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TMI Blog2020 (5) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... e Finvest Ltd. AO is directed to apply the TDS provisions of the Act strictly and re-do the assessment on this addition. In any case, the CIT(A) also given certain directions that he should be considered strictly in tune with the provisions of the Act. With these directions, this issue is remanded to the file of the Assessing Officer. The Assessing Officer shall grant reasonable opportunity of being heard to the assessee in accordance with set principles of natural justice. Thus, the grounds raised by the assessee are allowed for statistical purposes. - ITA No.473/PUN/2019 - - - Dated:- 16-12-2019 - Shri D. Karunakara Rao, AM For the Appellant : Shri Sanket Joshi For the Respondent : Shri S. P. Walimbe ORDER PER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e C.A. for taking further action. I wish to state that the said fact came to my notice only around 19/03/2019 when I was going through the documents placed in the drawer at my home. I hereby state that thereafter, I immediately intimated the above fact to the C.A., Mr. Gujarathi and forwarded the appellate order to his Office on 20/03/2019 for taking further action. 3. Considering the above reasons given by the assessee in the affidavit, I find it is a fit case for condoning the delay of 59 days. After condoning the delay, I proceed to adjudicate the appeal of the assessee in the following paragraphs. 4. The grounds raised by the assessee are as under :- 1. The learned CIT(A) erred in making the addition of ₹ 8,18,695/- u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aire Finvest Ltd. vis-a-vis the quantum of interest' debited in the books of the assessee did not justify any addition u/s 69C towards alleged unaccounted expenditure. 5. The appellant craves, leave to add, alter, amend and delete any of the above grounds of appeal. 5. The grounds are argumentative and the core issue relates to the addition of ₹ 8,18,695/-. 6. Before me, at the outset, ld. Counsel for the assessee submitted that the issue under consideration relates to the addition of ₹ 8,18,695/- u/s 194A r.w.s. 40(a)(ia) of the Act. Explaining the brief facts of the case, ld. Counsel submitted that the Assessing Officer originally made addition of ₹ 13,79,950/- as per discussion given in para 3.1 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r remanding the issue to the file of the Assessing Officer with limited purpose of reconciliation of figures of the assessee with that of M/s Religare Finvest Ltd. in the light of the loan agreements with Religare. 10. On hearing both the sides on this limited issue, I find that there is requirement of reading the loan agreement between the assessee and M/s Religare Finvest Ltd., EMI particulars, actual interest payable by the assessee to M/s Religare Finvest Ltd., the application of TDS provisions of the Act to the interest payment etc. The Assessing Officer should go by the documentation and the liability of the assessee in matters of interest payments and not by the TDS figures available on the TDS certificate or Form No.26AS of M/s R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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