2021 (5) TMI 627

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....GANESH (A.M): This appeal in ITA No.6844/Mum/2019 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-6, Mumbai in appeal No.CIT(A)-6/IT-12/130/2016-17 dated 09/08/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/03/2014 by the ld. Dy. Commissioner of Income Tax-....

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....in the sum of Rs. 2,70,000/- among other additions/disallowances. We find that assessee had stated that it had borrowed funds from the relatives of the shareholders of the assessee company for meeting its working capital requirements on which interest @12% per annum was paid. It was duly submitted that the funds raised in the earlier year and utilised for the purpose of business. In the year in....

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....source and those parties had also furnished Form Nos.15H & 15G before the assessee. However, the same were not submitted by the assessee before the ld. AO since no questions were raised regarding the same in the assessment proceedings. Accordingly, the same were submitted by the assessee before the ld. CIT(A) as additional evidences under Rule 46A of the Rules. The ld. CIT(A) refused to admit t....

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....5G & 15H ought to have been admitted by the ld. CIT(A) as assessee was genuinely prevented from filing the same before the ld. AO as no questions were received by the ld. AO regarding the same. Once Form No. 15G & 15H are duly submitted by the assessee before the department, then assessee cannot be fastened with the disallowance u/s.40(a)(ia) of the Act for non-deduction of tax at source. However,....