TaxTMI 
TaxTMI 
2021 (8) TMI 217
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....used the material available on record. The AO noticed that the assessee debited an amount of Rs. 2,36,61,522/- out of which Rs. 1,63,23,346/- paid interest to Reliance Capital. According to the AO, no TDS was deducted on such interest payment. The AO asked the assessee to explain why such interest paid to Reliance Capital should not be disallowed for non deduction of TDS. It was explained by the assessee that the Reliance Capital is a Banking Company and no TDS is deductible. According to the AO on an examination from the official website of Reliance Capital is a Non Banking Finance Company and placing reliance of the Chandigarh Benches of the ITAT in the case of Sh. Umesh Trehan Vs. The Income Tax Officer in ITA No. 1022/Chd/2012 the AO ad....
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....ly, there was no evidences even before this Tribunal showing that resident payee the Reliance Capital furnished return of income taking into the interest as its income by computing in the return of income and no certificate as required under law was filed to that effect. Therefore, considering the facts and circumstances of the case, we deem it proper to remand the issue to the file of CIT(A) for its fresh adjudication as indicated above. Thus, ground No. 1 raised by the Revenue is allowed for statistical purpose. 4. Ground No. 2 raised by the Revenue against the deletion of addition made u/s. 36(1)(iii) of the Act in the facts and circumstances of the case. 5. Heard both the parties and perused the material available on record. The asses....
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....uired under Rule 46A. The evidences filed before us from the Page Nos. 49 to 51 were admittedly not before the AO, therefore, the CIT(A) did not follow the procedure as laid down in Rule 46A whenever the new evidences which were not before the AO comes to its knowledge. Therefore, we deem it proper to remand the issue to the file of CIT(A) for its fresh adjudication and to decide the issue by following the due procedure established under law. Thus, ground No. 2 raised by the Revenue is allowed for statistical purpose. 6. Ground No. 3 raised by the Revenue is relating to deletion of addition made u/s. 68 of the Act in the facts and circumstances of the case. 7. Heard both the parties and perused the material available on record. The AO ask....