2022 (12) TMI 636

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....nafter referred to as 'the Act') relating to the A.Y. 2014-15. 2. The brief facts of the case is the assessee is a Private Ltd. Company engaged in the business of trading of agro-based commodities. For the Assessment Year 2014-15 the assessee filed its Return of Income on 12.09.2014 declaring total income of Rs. 24,26,630/-. The return was taken for scrutiny assessment, the Assessing Officer found that during the Financial Year the assessee made payment of interest of loan of Rs. 1,80,778/- to Religare Finvest a Non Banking Financial Institution on which no TDS was made. The assessee was required to deduct tax at source under Section 194A of the Act. The assessee was asked to show-cause as to why interest payment on loan of Rs. 1,80,778/....

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.... 26A which bear the signature of the assessee namely the Director of the Khedut Feeds and Food Pvt. Ltd. but not that of an Accountant signature, therefore, the claim of the assessee is not maintainable and ground of appeal was thereby dismissed. 3. Aggrieved against the same the assessee is in appeal before us raising the following grounds: "1.0 The learned DCIT has erred by adding payment of Interest of NBFC of Rs. 1,80,778/- without deduction of tax. 2.0 The Learned DCIT has erred by adding income for Arm's Length price adjustment of Rs. 1,68,085/-. 3.0 The Learned ACIT has further erred in initiating the penalty proceedings u/s 271(1)(C). 4.0 The Learned ACIT has further erred in initiating the pen....

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....yee referred to in the said proviso". In other words, as long as the assessee cannot be treated as an assessee in default, the disallowance under section 40(a)(ja) cannot come into play either." Thus, the Ld. A.R. pleaded that the disallowance made by the Assessing Officer is not justifiable and therefore, pleaded to allow the assessee's appeal. 5. Per contra, the Ld. Sr. D.R. Shri B. D. Gupta appearing for the Revenue supported the order of the lower authorities and requested to upheld the same and dismiss the assessee's appeal. 6. We have given our thoughtful consideration and perused the materials available on record. In Page No. 16 & 17 of the Paper Book filed by the assessee, the assessee enclosed Form No. 26A namely Form for ....