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2016 (2) TMI 116 - AT - Income TaxTDS u/s 194A - non deduction of tds on interest by assessee bank - CIT(A) holding the assessee bank as “Assessee in Default” under sec. 201(1) and raising demand - Held that:- It is not in dispute that the recipient of interest income i.e. Visvesvaraya Technological University has filed its return of income and has included the interest paid by the assessee as its income in the said return of income. As per sec. 4 of the Income Tax Act, it is the recipient of interest who is liable to pay tax. We find that no material has been brought before us to show that in pursuance to any assessment made in the case of Visvesvaraya Technological University any tax was determined by the Department as payable by Visvesvaraya Technological University and which had become unrecoverable from Visvesvaraya Technological University. However, we find force in the argument of the Departmental Representative, the issue requires to be set aside to the file of the Assessing Officer for verification of additional evidence filed by the assessee in Form 26A and thereafter adjudicate afresh after taking into consideration the decision of the Hon‟ble Supreme Court in the case of Hindustan Coca Cola Beverage P. Ltd. (2007 (8) TMI 12 - SUPREME COURT OF INDIA ) and the observations made hereinabove and after allowing reasonable opportunity of hearing to the assessee. - Decided in favour of assessee for statistical purpose.
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