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2012 (7) TMI 482 - AT - Income TaxDemand of interest u/s. 201(1A) of the IT Act - late deposit of TDS - assessee has submitted explanation for late deposit of TDS on account of time involved in bank clearing, government holidays etc. – Held that:- Since the assessee has not deposited the amount of tax within the prescribed time, therefore, the assessee was liable for interest as per the above provisions. The time taken for clearing of cheques and government holidays and reasonable cause etc. are not the reasons, which could be considered while levying the interest against the assessee Excessive interest – Held that:- There may be some mistake in calculating the excessive interest as is demonstrated by the ld. counsel for the assessee on examining the payment of tax for the month of May, 2007 because the delay is apparently of 11 days but the AO treated the default for 60 days - to that extent, the matter remanded to CIT(A)
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