2017 (12) TMI 1118

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.... ORDER PER K.N.CHARY, JM Aggrieved by the order dated 27.02.2015 in Appeal No.357/14-15 passed by the Ld. Commissioner of Income Tax (Appeal) [in short "CIT(A)"]-18, New Delhi for the AY 2009-10, the Revenue filed this appeal on the following grounds:- 1. "Whether on the facts and in the circumstances of the case, the Ld.CIT(A) has erred in deleting the penalty amounting to Rs. 48,4....

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....nd specific amount of brokerage payable to each at the relevant point of time due to the non-fulfillment of the conditions, as such, only ad hoc provision for brokerage expenses amounting to Rs. 4,84,27,000/- was created by the assessee in the books of accounts at the time of annual closing. For the assessment year 2009-10 the assessee filed their return of income on 29/09/2009 declaring a total i....

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....e expenses was made by the assessee in the books of account at the time of annual closing but nothing was due to be paid on account of brokerage, and since only ad hoc provision was made, TDS was not practically feasible to be deducted by the assessee and, at the same time, no benefit of the provisions made for the expenses was availed by the assessee and due tax was paid in full, as such there is....

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....deducted by the assessee on the provision so made, and as and when the payments were made to the brokers, TDS was deducted and remitted to the Government. So also is not disputed that no benefit of any provision for expenses was availed by the assessee and due tax was paid in full, as such there is neither tax evasion nor loss of revenue to the Government. In the circumstances, the controverted fa....