2017 (7) TMI 495

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....nst the order of CIT(A)-19, Mumbai dated 20/09/2011 in the matter of order passed u/s. 143(3) of the IT Act. 2. Following grounds have been taken by the assessee:- (1) On the facts and in the circumstances of the case and in law, the Ld. C.LT.(A) erred in confirming the addition of Rs. 5,72,9301- being interest paid to four parties as unexplained expenditure u/s 69C. (2) In doing so, the Ld CIT....

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....ions, the learned AO came to a view that: (a) the Assessee had paid interest aggregating Rs. 572,930 to four parties and (b) since these interest payments were not recorded in the books of accounts an addition was made u/s 69C of Rs. 572,930. 5. By the impugned order, CIT(A) confirmed the action of the AO against which assessee is in further appeal before us. 6. We have gone through the orders o....

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....R also explained that the Assessee had entered into a Development Agreement with the Society and hence in terms of the Development Agreement, the loans were arranged by the Assessee on behalf of the Society. Since the loans were arranged for and managed by the Assessee, the Assessee had done the detailed computation of interest payable to the Parties and thus the papers seized, only represented th....

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....ooks of accounts. In view of the above discussion, we set aside the order of the lower authorities and the matter is restored back to the file of the AO for deciding afresh after considering the evidences filed by the assessee in support of the fact that interest was paid by the society and TDS was also deducted thereon by the society itself and not by the assessee. We also direct the AO to call t....