2011 (3) TMI 708

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....d by the assessee arises out of the order of the CIT (Appeals)-XVI dated 30.9.2010. The grounds of appeal read as under:-   "1. That on the facts and in the circumstances of the case, Learned Commissioner (Appeals) uphold the order of the Assessing Officer treating the appellant as assessee in default disallowed the interest paid to M/s. ONGC and HUDA amounting to Rs.69,64,623/- u/s 40(a)(ia....

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.... engaged in the business of civil construction. The e-return of income filed declaring business income at Rs.29,49,882/- and income from other sources by way of interest of Rs.4,59,89,141/- and adjusting the same against the brought forward losses of earlier years and the income declared was nil. The assessee company has paid interest of Rs.69,64,623/- to ONGC and HUDA and no TDS was deducted. The....

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....t no TDS was deductible on the interest payment made was necessary. It was not produced before authorities below. Assessee made a simple statement in this regard without any documentary proof. Therefore, we find no merits in the appeal of the assessee. However, assessee has claimed that the interest payment of Rs.14,17,500/- made to HUDA was on account of delayed payment for purchase of land. It i....