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TMI Blog2023 (4) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable. AO shall decide the issue as per fact and law after affording due opportunity of being heard to the assessee. Grounds raised by the assessee are accordingly allowed for statistical purposes. - ITA No.63/Hyd/2023 - - - Dated:- 13-4-2023 - Shri R.K. Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member For the Assessee : None For the Revenue : Shri Kumar Aditya, DR ORDER PER R.K. PANDA, A.M This appeal filed by the assessee is directed against the order dated 18.11.2022 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2016-17. 2. None appeared on behalf of the assessee at the time of hearing. No application seeking adjournment of the case has been filed. It was seen from the order sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the table below, and in view of section 40(a)(ia) of the I.T. Act, 1961, an amount of Rs.84,79,336/- being 30% of Rs.2,82,64,453/- is disallowed and brought to tax as income of the assessee for the A.Y 2016-17: S. No Amount (in Rs.) 1 Total interest paid during the year Rs.2,86,05,877 2 Less: interest amount already disallowed by the assessee in the statement of income as per provisions of section 40(a)(ia) Rs.3,39,489 3 Less: Security deposit interest as claimed by the assessee in its submission Rs.1,935/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces issued u/s 142(1) of the 1.T Act The appellant had paid an amount of Rs.2,86,05,877/- as interest on deposits. The appellant was required to furnish the list of persons to whom such interest was paid along with the reasons for non deduction of TDS as per notice u/s 142(1) of the I.T. Act dated 15.11.2018. Since the appellant did not furnish these details as per the notice issued by the AO, it was granted further opportunities vide notices issued u/s 142(1) of the I.T. Act dated 01.12.2018 and 07.12.2018 along with copies of Form 15G and 15H and in cases where the depositors did not have PAN, whether the TDS was done @ 20%. 5.4 As per Section 194A(3)(v) of the I.T. Act, in case of a Co-operative Bank, it is supposed to deduct TDS on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant has that the provisions of section 40(a)(ia) of the I.T. Act was not applicable persons which for the amount of Rs.1,91,72,825/- being interest paid to various balance is below Rs.10,000/-per person. lt also submitted that for the amount, it has obtained Form 15G and 15H but however it was not filed to whom with the Department. The appellant has also provided the list of persons grounds of interest was paid of more than Rs,10,000/-. The appellant in its appeal has submitted that the disallowance made by the AO is excessive, is not legally correct and proper. It also submitted that the particulars as required by the Assessing Officer during the scrutiny proceedings was not furnished within the time given. The appellant has also r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty are not admitted. Hence, the ground of appeal taken by the appellant is hereby dismissed and the disallowance of Rs.84,79,336/- by the AO u/s 40(a)(ia) of the I.T. Act is upheld. 5.8 Accordingly, this ground of appeal is treated as dismissed. 5. Aggrieved with such order of the learned CIT (A) the assessee is in appeal before the Tribunal by raising the following grounds: General 1. The Learned Commissioner of Income-tax (Appeals) has passed the order u/s 250 of the Act in contrary to canons of equity and natural justice, contrary to law and facts involved and contrary to mandatory provisions of the Income-tax Act, 1961 ( Act ) and violative of the provisions of law and suffers from lack of mandatory sanctions. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditure under section 40 (a) (ia) be deleted. 3. To cancel the demand made by the learned Assessing Officer which are in clear contradiction to the law, facts and circumstances of the case. 4. To pass such other orders as your Honor may deem fit considering the facts and circumstances of the case and render justice. 6. We have heard the learned DR and perused the record. It is an admitted fact that the Assessing Officer made addition of Rs.84,79,336/- being 30% of the amount of interest paid to various depositors aggregating to Rs.2,82,64,453/- by invoking the provisions of section 40(a)(ia) of the I.T. Act. We find the learned CIT (A) NFAC sustained the additions made by the Assessing Officer the reasons of which are already ..... X X X X Extracts X X X X X X X X Extracts X X X X
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