STATE BANK OF INDIA ,MANGALORE vs. INCOME TAX OFFICER, TDS , MANGALORE

ITA 984/BANG/2024Status: DisposedITAT Bangalore01 July 2024AY 2016-17Bench: SHRI CHANDRA POOJARI (Accountant Member), SMT. BEENA PILLAI (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that LTC for foreign travel is not exempt under Section 10(5) of the Income Tax Act, and therefore, the assessee was liable to deduct TDS. The Supreme Court's decision in the assessee's own case affirmed this position.

What were the facts?

The assessee, State Bank of India, failed to deduct Tax Deducted at Source (TDS) on Leave Travel Concession (LTC) payments made to its employees for foreign travel. The Assessing Officer treated the bank as an assessee in default and levied penalty and interest.

What were the issues?

Whether the assessee bank was in default for not deducting TDS on LTC payments made for foreign travel, and if the interim stay from the Madras High Court provided any relief.

Which sections of the Income-tax Act were involved?

Section 10(5),Section 192,Section 201(1),Section 201(1A)

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Income Tax Appellate Tribunal, “B’’ BENCH: BANGALORE

Before: SHRI CHANDRA POOJARI & SMT. BEENA PILLAI

Hearing: 01.07.2024Pronounced: 01.07.2024

PER CHANDRA POOJARI, ACCOUNTANT MEMBER:

These appeals by assessee are directed against different orders of NFAC for the assessment year 2016-17 dated 21.3.2024, wherein

The order continues below.

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