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2015 (11) TMI 877 - AT - Income TaxTDS liability u/s 194A - interest to Punjab Agri Export Corporation Limited - Held that:- There is no documentary evidence placed on record by the ld. Counsel for the assessee that the loan has been raised from the Government and interest is payable to the Government and therefore, the submission made before the ld. CIT(A) and before us cannot help the assessee to cover the issue u/s 196(i) of the Act. It has also been conceded before the ld. CIT(A) that Punjab Agro Food Grains Corpn. Ltd., has also not declared the said interest income in their books of account. No infirmity in the order of the ld. CIT(A), who has rightly held the assessee in default u/s 201(1) & 201(1A) of the Act. We find no infirmity in the order of the ld. CIT(A) subject to the rate of interest which the assessee in ground No.3 has agitated should have been 10.30% instead of 11.33%. The AO is directed to verify the rate of interest as per law whether it is 10.30% or 11.33%. Accordingly, the matter is set-aside to the file of the AO only to the extent of determination of rate of TDS applicable ie. @ 10.30% or 11.33%.
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