TMI Blog2017 (9) TMI 1695X X X X Extracts X X X X X X X X Extracts X X X X ..... ties. CIT(A) has rightly followed the aforesaid decision and deleted the demand in dispute, which does not need any interference on our part, hence, we uphold the same and reject the ground no. 1 raised by the Revenue. Short deduction of TDS and interest thereon - Form No. 15G/15H were not submitted to the CIT(TDS), Chandigarh on or before 7th day of the week - Held that:- Assessee had received Form 15G/15H from all the persons to whom the interest was paid and the assessee had also sent these Forms to the Income Tax Department. Not sending these Forms Specifically to CIT, TDS is a mere technical breach. CIT(A) has rightly held that assessee was not required to deduct TDS on interest so paid, hence, the demand raised by the AO was accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A), Gurgaon has erred in deleting the demand raised on account of short deduction of TDS of ₹ 16,686/- and interest thereon of ₹ 5,006/- with respect to cases where From No. 15G/15H were not submitted to the CIT(TDS), Chandigarh on or before 7th day of week, next following the month in which declaration is furnished him (Sec. 197A and note 28C). 3. The appellant craves leave to add, alter, amend and / or, modify any of the grounds of appeal at or before the hearing of the appeal. 2.1 In anther Appeal, identical issues are involved and similar grounds have been raised, the only difference is in the figures involved, hence, the grounds are not reproduced here for the sake of brevity. 3. The brief facts of the case a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee bank filed information vide its letter dated 5.2.2014 and after perusing the same, it was found by the AO that assessee bank has paid total interest of ₹ 5,83,00,389/- during the FY 2011-12 and it was further noticed that interest of ₹ 4,44,16,410/- was shown paid to PACS whereupon no TDS was made, as a result, the assessee bank failed to deduct the tax at source u/s. 194A on payment of interest on deposits from PACS and other societies and also failed to deposit in the Central Government Account so far. The Bank was required to show cause as to why not the assessee bank be treated as person in default u/s. 201(1)/201(1A) of the I.T. Act, 1961 and in response thereof, the assessee submitted its reply dated 24.2.2014 stati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the provisions of the I.T. Act, 1961, hence, credit for the amount of interest claimed to be covered by Form 15G/15H is not being allowed. Accordingly, the Deductor was held to be in default u/s. 201(1)/201(1A) in respect of amount of ₹ 1,66,874/- and accordingly, total demand payable was computed us 201(1) ₹ 88,99,974/- and u/s. 201(1A) ₹ 27,14,409/-, thus totaling to ₹ 1,16,14,383/- vide order dated 03.3.2014 passed u/s. 201(1) 201(1A) of the Income tax Act, 1961. 4. Against the assessment order dated 03.3.2014, the assessee appealed before the Ld. CIT(A-2), Gurgaon, who vide his common impugned order dated 14.10.2015 has allowed the appeal of the assessee. Aggrieved with the impugned order, the Revenue is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 15G/15H were not submitted to the CIT(TDS), Chandigarh on or before 7th day of the week, next following the month in which declaration is furnished to him is concerned, we note that as per the Assessment order the demand has been raised as the assessee had failed to furnish the documentary evidence in respect of submission of Form 15G/15H to the concerned CIT, Income Tax Department. It is not disputed that the assessee obtained Form 15G/15H in respect of the person to whom the interest pertaining to the demand raised in the ground was paid. It is also a fact that the assessee had claimed that the forms were sent to the Income Tax Department albeit not to the concerned CIT of the Income Tax Department. The AO has not controverted this clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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