TMI Blog2015 (11) TMI 409X X X X Extracts X X X X X X X X Extracts X X X X ..... long to the State Government of Punjab and an income arising out of it belonged to the Government of Punjab. Annexure A-4 is a self-serving certificate issued without any corroboration from any supporting material. Annexure A-5 also does not advance the case of the appellant as it is the minutes of meeting of Corpus Fund Committee only. Thus, it cannot be said that the interest paid by the appellant was to the Government and would fall under Section 196(i) of the Act. - Decided against assessee. - ITA No. 338 of 2015 (O&M) - - - Dated:- 9-10-2015 - Ajay Kumar Mittal And Ramendra Jain, JJ. For the Appellant : Mr. Vishal Gupta, Advocate JUDGMENT Ajay Kumar Mittal, J. 1. This appeal has been preferred by the assessee un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice dated 21.3.2012 to the assessee for verification of the compliance of TDS/TCS provisions. The Assessing Officer vide order dated 27.3.2012 (Annexure P-1) passed under Sections 201(1)/201(1A) of the Act raised a demand of ₹ 13,64,006/- including interest. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity the CIT(A) ]. The CIT(A) vide order dated 8.11.2013 (Annexure A-2) partly allowed the appeal. Still dissatisfied, the assessee challenged the orders, Annexures A-1 and A-2 before the Tribunal, who vide order dated 17.3.2015 (Annexure A-3) upheld the order of the CIT(A) and dismissed the appeal. Hence, the present appeal. 3. Learned counsel for the assessee submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer vide order dated 27.3.2012 (Annexure A-1) created a total demand of ₹ 13,64,006/- including ₹ 9,21,626/- for short deduction of tax at source under Section 201(1) of the Act and ₹ 4,42,380/- on account of interest under Section 201(1A) of the Act. The CIT(A) recorded that the assessee had made a provision for the interest of ₹ 48 lacs in its books of account where no TDS was deducted even after the financial year was over. It was also recorded that the Punjab Agro Industrial Corporation (PAIC) has also not shown the interest income in their books of account. The CIT(A) concluded that the Assessing Officer was right in creating demand of ₹ 5,43,840/- along with interest for not deducting TDS. The Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any interest on the loan of ₹ 6 crores in the books of account/balance sheet. When asked the assessee to substantiate its claim, it has been fairly conceded by the Ld. ARs of the assessee that the assessee has provided for the interest of ₹ 48 lakhs in the books and no TDS was deducted as the financial year was already over. It has also been conceded during the appellate proceedings that PAIC has also not shown the interest income in their books of account as their income meaning thereby that the benefit of the judicial pronouncement in the case of Hindustan Coca-Cola will also not be available to the assessee. In these facts and in the circumstances of the case, I am of the opinion that the AO is justified in creating demand of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tate Government of Punjab and an income arising out of it belonged to the Government of Punjab. Annexure A-4 is a self-serving certificate issued without any corroboration from any supporting material. Annexure A-5 also does not advance the case of the appellant as it is the minutes of meeting of Corpus Fund Committee only. Thus, it cannot be said that the interest paid by the appellant was to the Government and would fall under Section 196(i) of the Act. 9. In view of the above, no substantial question of law arises in this appeal. Consequently, finding no merit in the instant appeal, the same is hereby dismissed. 10. There is a delay of 2 days in filing the appeal. CM No. 19282-CII of 2015 has been filed for condonation of 2 days ..... X X X X Extracts X X X X X X X X Extracts X X X X
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