2017 (7) TMI 495

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..... zed, the AO came to the conclusion that assessee had paid the interest without recording the same in its regular books of accounts. In view of the above discussion, we set aside the order of the lower authorities and the matter is restored back to the file of the AO for deciding afresh after considering the evidences filed by the assessee in support of the fact that interest was paid by the societ .....

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..... n by the assessee:- (1) On the facts and in the circumstances of the case and in law, the Ld. C.LT.(A) erred in confirming the addition of ₹ 5,72,9301- being interest paid to four parties as unexplained expenditure u/s 69C. (2) In doing so, the Ld CIT(A) failed to appreciate that the appellant had taken no loan from any of these parties and therefore the appellant was under no liabi .....

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..... and (b) since these interest payments were not recorded in the books of accounts an addition was made u/s 69C of ₹ 572,930. 5. By the impugned order, CIT(A) confirmed the action of the AO against which assessee is in further appeal before us. 6. We have gone through the orders of the authorities below, contention of learned AR was that before the lower authorities the Assessee had subm .....

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..... ms of the Development Agreement, the loans were arranged by the Assessee on behalf of the Society. Since the loans were arranged for and managed by the Assessee, the Assessee had done the detailed computation of interest payable to the Parties and thus the papers seized, only represented the interest computation and did not mean that the Assessee had paid the said interest without recording the sa .....

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..... matter is restored back to the file of the AO for deciding afresh after considering the evidences filed by the assessee in support of the fact that interest was paid by the society and TDS was also deducted thereon by the society itself and not by the assessee. We also direct the AO to call the concerned parties to whom assessee has been alleged to be paid interest so as to verify the genuineness .....

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