TMI Blog2015 (12) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... hi (2015 (3) TMI 803 - ITAT PUNE ) and following the same parity of reasoning, we deem it fit to restore the matter back to the file of Assessing Officer, who shall consider the plea of the assessee based on the provisions of the Act inserted by the Finance Act, 2012 w.e.f. 01.04.2013 and in line with earlier order of the Tribunal dated 06.01.2014 (supra), the Assessing Officer is directed to adjudicate the issue in accordance with law after affording reasonable opportunity of hearing to the assessee. - ITA Nos.406 & 407/PN/2014 - - - Dated:- 16-12-2015 - MS. SUSHMA CHOWLA, JM AND SHRI PRADIP KUMAR KEDIA, AM For the Appellant : Shri Nani Wadekar For the Respondent : Shri Sanjay Punglia ORDER PER SUSHMA CHOWLA, JM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hwar Developers in the capacity of HUF. The Assessing Officer during the course of assessment proceedings noted that the assessee had raised loan from Chatrapati Sambhaji Maharaj Patasanstha Limited, which was a credit co-operative society. The assessee had paid sum of ₹ 6,21,123/- as interest to the said Chatrapati Sambhaji Maharaj Patasanstha Limited, which expenditure was debited to the Profit Loss Account. The Assessing Officer verified the allowability of the expenses with regard to TDS provisions as the payment of interest to Chatrapati Sambhaji Maharaj Patasanstha Limited attracted the provisions of section 194A of the Act. The assessee had failed to deduct tax at source out of such interest payments and consequently, the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee based on the second proviso to section 40(a)(ia) of the Act. Reliance in this regard was placed on the ratio laid down in ACIT Vs. Bhavook Chandraprakash Tripathi (2015) 43 CCH 292 (Pune-Trib). 8. The learned Departmental Representative for the Revenue has placed reliance on the orders of authorities below. 9. We have heard the rival contentions and perused the record. The first issue arising in the present appeal is whether the provisions of section 40(a)(ia) of the Act are attracted to an expenditure, which was not payable at the close of the year. The Pune Benches of Tribunal have consistently taken view that the said provisions are attracted irrespective of the expenditure being paid during the year and nothing being payab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r circumstances, the Pune Bench of the Tribunal in the case of ITO vs. M/s Gaurimal Mahajan Sons vide ITA No.1852/PN/2012 dated 06.01.2014 following the decision of the Cochin Bench of the Tribunal in the case of Antony D. Mundackal vs. ACIT vide ITA N o.38/Coch/2013 dated 29.11 .2013 has restored the matter back to the file of the Assessing Officer. In the precedent dated 06.01.2014 (supra), the Tribunal noted that such a plea was raised for the first time before the Tribunal and the correctness or otherwise of the contentions raised was not examined by the lower authorities. Therefore, the Tribunal restored the matter back to the file of the Assessing Officer for examination afresh, following the decision of the Cochin Bench of the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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