TOKAI SAHAKARI SAKHAR KARKHANA LTD,HINGOLI vs. INCOME TAX OFFICER, WARD-(1), JALNA, JALNA

ITA 571/PUN/2023Status: DisposedITAT Pune16 January 2024AY 2018-19Bench: SHRI S.S.GODARA (Judicial Member), SHRI G.D.PADMAHSHALI (Accountant Member)6 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The tribunal allowed the disallowance of interest on NCDC loans and interest on late filing of EPF/GST returns. However, the issue of interest paid to Maharashtra State Co-operative Bank was remanded to the Assessing Officer for fresh verification.

What were the facts?

The assessee challenged disallowances of interest expenses related to loans from NCDC, Maharashtra State Co-operative Bank, and interest on late filing of EPF and GST returns. The assessee also contested disallowances for non-deduction of TDS on interest payments.

What were the issues?

Whether interest paid to NCDC is disallowable under Section 43B, and whether interest paid to cooperative banks and members requires TDS under Section 194A.

Which sections of the Income-tax Act were involved?

Section 43B,Section 37(1),Section 40A(ia),Section 194A(1),Section 194A(3)(iii)(a),Section 194A(3)(V)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI S.S.GODARA & SHRI G.D.PADMAHSHALI

For Appellant: Shri Anand Partani – AR
For Respondent: Shri M.G.Jasnani – DR
Hearing: 16/01/2024Pronounced: 16/01/2024

PER S.S.GODARA, JM: This assessee’s appeal for Assessment Year 2018-19, arises against the National Faceless Appeal Centre(NFAC), Delhi’s DIN & Order No.ITBA/NFAC/S/250/2022-23/1049707178(1) dated 13.02.2023, in proceedings under section 250 of the Income Tax Act, 1961 [in short “the Act”].

Heard both the parties at length. Case file perused.

2.

The assessee pleads the following substantive grounds in the instant appeal :

ITA No.571/PUN/2023 : A.Y.2018-19 Tokai Sahakari Sakhar Karkhana Ltd., [A]

“1. On the basis of facts and circumstances of the case, the Ld CIT(A) has erred in disallowing i

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 43B

All 7,161 judgments and leading authorities on Section 43B →

Recent GST High Court judgments

Search GST case law →