No disallowance for Non deduction of TDS on amount paid to Tata Group Companies

The assessee is engaged in the business of transportation and contract. The return of income for Assessment Year (AY) 2009-10 was filed declaring income at Rs.5,23,080/-. The assessment was made under s.143(3) of the Act and total income of Rs.5,33,620/- was determined. Subsequently, case was reopened and assessment under s.143(3) r.w.s.147 of the Income Tax Act, 1961 was passed after making additions towards interest expenses of Rs.3,25,528/- paid to non-financial institutions on the ground that TDS on interest payment has not been not deducted in term

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