9911796707
TMI Blog2021 (5) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... 4/Mum/2019 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-6, Mumbai in appeal No.CIT(A)-6/IT-12/130/2016-17 dated 09/08/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/03/2014 by the ld. Dy. Commissioner of Income Tax-1(1), Mumbai (hereinafter referred to as l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions/disallowances. We find that assessee had stated that it had borrowed funds from the relatives of the shareholders of the assessee company for meeting its working capital requirements on which interest @12% per annum was paid. It was duly submitted that the funds raised in the earlier year and utilised for the purpose of business. In the year in which the borrowings were raised and utilised, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. However, the same were not submitted by the assessee before the ld. AO since no questions were raised regarding the same in the assessment proceedings. Accordingly, the same were submitted by the assessee before the ld. CIT(A) as additional evidences under Rule 46A of the Rules. The ld. CIT(A) refused to admit those additional evidences on the ground that assessee was given sufficient opport ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prevented from filing the same before the ld. AO as no questions were received by the ld. AO regarding the same. Once Form No. 15G & 15H are duly submitted by the assessee before the department, then assessee cannot be fastened with the disallowance u/s.40(a)(ia) of the Act for non-deduction of tax at source. However, these forms i.e. Form 15G & 15H have not been subjected to verification by the l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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