2011 (4) TMI 1489

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....jesh M Upadhyay, AR ORDER PER T.K. Sharma, Judicial Member:- This appeal by the Revenue is against the order dated 24-11-2009 of Commissioner of Income(Appeals)-Valsad for assessment year 2008-09. 2. Ground No.1 raised in this appeal is as under:- "(1) On the facts and in the circumstances of the case and law, the learned CIT(A) has erred in deleting the addition made of Rs. 7....

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.... of Ld. DR and he pointed out that no loan was taken from Allied Traders. But only Bill of sale made to Lyka Lab was discounting from Allied Traders. As against this Ld. DR drew our attention to audited account, wherein in Annexure-V it is clearly mentioned that assessee has accepted the loan of Rs. 7 lakh (bill discounting). 5. Having heard both sides we have carefully gone through the order o....

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..... CIT(A) before admitting this fresh evidence. Therefore in the interest of justice we set aside the order of Ld. CIT(A) on this issue and restore the same to the file of Assessing Officer. The assessee is directed to furnish the confirmation/confirmed copy of account with PAN of Allied Traders to AO who will verify the same and re-adjudicate the addition of Rs. 7 lakh afresh in accordance with la....

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....n late payment of TDS is allowable expense. It is pertinent to note that it is not the case of assessee that benefit of netting of interest paid to the Department and received from the Department be allowed. It appears that assessee deducted TDS and deposited the same late with the Income-tax Department. As a result of this, it paid interest of Rs. 11,676/-. The Hon'ble Supreme Court income Bharat....