PALLAVI CONSTRUCTIONS,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-14(1), HYDERABAD
In the result, appeal filed by the assessee is partly allowed for statistical purposes
ITA 649/HYD/2018[2014-15]Status: DisposedITAT Hyderabad31 Oct 2022AY 2014-15
Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 M/S. Pallavi Constructions Vs. Acit Hyderabad Circle 14(1) Pan:Aacfp1600M Hyderabad (Appellant) (Respondent) Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Rohit Mujumdar, Dr Date Of Hearing: 26/10/2022 Date Of Pronouncement: 31/10/2022 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 28.2.2018 Of The Learned Cit (A)-6, Hyderabad Relating To A.Y.2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Partnership Firm Engaged In The Business Of Development Of Properties/Construction. It Filed Its Return Of Income On 30.11.2014 Declaring Total Income Of Rs.1,16,40,200/-. During The Course Of Assessment Proceedings, The Assessing Officer Observed From The Details Furnished By The Assessee That It Has Claimed An Amount Of Rs.2,72,36,046/- Towards “Bank Interest & Charges”. On Being Asked By The Assessing Officer To Submit The Page 1 Of 8
For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Rohit Mujumdar, DR
Section 191Section 194A(3)(ii)Section 194A(3)(iii)Section 201Section 271(1)(c)Section 37(1)Section 40
TDS on interest payment and deposited the same into the govt. a/c within the stipulated time, the Assessing
Officer disallowed the interest to the tune of Rs.1,40,96,519/- by invoking the provisions of section 40(a)(ia) of the Act.
3. Before the learned CIT (A), it was submitted that the interest amount disallowed by the Assessing Officer
