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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI
Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI MANU KUMAR GIRI, JM
O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2013- 14 arises out of the order of learned Commissioner of Income Tax, (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 30-11-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s. 147 of the Act on 29-11- 2019. In the assessment order, Ld. AO made addition of Rs.24.68 Lacs which represent provision of interest payable. During appellate proceedings, the assessee submitted that interest payable was paid on 12.07.2013 which was evident from bank statements and books of accounts. The Ld. CIT(A) did not allow the same on the ground that there was no nexus between the impugned disallowance and transaction reflected in the bank statement. Aggrieved, the assessee is in further appeal before us.
The Ld. AR submitted that disallowance as made u/s 43B was not sustainable since the interest was paid before due date of return of income u/s 139(1). The Ld. Sr. DR concurred that the same could be verified by Ld. AO.
Considering the rival submissions, we direct Ld. AO to verify that the impugned interest was paid by the assessee before due date of return of income u/s 139(1) and if so, delete the impugned disallowance.
The appeal stand allowed for statistical purposes. Order pronounced on 1st May, 2024 (MANU KUMAR GIRI) (MANOJ KUMAR AGGARWAL) "ाियक सद4 / JUDICIAL MEMBER लेखा सद4 / ACCOUNTANT MEMBER चे4ई Chennai; िदनांक Dated : 01-05-2024 DS आदेशकीSितिलिपअ/ेिषत/Copy of the Order forwarded to : 1. अपीलाथ"/Appellant 2. " थ"/Respondent 3. आयकरआयु=/CIT 4. िवभागीय"ितिनिध/DR 5. गाडBफाईल/GF