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TMI Blog2017 (11) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... end fees paid in HIDSCO for raising the loan holding it to be revenue expenditure - Held that:- The assessee has raised loan of ₹ 300 crores for improvement in transmission, network and infrastructure. The assessee paid this amount to HUDCO, which was pre-decided condition on the loan sanctioned. The learned CIT DR has not controverted the findings by the learned CIT(A) in his order. Further the laws relied upon by the AR for the assessee are squarely applicable on it being identical issue, therefore we uphold the order of the learned CIT(A). - D. B. Income Tax Appeal No. 67 / 2015 - - - Dated:- 12-9-2017 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appellant : Mr. K.D. Mathur for Mr. R.B. Mathur For the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rved as under:- Counsel for the appellant relied on the provisions of Section 194C and 194J which reads as under:- 194C (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work (including supply of lobour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or graft or by any other mode, whichever is earlier, deduct an amount equal to- (I) One per cent where the payment is being made or credit is being given to an individual or a Hindu undivided family; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... family, who is responsible for paying to a resident any sum by way of- (a) fees for professional services, or (b) fees for technical services, [or] [(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company, or] (c) royalty, or (d) any sum referred to in clause (va) of section 28,] shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to [ten] percent of such sum as income-tax on income comprised therein. 3. The assessee was bound to deduct TDS in li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntentions of both the parties and perusal the material available on record. The assessee has raised loan of ₹ 300 crores for improvement in transmission, network and infrastructure. The assessee paid this amount to HUDCO, which was pre-decided condition on the loan sanctioned. The learned CIT DR has not controverted the findings by the learned CIT(A) in his order. Further the laws relied upon by the AR for the assessee are squarely applicable on it being identical issue, therefore we uphold the order of the learned CIT(A). 6. Taking into consideration the above we are of the opinion that the view taken by the Tribunal is just and proper. No interference is called for. 7. All the issues are decided in favour of the assessee an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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