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2016 (3) TMI 827 - ITAT HYDERABAD

2016 (3) TMI 827 - ITAT HYDERABAD - TMI - Tds u/s 194A - non deduction of tds on interest on deposits - revision u/s 263 - Held that:- the direction of the Ld. CIT to re-do the assessment is due to non-submission of the requisite details by the assessee before him. Under section 263 of the Act, CIT has wide powers but does not have unfettered discretion to revise the assessment order and the condition necessary for invoking the power must exist. The CIT can come to the conclusion of the assessme .....

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t the issue to the file of the Ld. CIT with a direction to re-look into the matter in the light of paper book filed by the assessee. Needless to say that assessee shall be given a fair opportunity of being heard. - Decided in favour of assessee for statistical purposes. - ITA No. 285/Hyd/2015 - Dated:- 24-2-2016 - P. Madhavi Devi, JM And S. Rifaur Rahman, AM For the Appellant : Mr T Umakanth For the Respondent : Smt K Mythili Rani ORDER Per Smt. P. Madhavi Devi, JM This is assessee's appeal .....

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3.12.2014 and has asked for various details relating to the tax deducted at source on interest paid on deposits. The Assessee vide letter dated 28.12.2015 submitted to CIT that all the branches are subject to tax audit along with statutory audit and the particulars of TDS are verified and qualify the report in case there is any default in deducting TDS amount or payment of the same to the I.T. Department. It was submitted that the TDS particulars of 15 branches (10 branches in twin cities and R. .....

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