Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 872 - HC - Income TaxPayment of interest disallowed u/s 40(a) (ia) - forms submitted by the recipients of interest, filed in Form No.15G and 15H were not produced before the assessing authority - HELD THAT:- The order of remand by the Tribunal is in the light of the Judgment rendered by Division Bench of this Court in the matter of Commissioner of Income-Tax v. Sri Marikamba Transport Co. [2015 (6) TMI 181 - KARNATAKA HIGH COURT] as held that though filing of Form Nos.15G and 15H by recipient of interest is mandatory before the persons from whom they seek payment of interest without deducting tax at source. However filing of same by the person disbursing interest to the authorities is procedural and not mandatory. In the event the assessing authority decides to look into the same, it could be called for while taking up the same for assessment. In the instant case, though the assessing authority entertained doubt regarding the respondent herein collecting such form before disbursing the interest, there is nothing on record to demonstrate that the assessee was called upon to produce forms to substantiate the deductions which they have made. Assessing Authority as well as Appellate Authority is rightly set aside by the Tribunal and the same is remanded back to the Assessing Authority for fresh consideration. On going through the order impugned, this Court is of the considered opinion that the order of remand is just and proper on factual matrix of the case.
|