2016 (3) TMI 1311

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.... PER V. DURGA RAO, Judicial Member: This appeal filed by the assessee is directed against the order of CIT(A), Visakhapatnam dated 24.2.2012 for the assessment year 2008- 09. 2. Facts are in brief that the assessee paid finance charges and interest in the form of equated monthly instalments to the finance companies from whom the loans were obtained. The A.O. has invoked section 40a(ia) of the I....

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..... 4. On being aggrieved, assessee carried the matter in appeal before the Tribunal. At the time of hearing, the Ld. Counsel for the assessee has submitted that the amount already paid and no amount is payable, as per the order of Visakhapatnam bench of the Tribunal in the case of Mukundara Engineers & Contractors, Visakhapatnam in ITA No.657/Vizag/2014 dated 22.7.2015, in which the issue is squar....

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....carefully considered the rival submissions and perused the record. Consistent with the view taken by the ITAT Special Bench Visakhapatnam and also in the light of the view expressed by the Hon'ble A.P. High Court in the case of Janapriya Engineering Syndicate, we are of the opinion that the provisions of section 40(a)(ia) of the Act cannot be made applicable in respect of the amounts already paid ....