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The ITAT held that the assessee must reconcile differences in TDS amounts between Form No. 26AS and books of accounts. The matter was sent back to AO for further enquiry. Disallowance u/s. 35AC was rejected as donor's deduction cannot be denied for recipient's misuse of funds. Disallowance of guarantee commission was deleted as AO failed to justify the disallowance. Short credit of TDS was allowed upon verification by AO. Interest u/s. 234A was disputed due to extended filing date, following a High Court directive to not charge interest if tax was paid by original due date.
The ITAT held that the assessee must reconcile differences in TDS amounts between Form No. 26AS and books of accounts. The matter was sent back to AO for further enquiry. Disallowance u/s. 35AC was rejected as donor's deduction cannot be denied for recipient's misuse of funds. Disallowance of guarantee commission was deleted as AO failed to justify the disallowance. Short credit of TDS was allowed upon verification by AO. Interest u/s. 234A was disputed due to extended filing date, following a High Court directive to not charge interest if tax was paid by original due date.
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