U.P SAMAJ KALYAN NIRMAN NIGAM LIMITED (NOW KNOWN AS U.P STATE CONSTRUCTION AND INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.),LUCKNOW vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, LUCKNOW

194A of\nthe Income Tax Act, TDS is not deductible on savings bank interest because\nbalance in the savings bank account is not treated as security but the provision\nof this section applies only to the interest earned on FDR's which is treated as\nsecurity on which TDS is deducted by bank. The same accounting policy; and\npractice

M/S. DISTRICT COOPERATIVE BANK LIMITED,SHAHJAHANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, BAREILLY

In the result, the appeal of assessee is allowed for statistical purposes

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2012-13 M/S District Cooperative Bank Deputy Commissioner Of Limited, Near Civil Court Road, Vs. Income Tax, Circle-I, Bareilly Shahjahanpur, U.P. Pan:Aaaad8759N (Appellant) (Respondent) Assessee By: Sh. B.P. Yadav, Adv Revenue By: Sh. Amit Singh Chauhan, Jcit Date Of Hearing: 13.08.2024 Date Of Pronouncement: 30.09.2024 O R D E R

194A, on the basis of Forms 15G/15H deposited by the customer under section 197A(1A). However, the ld. Assessing Officer and the ld. CIT(A) erred by not appreciating that the branches had obtained Forms 15G/15H as applicable and only because the assessee had not delivered the same to the prescribed authority under section 197A(2), they had rejected