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TMI Blog2017 (1) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... has been filed against the order passed by Commissioner of Income-tax (Appeals)-20, Mumbai [hereinafter called CIT(A)] dated 07- 03-2013 passed against the assessment order of the AO u/s 143(3) r.w.s. 263 of the Act date 22-12-2011 for AY. 2005-06 on the following grounds:- "The following grounds of appeal are without prejudice to one another: 1. The Learned Commissioner of Income Tax (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house property, income from business or profession, capital gains and income from other sources. In the assessment order, which has been passed in pursuance to the revision order u/s 263 of Ld.CIT, it is held that assessee has paid interest without deducting TDS u/s 194A. But AO omitted to properly consider the provisions of section 194A which stipulate that the assessee shall be liable to deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of payment of interest. It is noted from the perusal of section 194A that assessee would be required to deduct TDS only if its turnover in the immediately preceding year happens to be more than Rs. 40 lakhs. With the assistance of the parties, it was noted that in the immediately preceding year, i.e. AY. 2004-05, the assessee had shown interest income amounting to Rs. 71,533/- was shown as inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-characterised in the assessment order of the present year merely for the purpose of applying provisions of section 194A. Such kind of superfluous exercise is not permitted under the law. Thus, as per law and facts of this case, the case of the assessee is not covered u/s 194A as the mandatory condition of there being turnover exceeding a sum of Rs. 40 lakhs is apparently missing in this case. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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