9911796707
TMI Blog2022 (4) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.2017 filed by the assessee before us, therefore, we are of the considered view, that as stated by the Ld. AR, and rightly so, the assessee could not be held as an assessee-in-default as regards the aforementioned amount under Section 201(1) of the Act. Accordingly, now when the assessee could not be held as an assessee-in-default u/s. 201(1) of the Act, therefore, we concur with the claim of the Ld. AR that as per the 2nd proviso to Section 40(a)(ia) of the Act, the aforementioned amount could not have been disallowed in the hands of the assessee company. Backed by our aforesaid deliberations, we, herein, set-aside the order of the CIT(Appeals) and direct the Assessing Officer to vacate the disallowance - Appeal of assessee allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate in Form 26A from a Chartered Accountant i.e., evidencing that the interest amount in question was duly included by the payee in its return of income and the corresponding taxes on the same deposited, which fact would absolve him of the disallowance contemplated u/s. 40(a)(ia) of the Act, therefore, inadvertently and on account of a bona fide mistake the delay of 29 days had crept in filing of the appeal by him. It was submitted by the Ld. AR that as the delay had occasioned for bona fide reasons, therefore, the same in all fairness may be condoned. 2.1. Per contra, the Ld. Departmental Representative (for short 'DR') objected to seeking of condonation of delay by the assessee. 2.3. We have given a thoughtful consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y his aforesaid contention, it was submitted by the Ld. AR that now when the assessee could not be held as an assessee-in-default under the first proviso to sub-section (1) of Section 201 of the Act, then, as per the 2nd proviso to Section 40(a)(ia) of the Act, no disallowance under the said statutory provision could have been made in the hands of the assessee. In order to buttress his claim that the aforesaid amount of interest paid by the assessee company was included by the payee, viz. Tata Motors Finance Ltd. in its return of income, a/w payment of the corresponding taxes on the same, the Ld. AR had taken us through the certificate in the prescribed Form-26A, dated 03.05.2017 that was obtained by the assessee from a Chartered Accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .05.2017 filed by the assessee before us, therefore, we are of the considered view, that as stated by the Ld. AR, and rightly so, the assessee could not be held as an assessee-in-default as regards the aforementioned amount under Section 201(1) of the Act. Accordingly, now when the assessee could not be held as an assessee-in-default u/s. 201(1) of the Act, therefore, we concur with the claim of the Ld. AR that as per the 2nd proviso to Section 40(a)(ia) of the Act, the aforementioned amount could not have been disallowed in the hands of the assessee company. Backed by our aforesaid deliberations, we, herein, set-aside the order of the CIT(Appeals) and direct the Assessing Officer to vacate the disallowance of ₹ 2,41,749/- (supra) m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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