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2017 (10) TMI 1240 - AT - Income TaxAssessee in default - non deduction of tds - Held that:- The assessee before AO as well as before CIT(A) claimed interest on debentures as expense and stated that the recipients parties are assessed to tax and they have included the interest accrued in their respective returns of income and therefore assessee cannot be held as assessee in default under section 201(1) and consequent interest under section 201(1A) of the Act cannot be charged. From the above facts and circumstances, we find that the TDS deducted for AY 2004-05 related to the interest accrued in FY 2000-01 and 2001-02 to these parties. The AO at least can verify this fact whether these parties i.e. the recipients have declared this interest in AY 2004-05 as claimed by assessee, he will delete the addition. - Decided in favour of assessee for statistical purposes.
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