Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Home Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles News Highlights
Extracts
Home List
← Previous Next →

The Karur Vysya Bank Ltd. Versus The Assistant Commissioner of Income Tax, TDS Circle, Hubli

2017 (9) TMI 829 - ITAT BANGALORE

Default u/s. 201(1) & 201(1A) - assessee is a bank where TDS was not deducted on interest earned on FDRs to its customers - reason for non-deduction of tax at source was stated to be the submission of Form 15G/15H by the customers - Held that:- Undisputedly assessee has submitted the Forms 15G/15H before the AO, but it was not considered on account of its non-submission in time before the jurisdictional CIT and the AO passed an order u/s. 201(1) & 201(1A) of the Act raising a demand therein. The .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessee cannot be held to be in default and no demand should be raised u/s. 201(1) & 201(1A) of the Act. Otherwise, the AO may act in accordance with the law. Accordingly, the order of CIT(Appeals) is set aside and the matter is restored to the file of Assessing Officer to readjudicate the issue afresh in the terms indicated above, after affording opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes - ITA No.1854/Bang/2016 - Dated:- 9-8-2017 - SHRI .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ned Commissioner of Income Tax (Appeals) erred in upholding the order of the Assessing Officer passed u/s 201(1) & 201(A) of the Income Tax Act for non/less deduction of tax at source. 3. The learned Commissioner of Income Tax (Appeals) erred in not appreciating that the Branch had obtained Form 15H/15G in all the cases. 4. The learned Commissioner of Income Tax (Appeals) failed to appreciate the fact that non submission of Form 15G/15H to the jurisdictional CIT is only a technical breach an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

was held to be in default and the AO has passed an order u/s. 201(1) & 201(1A) of the Income-tax Act, 1961 [ the Act ]. 3. During the course of hearing, the ld. counsel for the assessee has submitted that assessee is a bank where TDS was not deducted on interest earned on FDRs to its customers. The reason for non-deduction of tax at source was stated to be the submission of Form 15G/15H by the customers. Since the aforesaid Form was not submitted to the jurisdictional CIT, the AO has held th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion that undisputedly TDS was not deducted on account of receipt of Form 15G/15H. There may be irregularity in submission of the Form 15G/15H before the jurisdictional CIT. But when the assessee has furnished the Form before the CIT(Appeals), the CIT(Appeals) should have taken cognizance of the same and after having examined it, allowed the relief to the assessee. But instead of doing so, the CIT(Appeals) has confirmed the order of AO. 6. The ld. counsel for the assessee has further invited our .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

CIT, 2015 (12) TMI 1553 - ITAT Chennai. 3. Malineni Babulu (HUF) v. ITO, 2015 (8) TMI 705 - ITAT Hyd. 4. Vijaya Bank v. ITO, 2014 (3) TMI 539 - ITAT Del 5. DCIT (TDS) v. Jai Prakash Associates Ltd., 2015 (5) TMI 356 - ITAT Lucknow. 7. The ld. DR placed reliance upon the order of CIT(Appeals). 8. Having carefully examined the orders of lower authorities in the light of rival submissions, we find that though assessee has furnished Form 15G/15H before the CIT(Appeals), but the CIT(Appeals) did not .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version