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TMI Blog2016 (3) TMI 1311X X X X Extracts X X X X X X X X Extracts X X X X ..... f the entire loan amount and hence it is not possible for the assessee to separately deduct tax. - Held that:- the provisions of section 40(a)(ia) of the Act cannot be applicable in respect of amounts already paid before 31st March and allowed the appeal filed by the assessee. - Decided in favor of assessee. - I.T.A.No.131/Vizag/2012 - - - Dated:- 2-3-2016 - SHRI V. DURGA RAO, JUDICIAL MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount and hence it is not possible for the assessee to separately deduct tax. It is also further submitted before the CIT(A) that finance charges were taken for purchase of vehicles, TDS provisions are not attracted on the finance charges levied. The Ld. CIT(A) after considering the explanation of the assessee, he has confirmed the order of the A.O. by noting that TDS provisions are applicable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and gone through the orders of the authorities below. The only issue involved in this appeal is whether the TDS has to be deducted in respect of finance charges and interest already paid. The coordinate bench of the Tribunal in the case of Mukundara Engineers Contractors (supra) has considered the issue and held that the provisions of section 40(a)(ia) of the Act cannot be applicable in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the A.O. has not disputed that payments are pending. According to the Ld. Counsel for the assessee, the payments are already paid before 31st March. In view of the facts and circumstances of the case and also keeping in view of the order of the coordinate bench of the Tribunal, this ground of appeal raised by the assessee is allowed. 8. In the result, the appeal filed by the assessee is allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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