Court :
HC
Brief :
Held by the Hon`ble Court that, as assessee merely acted as an agent and amounts repaid by the directors/managing directors including interest were not reflected in its accounts as loans or borrowing of the assessee. Therefore assessee was not a person responsible for paying interest to lender and A.O. was not justified in law for invoking sec. 194A, 201(1) and (A1) and 271 C.
Citation :
C.I.T. and others Vs. Century Building Industries P. Ltd.
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Judgement posted by
CA.Saibaburao Nanduri
Chartered Accountant
I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more
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