TMI Blog2015 (11) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... (3), provision of section 194A are not applicable and the assessee was not liable for deducting tax at source on the interest credited in SRA. - Decided in favour of assessee - ITA No.4911/Del./2013 - - - Dated:- 6-10-2015 - Sh. G. C. Gupta, Hon ble Vice President And Sh. O.P.Kant, Accountant Member For The Appellant by : Sh. Sujit Kumar, Sr. DR For The Respondent by : Sh. O.P. Sapra, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has not filed any TDS statement in respect of impugned transaction and therefore the case cannot be said to be covered u/s 201(3)(i) of the IT Act. The TDS verification was conducted on 19.02.2013 and order of the AO passed on 22.03.2013 and therefore the order of the AO was well within limitation period. 2. Facts in brief are that the assessee is a scheduled commercial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause the interest on SRA credited by the assessee was deemed to be a deductible deposit and therefore excluded from the total income chargeable under the Act. Further, the assessee contended that the interest was not taxable even at the time of withdrawal if the same was utilized for the purposes contained in the SRA scheme in accordance with the provisions of the Act. The ld. AO, however, did n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. At the outset, the learned Authorised Representative (in short AR‟) of the assessee submitted that on merit, the decision of the co-ordinate bench of the Income-tax Appellate Tribunal ( ITAT) in ITA No.3936, 3937 and 3938/Del/2013, for the Assessment Year 2010-11, 2011-12 4 and 2012-13, in the case of the assessee, is in favour of the assessee. In the above appeal, the coordinate bench ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Restoration Account is not a term deposit for a fixed period and therefore in view of clause (vii) to section 194A(3), provision of section 194A are not applicable and the assessee was not liable for deducting tax at source on the interest credited in SRA. 4. In view of the our finding as above, the ground of the Revenue that the ld CIT(A) erred in holding that the orders of the AO was barred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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