K.N.S.Transports, Namakkal V. ITO Ward 1, Namakkal

ITA 949/CHNY/2019

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 7547 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2015-2016
• Appeal Filed On: 07-04-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: TDS
• Section: 40(a)(ia); 201

Judgement Text

आयकर अपीलीय अिधकरण, ‘सी’ ᭠यायपीठ, चे᳖ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI Įी महावीर ͧसंह, उपाÚय¢ एवं Įी ͬगरȣश अĒवाल, लेखा सदèय के सम¢ BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 949/CHNY/2019 िनधाᭅरण वषᭅ /Assessment Year: 2015-16 M/s. K.N.S. Transports, D.No.60-G, Paramathi Road, Namakkal Post – 637 001. PAN: AAHFK 1952E v. The Income Tax Officer, Ward-1, Namakkal. (अपीलाथᱮ/Appellant) (ᮧ᭜यथᱮ/Respondent) अपीलाथᱮ कᳱ ओर से/Appellant by : None ᮧ᭜यथᱮ कᳱ ओर से/Respondent by : Shri G. Johnson, Addl.CIT स ु नवाई कȧ तारȣख/Date of Hearing : 03.03.2022 घोषणा कȧ तारȣख/Date of Pronouncement : 04.03.2022 आदेश /O R D E R PER MAHAVIR SINGH, VP: This appeal by assessee is arising out of the order of the learned Commissioner of Income Tax (Appeals), Salem in Appeal No.125/2017-18, dated 18.01.2019. The assessment was framed by the ITO, Ward-1, Namakkal for assessment year 2015-16 u/s. 143(3) of the Income Tax Act, 1961 (hereinafter ‘the Act’), vide order dated 28.12.2017. 2 I.T.A. Nos.947/Chny/2019 2. The short point under dispute in this appeal of assessee is as regards to disallowance of sum of Rs.4,27,801/- i.e., interest expenses made by AO and confirmed by the CIT(A) for non- deduction of TDS by invoking the provisions of section 40(a)(ia) of the Act. 3. We have heard ld. Senior DR for the Revenue. None is present from assessee’s side. However, assessee has filed written submissions vide letter dated 28.02.2022 and stated that the appeal may be decided on the basis of above written submissions. We noted that the assessee has not deducted TDS on interest payments of the following items:- a) India Bulls Housing Finance Ltd Rs.997,183 b) Mahindra Finance Ltd Rs.428,820 Total Rs.1426003/- The AO disallowed 30% of the above interest amount of Rs.4,27,801/- and added to the returned income of the assessee. The CIT(A) confirmed the same. Now before us the assessee filed a certificate issued by Chartered Accountant i.e., certificate of accountant under first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961 for certifying the furnishing of return of income, payment of tax etc., by the payee. The payee has included the above interest amount of Rs.14,26,003/- in the respective 3 I.T.A. Nos.947/Chny/2019 returns and also disclosed a sum of Rs.6,24,725/-. The payee has taken into account the above receipt of interest and computed its taxable income and disclosed for the relevant assessment year 2015-16. Once the Chartered Accountant has certified in the relevant form, which is placed before us, we find that this addition is unwarranted and deserves to be deleted. We direct the AO accordingly. 4. In the result, the appeal filed by the assessee is allowed. Order pronounced in the court on 4 th March, 2022 at Chennai. Sd/- Sd/- (िगरीश अᮕवाल) (GIRISH AGRAWAL) लेखा सद᭭य /ACCOUNTANT MEMBER (महावीर ᳲसह ) (MAHAVIR SINGH) उपा᭟यᭃ /VICE PRESIDENT चे᳖ई/Chennai, ᳰदनांक/Dated, the 4 th March, 2022 RSR आदेश कᳱ ᮧितिलिप अᮕेिषत/Copy to: 1. अपीलाथᱮ/Appellant 2. ᮧ᭜यथᱮ/Respondent 3. आयकर आयुᲦ (अपील)/CIT(A) 4. आयकर आयुᲦ /CIT 5. िवभागीय ᮧितिनिध/DR 6. गाडᭅ फाईल/GF.