TDS deduction vis-à-vis amortization of discount on debentures needs re-adjudication due to additional evidences

ACIT Vs AVR Swarnamahal Jewellery Pvt Ltd (ITAT Chennai)

ITAT Chennai held that deduction of TDS vis-à-vis amortization of discount on debentures needs fresh adjudication in the light of additional evidences filed by the revenue. Accordingly, matter restore back.

Facts- The assessee claimed expenditure of Rs. 285.18 Lacs as ‘Amortization of discount on debentures’. Since the assessee did not deduct TDS against the same, AO proposed disallowance u/s. 40(a)(ia). CIT(A) deleted the said disallowance

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