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The ITAT set aside the orders of the Ld. CIT(A)/NFAC on three key issues and remanded them to the AO for fresh adjudication with due opportunity to the assessee. First, regarding disallowance under section 40(a)(ia) for TDS not deposited within the prescribed time, the AO is directed to verify payment dates and allow deduction only when tax is paid within the stipulated period. Second, concerning addition under section 40A(3) for cash payments exceeding Rs. 20,000 without prescribed modes, the matter is restored for fresh examination after affording the assessee a hearing, given the absence of remand report and clarity. Third, on addition under section 68 for unexplained cash credits, the AO must reassess the identity, creditworthiness of creditors, and genuineness of transactions, as the CIT(A)/NFAC's order was cryptic and unsupported. All appeals are allowed for statistical purposes.
The ITAT set aside the orders of the Ld. CIT(A)/NFAC on three key issues and remanded them to the AO for fresh adjudication with due opportunity to the assessee. First, regarding disallowance under section 40(a)(ia) for TDS not deposited within the prescribed time, the AO is directed to verify payment dates and allow deduction only when tax is paid within the stipulated period. Second, concerning addition under section 40A(3) for cash payments exceeding Rs. 20,000 without prescribed modes, the matter is restored for fresh examination after affording the assessee a hearing, given the absence of remand report and clarity. Third, on addition under section 68 for unexplained cash credits, the AO must reassess the identity, creditworthiness of creditors, and genuineness of transactions, as the CIT(A)/NFAC's order was cryptic and unsupported. All appeals are allowed for statistical purposes.
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