TMI Blog2023 (9) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee in this appeal are dismissed. - SHRI G.S. PANNU, PRESIDENT, AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER For the Assessee by : None For the Revenue by : Smt. Mahita Nair ORDER The present appeal has been filed by the assessee challenging the impugned order dated 16/02/2023, passed under section 250 of the Income Tax Act, 1961 ( the Act ) by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [ learned CIT(A) ] for the assessment year 2014 15. 2. When this appeal was called for hearing neither anyone appeared on behalf of the assessee nor was any application seeking adjournment filed. From the perusal of the record, we find that the notice of hearing sen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 40(a)(ia) of the Act. 5. The brief facts of the case as emanating from the record are: The assessee is a company and is engaged in the business of transporter. For the year under consideration, the assessee filed its return of income on 15/05/2015 declaring a total income at Rs. Nil. The return filed by the assessee was selected for scrutiny and statutory notices under section 143(2) as well as section 142(1) of the Act were issued and served on the assessee. During the assessment proceedings, from the perusal of the profit and loss account, it was observed that the assessee has paid interest charges. On going through such details, it was noticed that the interest incurred during the year includes interest on vehicle loans ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in their return of income. The learned CIT(A), vide impugned order, held that the assessee has not submitted copy of returns filed by the above NBFCs for the assessment year 2014-15. Further, the assessee has not submitted copies of certificate in Form No. 15G from an accountant in these NBFCs except in the case of Sundaram Finance. Accordingly, the learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee observing as under:- I find that as per the 1st proviso to section 201 of the Act, a person is not considered to be an assessee in default when the following conditions are simultaneously satisfied; The deductee has furnished return u/s 139 of the Act for the relevant year; The amount (on whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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