ITO, NEW DELHI vs SH. VIKAS VASUDEVA, NEW DELHI

Income Tax Appellate Tribunal, DELHI BENCH ‘SMC-3’, NEW DELHI

Before: SHRI H.S. SIDHU

For Appellant: Shri Vinod Kumar Goyal, Adv

For Respondent: DR Assessee by : Shri Vinod Kumar Goyal, Adv

per sub-section III of section 3 of 194A of I.T. Act. Therefore, the assessee is not liable to treat as defaulter as per proviso 40(a) of I.T. Act and A.O. was not justified in disallowing the interest payment to the bank without deduction tax. Accordingly, the addition made on account of non deduction of TDS on account of interest paid on loan from banking concern of Rs. 35,06,062/- was rightly deleted by the Ld. CIT(A), which does not need any interference on my part, hence, I uphold the same and accordingly, the ground raised by the Revenue stands dismissed.

In the result, the appeal of the Revenue is dismissed.

ITO, NEW DELHI vs. SH. VIKAS VASUDEVA, NEW DELHI