BANK OF INDIA,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, TDS CIRCEL-51(1), NAGPUR

ITA 386/NAG/2022Status: DisposedITAT Nagpur28 September 2023AY 2013-14Bench: SHRI SATBEER SINGH GODARA (Judicial Member), DR. DIPAK RIPOTE (Accountant Member)16 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the issue of TDS default needs to be determined in light of Explanation to Section 191, excluding cases where interest income does not exceed the basic exemption limit or where eligible persons furnish Form 15H. Interest under Section 201(1A) is payable even if not in default under Section 201(1), but not where there was no obligation to deduct tax.

What were the facts?

The assessee bank failed to deduct TDS on interest income credited to account holders, despite collecting Forms 15G/15H. The Assessing Officer treated the bank as an assessee-in-default for TDS demands and consequential interest.

What were the issues?

Whether the bank is liable for TDS default and interest when Forms 15G/15H were submitted, and whether the demand is time-barred.

Which sections of the Income-tax Act were involved?

Section 201,Section 201(1),Section 201(1A),Section 194A,Section 197A,Section 191

AI-generated summary — verify with the full judgment below

IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH : NAGPUR [THROUGH VIRTUAL HEARING AT INCOME TAX APPELLATE TRIBUNAL : PUNE BENCHES : PUNE

BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK RIPOTE, ACCOUNTANT MEMBER

Sl. ITA.No. A.Y. Assessee/ Dept./ No. Appellant Respondent 1. 359/NAG./2022 2014-15 Bank of India, Somalwada The DC/AC Branch 2. 360/NAG./2022 2014-15 Bank of India, Butibori Branch (TDS), 3. 361/NAG./2022 2014-15 Bank of India, Dharampeth Branch 4. 362/NAG./2022 2014-15 Bank of India, Khapri Branch Circle–51(1), 5. 363/NAG./2022 2014-15 Bank of India, Kalamna Branch 6. 364/NAG./2022 2014-15 Bank of India, Mowar Branch Aayakar 7. 365/NAG./2022 2014-15 Bank of India, Kadbichowk Branch 8. 366/NAG./2022 2014-15 Bank of India, Takalghat Bhawvan, Civil Branch 9. 386/NAG./2022 2013-14 Bank of India, Hudkeshwar Branch Lines, Nagpur 10. 387/NAG./2022 2013-14 Bank of India, Kadbichowk Branch 11. 388/NAG./2022 2013-14 Bank of India, Mahal Branch PIN 440 001 2013-14 12. 389/NAG./2022 Bank of India, Somalwada Branch 13. 391/NAG./2022 2013-14 Bank of India Itwari Branch Maharashtra. Bank of India, Dharampeth Branch, 2012-13 14. 392/NAG./2022 Regd. Office at Nagpur Zon

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