2021 (12) TMI 1303

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....: Shri S.Sridhar (Advocate) - Ld. AR Respondent by : Shri D.V.Subba Rao (Addl.CIT)-Ld. DR O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of the order of learned Commissioner of Income Tax (Appeals)-1, Madurai, [CIT(A)] dated 16/04/2019 in the matter of assessment framed by Ld. Assessing Officer (AO) u/s.143....

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....ired that the assessee paid interest of Rs. 18.49 Lacs to an entity namely M/s Hero Motors Corp. Ltd. but the assessee did not deduct tax at source (TDS) against the same as required u/s 194A. The assessee submitted that it had requested the payee to issue Form No.26A. However, since the said form could not be produced by the assessee during assessment proceedings, Ld. AO disallowed the expenditur....

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....e amounts received as a part of its income and filed return after paying the taxes, assessee can always say that it cannot be deemed as one in default. By virtue of the judgment of Hon'ble Delhi High Court in the case of Ansal Land Mark Township P. Ltd (supra), first proviso to Section 201(1) as well as proviso to Section 40(a)(i) of the Act had to be construed retrospectively. Considering the fac....

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....ion (1) of Section 201 by demonstrating that the payee had duly offered the payment in their Income tax returns and paid due taxes thereon. In such a case, no disallowance u/s 40(a)(ia) is called for. As per the submissions of Ld. AR, the assessee could demonstrate the fulfillment of these conditions and is ready to file the requisite certificate / declaration from the payee. Therefore, we deem it....