. For that the Ld. CIT(A) erred in confirming the addition of ₹ 55,440/- when no tax was ded .....

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CIT(A) erred in confirming the addition of ₹ 29,12,123/- being the payment made under the head hire charges ignoring the terms of the agreement with Philips. 3. Briefly stated facts are that assessee has claimed labour charges at ₹ 55,440/-, carriage inward charges amounting to ₹ 62,07,498/- and hire charges amounting to ₹ 29,12,123/- in the P&L Account, but no TDS was deducted u/s. 194C of the Act. Ld. Counsel for the assessee before us now clearly admitt .....

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second proviso to section 40(a)(ia) of the Act, which is held to be retrospective by Hon ble Delhi High Court in the case of CIT Vs. Ansal Land Mark Township P. Ltd. (2015) 377 ITR 635 (Del), wherein the AO is directed to verify whether the recipients have included the receipts paid by the assessee in their respective returns of income and also paid taxes on the same. When this plea of the Ld. Counsel for the assessee was confronted to Ld. Sr. DR, he fairly conceded the position and urged the b .....

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e the recipient parties are not cooperating in providing details, the AO can call for the information u/s. 133(6) of the Act for verification of the same. Accordingly, this issue is remitted back to the file of AO to decide in terms of the above directions. This issue of assessee s appeal is allowed for statistical purposes. 6. The next issue in this appeal of assessee is against the order of CIT(A) confirming the action of AO in disallowing interest of ₹ 2,69,265/- and ₹ .....

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oceedings noticed that the assessee has debited a sum of ₹ 48,30,276/- as interest in the P&L Account on secured loan paid to bank for maintaining its cash credit account. According to AO, the assessee has advanced to various parties a sum of ₹ 1,38,98,576/- i.e. the following amounts: Name of the party Closing Balance Biomat Products ₹ 37,25,200/- Glow Signs ₹ 93,80,576/- Jasbinder Singh ₹ 7,03,200/- Bu .....

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