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of <h1>Tribunal rules in favor of company, no interest liability for TDS credit</h1> <h3>Asst. Commissioner of Income-tax Versus M/s. Bhoorathnam Company</h3> The Tribunal directed the Assessing Officer to credit TDS certificates filed by the appellant company as per Rule 37BA. It was found that there was no ... - Issues involved: Appeal against order of CIT(A) for assessment year 2004-05.Facts: Search and seizure operation u/s. 132 of the I.T. Act, 1961 in group cases of M/s. Bhooratnam & Company. Incriminating documents found and seized. Case notified with ACIT, Central Circle-5, Hyderabad.Issue 1 - Interest u/s. 234B and 234C:- Assessing Officer levied interest u/s. 234B and u/s. 234C.- Assessee claimed TDS at Rs. 56,90,053, but only Rs. 29,09,173 credit given by AO.- Assessee argued for TDS benefit u/s. 199 as per Rule 37BA of I.T. Rules.- Counsel cited judgment of Central Provinces Manganese Ore Co. Ltd. v. CIT (1986) 160 ITR 961 (SC).- Counsel contended no shortfall in payment of prepaid taxes if full TDS credit given.- Mumbai ITAT decision in the case of Datamatics Ltd. (2008) 299 ITR (AT) 286 referred.- Counsel argued interest levied u/s. 234B without legal basis.Issue 2 - Interest u/s. 234C:- Assessee argued not liable for advance tax due to TDS exceeding tax payable.- Shortfall in prepaid tax calculated due to incomplete TDS credit.- Counsel requested deletion of interest levied u/s. 234C.- AO added interest u/s. 234B and u/s. 234C aggregating to Rs. 6,60,152.Judgment:- CIT(A) directed AO to give credit for TDS certificates filed by appellant company as per Rule 37BA.- Tribunal found no balance of tax payable by assessee after TDS credit.- Assessee not liable for interest u/s. 234B and 234C.- Revenue's appeal dismissed.Note: Separate judgment not delivered by the judges.
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