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TMI Blog2016 (6) TMI 1394X X X X Extracts X X X X X X X X Extracts X X X X ..... eem Ahmed, This appeal of the Revenue arises out of the order of ld.CIT(A)-IV, Kolkata in Appeal No.176/CIT(A)-IV/2011-12 dated 20.08.2013 for A.Y.2009-10. Assessment was framed by JCIT (OSD), Circle-4, Kolkata u/s 143(3) of the Income tax Act, 1961 (hereinafter referred to as the 'Act ') vide his order dated 20.12.2011 2. The only issue raised by the Revenue in this appeal is that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. As the assessee failed to deduct TDS, the AO has made the addition of Rs. 58,12,733/- to the total income of the assessee. 4. Aggrieved, assessee preferred an appeal before L'd CIT(A), who after hearing the contentions of the assessee allowed the appeal in favour of the assessee. Being aggrieved by this order of Ld. CIT(A) Revenue is in appeal before the Tribunal. 5. At the outset, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terpretation of ours is supported by the decision of Hon'ble Supreme Court in the case of Bombay Steam Navigation Co. Pvt. Ltd. Vs. CIT (1963) 56 ITR 52 (SC), wherein it is held that, where interest on unpaid purchase price was not treated as interest on loan. It is clear from the definition that before any amount paid is construed as interest, it has to be established that the same is payable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who also guarantees to his principal the due performance of the contract by the third party. He is liable, however, only when the third party fails to carry out his contract, e.g., by insolvency. He is not liable to his principal if the third party refuses to carry out his contract, for example, if the buyer refuses to take delivery. In the present case before us the assessee has assessed the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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