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2015 (11) TMI 1363 - ITAT DELHI

2015 (11) TMI 1363 - ITAT DELHI - TMI - TDS u/s 194A - Site Restoration Account - Held that:- Following the decision of coordinate bench of the ITAT in the case of the assessee itself [2014 (7) TMI 905 - ITAT DELHI] we hold that Site 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. - Decided .....

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The Revenue has raised following grounds:- 1. The CIT(A) has erred in law and on facts in holding the order of the AO as barred by limitation ignoring the facts that the assessee had not raised this issue before the AO and therefore the ld CIT(A) should have been given an opportunity to the AO before deciding the issue. 2. The ld CIT(A) has erred in law and facts in holding the order of the AO as barred by limitation by treating the order of AO to be covered u/s 201(3)(i) of the IT Act ignoring .....

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on 19/02/2013 on the branch of the assessee bank located at Tel Bhawan, Dehradun. During verification it was observed that the Oil and Natural Gas Corporation Ltd. (in short ONGC ) was maintaining an account called Site Restoration Account (SRA) with the assessee. The learned Assessing Officer (in short AO‟) observed that no tax was deducted by the assessee bank on the interest which accrued on the said account to the ONGC. Before the ld AO, the assessee submitted that as per provisions o .....

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d in the SRA scheme in accordance with the provisions of the Act. The ld. AO, however, did not accept the contention of the assessee and held the assessee to be in default in deducting of tax and raised demand u/s 201 and interest u/s 201(1A) of the Act. Against the said order of the ld. AO, the assessee filed appeal before the learned Commissioner of Income-tax (appeals) [in short CIT(A)‟], who, then held that as per clause (i) of provisions of section 201(3) of the Act, the AO was requir .....

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