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2022 (3) TMI 623 - SCH - Income TaxTDS u/s 194A - tds on payments of interest made to the Agra Development Authority. Agra Development Authority is a statutory body constituted under the provisions of the UP Urban Planning and Development Act 1973 - HELD THAT:- The issue which is raised in the present appeals is covered in Commissioner of Income Tax (TDS) Kanpur and Another vs Canara Bank [2018 (7) TMI 664 - SUPREME COURT] wherein the issue pertained to the applicability of the notification dated 22 October 1970 in relation to payments made by Canara Bank to the New Okhla Industrial Development Authority (“NOIDA”), an authority constituted under Section 3 of the Uttar Pradesh Industrial Area Development Act 1976. The Bank had not deducted tax at source under Section 194-A which led to notices being issued, resulting in consequential action. This Court, after considering the terms of the notification held that NOIDA which has been established under the Act of 1976 is covered by the notification dated 22 October 1970. Though the statute under which the Agra Development Authority has been constituted is the UP Urban Planning and Development Act 1973, the same principle which has been laid down in the judgment of this Court in Canara Bank (supra), would govern the present case. We accordingly allow the appeals and set aside the impugned judgment and order of the Division Bench of the High Court of Judicature at Allahabad in Income. The orders imposing penalty under Section 271C of the Income Tax Act 1961, shall in the circumstances be set aside.
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