2015 (1) TMI 316

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... proceedings, the assessee was asked to submit the details of TDS deducted. In response, the assessee replied that she has not deducted TDS against clearing charges. The Assessing Officer accordingly, disallowed a sum of Rs. 3,57,945/- by invoking the provisions of section 40(a)(ia) of the Income Tax Act. 4. The assessee challenged the action of Assessing Officer before CIT(A) and submitted that the payments were made for incurring various expenses to various parties and entire sum is not paid to the Clearing and Forwarding agent. It was also explained that the Clearing and Forwarding agent was paid nominal amount only and rest of the amount is reimbursement of expenses. Since the payment is made to various parties and the assessee had m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the expenses incurred on behalf of the assessee. Further the payment was made to the Clearing Agent has to be considered as a whole and not one by one as per the provisions of Income Tax Act. Thus the Ld. DR has submitted that the assessee did not produce any detail, explanation or supporting evidence before the authorities below. He has relied upon the orders of authorities below. 7. Having considered the rival submissions as well as relevant material on record, we note that the assessee has made a total payment of Rs. 3,57,945/- to its Clearing Agent Mr. Paresh Champaklal Shah. There is no dispute that the assessee did not deduct any TDS on the said amount. Before the Assessing Officer the assessee has not given the convincing expl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on Car & Furniture. 10. On appeal before CIT(A), the assessee submitted that the assessee sold the old car and, thereafter, purchases another Car. Hence it is not a case of block of asset ceased to exist. Since the assessee has suffered the loss on sale of car, accordingly it was contended that the same is allowable. The CIT(A) did not accept the contention of the assessee and confirmed the disallowance made by Assessing Officer on this account. 11. Before us, the ld. Authorized Representative of the assessee has submitted that out of 1,64,720/- debited to the P&L account, the loss on account of sale of car is Rs. 1,45,872 and loss on account of sale of furniture is Rs. 10,779/-. Further the loss on account of Cellular Phone and loss....