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2012 (6) TMI 507 - HC - Income TaxInterest u/s 206C(7) - Tax collected at source paid by deductees (Contractors) - Evidence placed on record in reply to SCN - Held that:- Considering the provision contained in section 206C(7) and Circular dated 29.01.1997 it is clear that even if the deductees (Contractors) pay tax, the liability of the deductor (appellant) with regard to charging of interest will continue till the date of payment of taxes by the deductees (contractors)- if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid - no substantial question of law is involved - against assessee.
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