2024 (8) TMI 918

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and argue the matter. There is no application for adjournment also. Hence, the Bench proceeded on its own to dispose of this appeal qua the assessee and after hearing the learned Departmental Representative and on the basis of material on record, particularly since the matter is quite old and the additions are within a narrow compass of law. 3. In its appeal, the assessee has raised following grounds:- "1. Whether on the facts and circumstances of the disallowance made by the Assessing Officer and endorsed by the CIT(A) for disallowance under section 40(a)(ia) for late filling of Form 15G & 15H is justified. 2. Appellant craves leave to add or alter any other ground that may be taken at the time of hearing." 4. Facts in Brief:- The a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....F) Rs. 20,407 5. The interest paid on unsecured loans has been claimed as deduction in the return of income so filed. Since the assessee has not deducted tax at source on the above interest payments so made by the assessee, the Assessing Officer sought explanation from the assessee as to why the interest paid on unsecured loans of Rs. 2,81,733, be not added to the total income of the assessee. The assessee furnished Form no.15G and 15H in respect of the above parties, however, the Assessing Officer stated in the assessment order that the said forms have not been filed before the CIT(TDS). The Assessing Officer, considering these facts, proceeded to disallow the amount of interest of Rs. 2,81,733, and the same was added to the total income....