TMI Blog2015 (11) TMI 1820X X X X Extracts X X X X X X X X Extracts X X X X ..... Disallowance of interest - interest was earned by the assessee from the loan advance made to Director and Group concern - HELD THAT:- As assessee stated that there are interest received and also interest paid on these amounts and there are no interest free loans. Assessee tried to file details but these are new evidence but he requested that let this issue be set aside to the file of AO for fresh examination. On query from the Bench, Ld. Sr. DR has not objected to the proposal. In view of the above facts and circumstances, we set aside this issue to the file of AO to re-decide the issue after taking into consideration the details filed by the assessee whether the assessee has received interest and paid interest also. In view of the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the provisions of section 40(a)(ia) of the Act. For this, assessee has raised following ground no.1: 1. That the Ld. CIT(a) erred in confirming disallowance amounting to ₹ 16,72,684/- u/s. 40(a)(ia) of the Income Tax Act, 1961 on the payment made as liquidated damages on account of non-supply of materials against advance received. The said payment does not attract TDS. Further, the entire payment of ₹ 16,72,684/-, was made during the year and nothing remained payable at the end of the financial year. The payment made during the year doesn t attract the provisions of Sec. 40(a)(ia) under any circumstances. The addition needs to be deleted. 3. Brief facts which are admitted by assessee s counsel during the course of h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f liquidated damages, which are to be filed by assessee and in case these receipts are included in their respective return of income and paid taxes thereon, the AO will delete the disallowance made u/s. 40(a)(ia) of the Act in view of the decision in the case of Ansal Land Mark township (P) Ltd., supra. This issue of assessee s appeal is allowed for statistical purposes. 5. The next issue i.e. ground no.2 is as regards to disallowance u/s. 40(a)(ia) of the Act amounting to ₹ 23,77,041/- on account of payment made to various parties. Ld. Counsel for the assessee did not press this issue before us and on query from the Bench, Ld. Sr. DR has raised no objection qua that. Accordingly, the same is dismissed as not pressed. 6. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preferred appeal before CIT(A), who also confirmed the action of AO. Aggrieved, now assessee is in second appeal before us. 8. Before us, ld. Counsel for the assessee stated that there are interest received and also interest paid on these amounts and there are no interest free loans. Ld. Counsel for the assessee tried to file details but these are new evidence but he requested that let this issue be set aside to the file of AO for fresh examination. On query from the Bench, Ld. Sr. DR has not objected to the proposal. In view of the above facts and circumstances, we set aside this issue to the file of AO to re-decide the issue after taking into consideration the details filed by the assessee whether the assessee has received interest and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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