2018 (11) TMI 1485

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....the grounds inter alia that :- "1. The order passed by CIT (A) -32 is bad in law and void ab-initio. 2. The CIT (A)-I has erred in confirming the disallowance of Rs. 12,89,711/- on the appellant by the respondent under the head of finance cost claimed to the tune of Rs.l,87,14,112/-. The detailed list of charges paid to different banks and financial institutions were submitted to the Assessing officer at the time of Assessment proceedings. The learned Assessing officer has disallowed the sum on account of non deduction of TDS on the payment made to Financial Institutions. In respect of disallowance it is submitted that said loans were raised in the name of Assessee company and have been utilized for business purpose only. ....

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....u/s 40(a)(ia) of the Act. 3. Assessee carried the matter by way of appeal before the ld. CIT (A) who has confirmed the disallowance by dismissing the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Admittedly, the assessee company has made payment towards interest to Non-Banking Financial Corporation (NBFC) without deducting TDS thereon and the loans were raised in the name of the assessee's company itself which was utilized for business purpos....