TaxTMI 
TaxTMI 
2026 (7) TMI 1964
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....g income from the business of manufacturing and trading of rice and its by-products under the proprietorship concern namely M/s. Hariom Industries. The books of accounts of the assessee were duly audited u/s. 44AB of the Income Tax Act, 1961 (for short 'the Act'). The return of income was filed by the assessee declaring total income at Rs. 21,15,970/-. Assessment was completed u/s. 143(3) of the Act at assessed income of Rs. 31,39,728/- after making various disallowances /addition u/s. 40(a)(ia) of the Act. 3. At the time of hearing, the Ld. Counsel for the assessee referring to Section 40(a)(ia) of the Act and its "2^nd proviso" a/w. "1^st proviso" to Subsection (1) of Section 201 of the Act submitted that the assessee had taken loan fr....
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....come chargeable under the head "Profits and gains of business or profession",- (a) in the case of any assessee- *** *** *** *** (ia) thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139 : Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, thirty per cent of such sum shall be allowed as a deduction in computing the income of the previous year in which ....
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.... (i) has furnished his return of income under section 139; (ii) has taken into account such sum for computing income in such return of income; and (iii) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed:" 6. That on reading of the aforesaid provisions, there is specific legal implications which mandates therein and which also describes the facts that the tax liability has to be imposed only when the assessee is an "assessee in default". The Revenue should not be deprived of the legitimate taxes from the assessee. That in a given transaction, if the payer of certain amount fails to ....
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....ssee is allowed. Order pronounced in open court on 29^th day of May, 2026. ============= Document 1 FORM No. 26A [See rule 31ACB] Form for furnishing accountant certificate under the first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961 I Sandeep Kumar Dhamejani am the person responsible for paying (within the meaning of section 204) in the case of Sandeep Kumar Dhamejani with PAN AJZPD9340C and TAN N.A. located at Hariom Industries, Kh. No .- 582, Ph No .- 155/28 Village Nawagnon. I do hereby state that I, being the person responsible for paying had paid to/credited to the account of M/s Cholamandalam Investment and Finance Company Limited sum of Ten Lakh Thirty Thousand Two Hundred and Thirty rupe....
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....mpany Limited, No.2. "Dare House" Ist Floor, N.S.C. Bose Road,Parrys Chennai-600 001 for the period April 2014 to March 2015 and hereby certify the following: (i) SANDEEP DHAMEJANI - PAN AJZPD9340C has paid to or credited following sum to the account of M/s Cholamandalam Investment and Finance Company Limited without deduction of whole or any part of the tax in accordance with the provisions of Chapter-XVII-B Nature of payment Date of payment or credit Section under which tax was deductible Amount paid or credited Amount of tax deductible Details of amount deducted, if any Amou ne dedu cted Date of deduction Interest FY 2014-15 194A 1030230/- 103023/- Nil Nil (if) The payee, who is a resident, has furnished his return of inc....