Case Law Details
ACIT Vs Parag Fans & Cooling System Pvt. Ltd (ITAT Indore)
Disallowance was made for the alleged non deduction of tax at source on the alleged amount of interest of Rs.25,95,609/-. We find that the assessee has not shown expenditure of Rs.25,95,609/- in its Profit &Loss account. Since no such expenditure has been claimed by the assessee against the revenue for the year and this fact remains undisputed at the end of both the parties, then in such situation the disallowance made u/s 40a(ia) of the Act is uncalled for.
FULL TEXT OF THE ITAT JUDGEMENT
The above captioned appeal filed at the instance of revenue pertaining to Assessment Years 2012-13 & 2014-15 are directed against the order of Commissioner of Income Tax (Appeals) (in short ‘Ld.CIT’], Ujjain evenly dated 21.03.2018, which are arising out of the order u/s 143(3) of the Income Tax Act 1961(In short the ‘Act’) dated 27.03.2015 and 26.12.2016 framed by DCIT-1(1) and ACIT-1(1), Ujjain respectively.
2. Revenue has raised following grounds of appeal :-
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