TMI Blog2018 (5) TMI 1170X X X X Extracts X X X X X X X X Extracts X X X X ..... rising out of such payment in advance, and therefore, the ratio laid down in a decision of this Court in case Commissioner of Income-Tax v. Rishikesh Apartments Coop. Housing Society Limited [2001 (6) TMI 17 - GUJARAT High Court ] would apply. [B] In absence of any such advance payment, should the assessee not pay interest on delayed deposit of tax by the payee, as clarified by the Supreme Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disposal on the following question of law presented by the Revenue : Whether the Appellate Tribunal has erred in law and in facts in deleting the interest levied under Section 201 [1A] of the Act ? The respondent-assessee is a company registered under the Companies Act, 1956. For the assessment year 2007-2008, the assessee had paid interest of ₹ 26.40 Crores [rounded off] on De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x, reported in [2007] 293 ITR 2w26 [SC] and dismissed the Revenue s appeal. The revenue s principal grievance in this appeal against the said judgment of the Tribunal is that the Tribunal did not provide for recovery of interest on delayed payment by HDFC; if any, as is provided by the Supreme Court in the said judgment in case of Hindustan Coca Cola Beverages Private Limited [Supra]. On this l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at all has not been examined by the Tribunal, in view of the Tribunal s application of the ratio laid down by the Supreme Court in the case of Hindustan Coca Cola Beverages Private Limited [Supra]. In our view, all these aspects require consideration. While not disturbing the Tribunal s opinion that the decision of the Supreme Court in case of Hindustan Coca Cola Beverages Private Limited [Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontention that in any case, looking to the nature of payments in question, liability of the assessee to deduct tax at source did not arise at all. For considering the above issues, the impugned judgment of the Tribunal is set-aside. Proceedings are remanded back to the Tribunal for fresh consideration in accordance with law. Tax Appeal stands disposed of accordingly. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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