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TMI Blog2022 (9) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... o section 43 B ? - HELD THAT:- From the submission of the assessee, it is seen that the assessee had filed additional evidence before the Ld.CIT(A), which includes copies of bank statements reflecting interest debited in assessee s account for each month. Banks mentioned have categorically certified that interest has been paid before 30/04/2011 in case of Axis Bank and Saraswat Bank and before 31/03/2011 in case of Yes Bank which shows that there is no outstanding interest payment as on these dates, respectively. As interest for the OD account is debited by the bank month to month and that in case of Axis Bank and Yes Bank, the OD accounts were converted into deposit account from January, 2011 and November,2010, respectively which shows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has received any sum over and above the net amount billed to the clients. Apart from the fact that these vouchers are unsigned, the Assessing Officer has failed to justify the disallowance - Decided against revenue. - ITA No. 1527/Mum/2018 - - - Dated:- 1-9-2022 - SHRI OM PRAKASH KANT ( ACCOUNTANT MEMBER ) AND SMT. KAVITHA RAJAGOPAL ( JUDICIAL MEMBER ) Assessee represented by : Shri Satish Jain Department represented by : Shri C. T. Mathews , SR AR ORDER Per Kavitha Rajagopal ( JM ) : This appeal has been filed by the Revenue against the order of the Ld.Commissioner of Income-tax (Appeals) dated 22/12/2017 passed under section 250 of the Income-tax Act, 1961 pertaining to assessment year 2011- 12. 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder before the Ld.CIT(A), who deleted the said disallowance on the ground that the assessee has paid Rs.33,01,931/- as interest to the banks as opposed to Rs.45,09,669/- as determined by the assessing officer. The Ld.CIT(A) has stated that the bank charges amounting to Rs.12,07,738/- does not come under the purview of interest and also that there was no overdraft in Axis Bank account after January, 2011 and in Yes Bank from November, 2010. The Ld.CIT(A) has also stated that Axis Bank and Saraswat Bank has furnished certificates stating that the assessee has paid interest before 30/04/2011 and Yes Bank has also certified showing date-wise payment of interest and that no interest payment was outstanding as on 31/03/2011. The Ld.CIT(A) has al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee to the bank is Rs.33,01,931/- and the Assessing Officer has erroneously included the bank charges amounting to Rs.12,07,738/- totalling the disallowance to the tune of Rs.45,09,669/-. It is pertinent to point out that the banks mentioned above have categorically certified that interest has been paid before 30/04/2011 in case of Axis Bank and Saraswat Bank and before 31/03/2011 in case of Yes Bank which shows that there is no outstanding interest payment as on these dates, respectively. The fact that the deposits in these accounts were made subsequent to the date of debit of interest by the banks which are much more than the interest debited by the banks. From the submission of the assessee, it is seen that the assessee had filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above, we are of the considered view that the disallowance made by the Assessing Officer under section 43B(e) of section on interest payment to the banks does not warrant merit and we find no infirmity in the decision of the Ld.CIT(A) on this issue. Ground 1 of the Revenue is dismissed. 7. Ground 2 pertains to disallowance made towards discount of Rs.1,47,02,391/- pertaining to the discount allowed / passed on to the customers on sale of air tickets which is allowable as expenses. The Assessing Officer has disallowed the discount on the ground that the signature of the recipients is not there on the sales bills. It is observed that the assessee is a accredited IATA member and was acting as a ticketing agent for various airlines. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The bills contain details as per the name of customers, date, reference number, PNR number of tickets, discount allowed for each ticket issued, the sample copies of which were given to the Assessing Officer, who failed to accept the same on the ground that the sample copies were self made computer printouts showing deduction of handling charges which does not have the signature of recipients and also which lack complete address of the customers receiving such discounts. The Assessing Officer has also made disallowance on the ground that the assessee has failed to submit any confirmation with regard to the actual discount paid as handling charges. Aggrieved by the said disallowance, the assessee preferred appeal before the Ld.CIT(A), who del ..... X X X X Extracts X X X X X X X X Extracts X X X X
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