2015 (9) TMI 805

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....ble Ms. Justice Harsha Devani ) 1. The appellant revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") has challenged the order dated 20.3.2015 made by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot in ITA No.1006/RJT/2010 by proposing the following two questions stated to be substantial questions of law :- "(A) Whether on....

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....payment of Rs. 45,56,000/- made to M/s.Kiran Shipping Agency Private Limited for taking dumper, tanker, hydra, forklift etc. from it. According to the Assessing Officer, the assessee was bound to deduct TDS under section 194C of the Act on such payment but it failed to do so. He, accordingly, disallowed payment of Rs. 45,56,000/- on which no TDS was deducted under section 40(a)(ia) of the Act. The....

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.... be seen from the impugned order, the Tribunal has taken note of the fact that in the present case the sister concern of the assessee had leased its idle equipments to the assessee which were utilised by the assessee and payment was made to the sister concern. This transaction was not in the nature of contract but was in the nature of lease agreement and, therefore, could not be treated as contrac....

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....on 194C or section 194I of the Act. 8. Insofar as the applicability of section 194C of the Act is concerned, both, the Commissioner (Appeals) as well as the Tribunal have recorded a concurrent finding of fact to the effect that there was no contract between the assessee and its sister concern and that as and when such equipments were lying idle and the assessee needed them, the same were utilis....