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Teesta Valley Exports Ltd., Kolkata vs Dcit, Circle - 4(2), Kolkata, Kolkata on 18 December, 2019
cites
Teesta Agro Industries Ltd., Kolkata vs Dcit, Cir-12(2), Kolkata, Kolkata on 15 May, 2018
4. Next comes sec. 14A r.w.s. 8D(2)(ii) proportionate interest disallowance
of ₹2,10,760 in relation to exempt income of ₹51,500/-. Suffice to say,
assessee's aggregating balance of shareholders fund was on 31.03.2011 and
ITA No.1242/Kol/2018 A.Y.2012-13
Teesta Valley Exports Ltd. V. DCIT, Cir-4(2), Kol. Page 4
assessee's interest free funds are of ₹566,91,868 & ₹604,37,914/- as against
the investments of ₹39,29,975//- as on 31.03.2012.
Section 14A in The Income Tax Act, 1961 [Entire Act]
Teesta Valley Exports Ltd., Kolkata vs Dcit, Circle 4(2), Kolkata, Kolkata on 18 July, 2018
"2. We come to the first issue of warehousing charges disallowance amounting to
₹10,38,944/- on account of non-deduction of TDS under section 40(a)(ia) of the Act.
The assessee claimed to have paid two individuals namely Proloy Neogy and ITA
No.399/Kol/2017 A.Y. 2013-14 Teesta Valley Exports Ltd. Vs. DCIT, Circle 4(2),
Kolkata Page 2 Bannya Neogy for having incurred the impugned warehousing
charges on its behalf ultimately paid to third party payees. The Assessing Officer
disallowed the same on account of its failure in deducting TDS thereupon under
section 40(a)(ia) of the Act. The CIT(A) upholds the Assessing Officer's action as
follows:
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