TMI Blog2016 (9) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... demonstrate that the approach of the Commissioner of Income-tax (Appeals) and the Tribunal was erroneous or perverse or that the findings of fact recorded were based on misreading or misappreciation of evidence on record. The view of the Commissioner of Income-tax (Appeals) and the Tribunal is in conformity with the decision of the apex court in Hindustan Coca Cola Beverage P. Ltd. v. CIT [2007 (8) TMI 12 - SUPREME COURT OF INDIA ], where it has been held as under : "Be that as it may, the Circular No. 275/201/95-IT(B), dated January 29, 1997, issued by the Central Board of Direct Taxes, in our considered opinion, should put an end to the controversy. The circular declares 'no demand visualized under section 201(1) of the Income- tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal as narrated therein may be noticed. A tax deducted at source inspection/ survey under section 133A of the Act was carried out at the business premises of the assessee on May 14, 2013. During the course of said survey, it was noticed that the assessee had made payment of interest without deduction of tax at source to the following persons: (i) Director, PEC University of Technology, Chandigarh (Salary Account) ; (ii) Director, PEC University of Technology (Provident Fund Trust ) ; (iii) PEC University of Technology (Pension Fund Trust) ; and (iv) Punjab Infrastructure Development Board. 3. The Assessing Officer questioned the assessee for non-deduction of tax on interest payments, who produced lower deduction certificate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who vide order dated April 15, 2015 (annexure A-3) upheld the order of the Commissioner of Income-tax (Appeals) and dismissed both the appeals. Hence, the present appeal. 4. Learned counsel for the appellant-Revenue submitted that the assessee was required to deduct tax at source under section 194A of the Act and having failed to do so, was liable for additional demand under section 201(1) and (1A) of the Act. 5. We have heard learned counsel for the Revenue and are not impressed with the argument raised by him. 6. The Commissioner of Income-tax (Appeals) has noticed that the assessee had made payments of interest to the following persons without deduction of tax at source : (i) Director, PEC University of Technology, Chandigarh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax (Appeals) read thus : 5. I have considered the facts of the case. As per the documents filed by the appellant, tax was not required to be deducted at source on interest paid to the following : (i) PEC University of Technology, Chandigarh (Salary Account), since its income is exempt under section 10(23C)(iiiab) of the Act. (ii) PEC University of Technology (PF Trust Fund), since the fund is recognized by the Commissioner of Income-tax, Chandigarh. (iii) Punjab Infrastructure Development Board, since its income is exempt under section 10(23C)(iv) of the Act. 5.1. Tax was required to be deducted by treating the payment as 'salary' in respect of three individuals NNND Agents, hired by banks for daily col ..... X X X X Extracts X X X X X X X X Extracts X X X X
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