2021 (10) TMI 1247

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.... in deleting the disallowance made under section 40(a)(ia) of the Act, without appreciating the fact that the AO has rightly made such disallowance as the assessee has neither at the time of proceedings u/s. 263 of the Act not at the time of proceedings u/s. 143(3) r.w.s. 263 of the Act has produced any material evidences regarding its claim that TDS at specified rate was deducted from the running bills by the contractee with respect to the testing charges. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(Appeals) erred in deleting the disallowance made on account of remuneration to partners, without appreciating the fact that the AO has rightly made such disallowance as the assessee in his profit and loss acco....

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....ound that interest received on Fixed Deposit/SSNL Bonds was income from other sources, the Ld. CIT(A) after following the decision of Hon'ble Jurisdictional High Court in the case of CIT vs. J.J. Industries (2013) 35 taxmann.com 103 (Guj.) allowed the appeal of the assessee holding that interest income generated out of surplus fund invested in the Fixed Deposit was a part of the business income. 4. Heard both the parties, perused the relevant material available on record. 5. The AO has made disallowance of Rs. 12,03,690/- under Section 40(a)(ia) being the amount of expenses claimed under the head testing charges on the reason that the assessee has not deducted tax on such payment in accordance with the provision of Section 194C of the....