TaxTMI 
TaxTMI 
2022 (1) TMI 1087
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.... Year 2009-10. 2. When the matter was called for hearing it was noticed that there was none appeared on behalf of the assessee despite the fact that case has been listed for hearing for more than 3 times. On the previous occasion the notice intimating the date of hearing was sent to the address of the assessee which was duly served. It is the trite law that assessee after filing the appeal should be vigilant enough to prosecute the same. But, we find that the assessee is not serious in pursuing the appeal filed by it. In the absence of any co-operation from the side of the assessee, we don't find any reason to keep the matter pending before us. Accordingly, we decide to proceed to adjudicate the appeal after hearing the learner DR appearin....
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....Act. 5. The assessee in the present case is a bank and accepting deposits from the public and paying interest to them on such deposits. The assessee in the year under consideration has paid interest to one of the party namely Shri Bipin N Shah amounting to Rs. 1,71,031/- without deducting the TDS under the provisions of section 194A of the Act. It was contended by the assessee that it has received form 15H/15G from the party and therefore no TDS was deducted in pursuance to the provisions specified under section 197A(1A) of the Act. 5.1 However, the AO was of the view that the provisions of section 197A(1A) of the Act deals with the payment of interest up-to the amount not chargeable to tax i.e. Rs. 1,50,000/- for the year under considera....
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....at the payee has furnished his return of income declaring an income of Rs. 1,43,320/- after claiming the deduction under section 80C/80D of the Act for Rs. 56,230/-. The return of income was filed by the payee after considering the amount of interest received from the assessee. Thus, income declared by the payee was less than the basic exemption limit provided under the Act i.e. Rs. 1,50,000/- only. Accordingly it was prayed in the statement of facts that the assessee should not be treated as assessee in default in the manner provided under section 201(1) of the Act. 10. On the contrary, the learned DR vehemently supported the order of the authorities below. 11. We have heard the rival contentions of both the parties and perused the mater....