TaxTMI 
TaxTMI 
2018 (2) TMI 1928
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....e justified. Ld. Authorised Representative did not raise any serious objection. Delay is condoned. Appeal is admitted. 2. Revenue has altogether raised four grounds of which grounds 1 & 4 are general in nature needing no specific adjudication. 3. Vide its ground No.2, grievance of the Revenue is that ld. Commissioner of Income Tax (Appeals) deleted a disallowance made by the ld. Assessing Officer u/s.14A of the Income Tax Act, 1961 (in short ''the Act'') r.w.Rule 8D of the Income Tax Rules, 1962 (herein after referred to as 'the Rules'), taking a view that assessee having not earned any dividend income, no disallowance could be made. Ld. Assessing Officer had applied Rule 8D and disallowed a sum of C28,90,419/- considering investments m....
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....ed in appeal before the ld. Commissioner of Income Tax (Appeals). Argument of the assessee was that it had obtained PAN of the deductees while making payments and therefore complied with Section 194C(6) of the Act. Further, as per the assessee, it had also furnished particulars as prescribed u/s.194C(7) of the Act by filing form No.26Q, though belatedly. Reliance was placed on the decision of Hyderabad Bench of the Tribunal in the case of ACIT Vs. Mohamed Suhail (ITA No.1536/Hyd/2014, dated 13.2.2015). 8. Ld. Commissioner of Income Tax (Appeals) after considering the contention of the assessee held that assessee having complied with Section 194(6) of the Act, non- compliance with Section 194(7) of the Act was not fatal. According to him, ....
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.... not be made for such non compliance since assessee had complied with Sub Section (6) of Section 194C of the Act. For taking this view he had relied on a decision of Hyderabad Bench of the Tribunal in the case of Mohamed Suhail (supra). Be that as it may, one of the submission of the assessee is that it had filed form No.26Q as prescribed under Rule 31A, though belatedly. It is true that quarterly returns specified in Rule 31A have to be filed on or before 15th of the first month of the succeeding the quarter. However, in our opinion, this time limit cannot be construed so strictly to mean belated filing will automatically result in a disallowance under Section 40(a)(ia) of the Act. Sub Section (6) of Section 194C of the Act clearly say tha....