INCOME TAX OFFICER(TDS) WARD, WARDHA, NAGPUR vs. M/S VARCO ASSOCIATES, YAVATMAL

ITA 492/NAG/2014Status: DisposedITAT Nagpur29 March 2019AY 2013-144 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that payment of interest on loans from partners does not attract TDS provisions. Therefore, the addition made by the Assessing Officer was incorrect.

What were the facts?

During a survey, it was found that the assessee allegedly paid interest on unsecured loans without deducting TDS. However, these loans and interest payments were not reflected in the assessee's audited books of account. The unsecured loans were purportedly advanced by the partners of the assessee firm.

What were the issues?

Whether TDS is applicable on interest paid on unsecured loans advanced by partners of a firm, and if the assessee is in default for non-deduction of TDS.

Which sections of the Income-tax Act were involved?

Section 201,Section 201(1A),Section 133A

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri S. Kailash Jogani
For Respondent: Shri R.K. Baral

PER VIKAS AWASTHY, JM :

This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-III, Nagpur dated 10-09-2014 passed

2 ITA No. 492/NAG/2014, A.Y. 2013-14

u/s. 201(1) r.w.s. 201(1A) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for the assessment year 2013-14. 2. Shri R.K. Baral representing the Department submitted that survey action u/s. 133A was carried out in the case of assessee. Thereafter on

The order continues below.

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