2023 (9) TMI 740

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....one appeared on behalf of the assessee nor was any application seeking adjournment filed. From the perusal of the record, we find that the notice of hearing sent to the assessee at the address mentioned in Form no. 36 has been returned unserved by the postal authorities with the remark „unclaimed'. We also find that notice of hearing was also sent to the assessee through email on 09/06/2023 at the email address mentioned in Form no. 36. Therefore, in view of the above, we proceed to dispose off the present appeal ex-parte, qua the assessee after hearing the learned Departmental Representative ("learned DR") and based on the material available on record. 3. In its appeal, the assessee has raised the following grounds:- "1. The Hon&#....

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....aid interest charges. On going through such details, it was noticed that the interest incurred during the year includes interest on vehicle loans obtained from the following NBFCs:- Name of the Loan Creditor Interest (Rs.) India Bulls 31,76,046 L&T Finance Ltd 18,74,927 Magma Fincorp Ltd 6,11,750 Reliance Capital 3,36,019 Sunderam Finance 4,23,366 Total 64,22,108 6. During the assessment proceedings, the assessee was asked to produce the details of the TDS deducted under section 194A on the interest payment. As per the assessee, it has paid EMIs through post-dated cheques, and quantification of the interest payable and TDS deductible thereon does not arise. The Assessing Officer ("AO") vide order dated 28/12/2016 passed under....

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....on the income declared in such return; * And the duductee has furnished a certificate in Form No.15G from an accountant certifying above facts. On perusal of the documents submitted by the Appellant, I find that the Appellant has not submitted copy of returns filed by the above NBFCs for AY 2014-15. The Appellant has not submitted copies of certificate in Form No. 15G from an accountant in these NBFCs except in the case of M/s Sundram Finance Ltd. In the remaining cases, no certificate in the prescribed format (Form 15G) has been submitted by the Appellant. In view of these facts, I hold that the Appellant has failed to meet the conditions as laid down u/s 201(1) of the Act in respect of the NBFCs as shown in the table above. Therefore,....