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of <h1>ITAT Delhi: Appeals Allowed, Interest Levy on TDS Deposit Deleted for A.Y. 2021-22</h1> <h3>BT (India) Private Limited Versus ACIT CPC TDS Ghaziabad</h3> BT (India) Private Limited Versus ACIT CPC TDS Ghaziabad - TMI Issues involved: Appeal against levy of interest on delay in TDS deposit for A.Y. 2021-22.Summary:The ITAT New Delhi heard three separate appeals by the assessee against orders of NFAC Delhi regarding the levy of interest on alleged delay in TDS deposit for A.Y. 2021-22. Common issues were addressed collectively for convenience. The grievance was in respect of interest on the delay in TDS deposit. The assessee was required to deposit TDS by 7th July 2020 as per IT Rules 1962. Although the amount was debited on 07.07.2020, the stamp on the challans showed 08th July 2020. Interest was levied u/s. 201(1A) of the Act for the delayed deposit, which was challenged before CIT(A) unsuccessfully. The Counsel argued that the assessee fulfilled its duty by depositing the tax on time, and no interest should be levied due to bank transfer delay. The DR supported NFAC's findings.Upon review, the ITAT found that the payments were made electronically on the due date, and the money left the assessee's account on time, as evidenced by the bank statement. The ITAT concluded that the tax was deposited on or before the due date, directing the AO to delete the addition. Consequently, the appeals by the assessee were allowed, and the order was pronounced on 19.04.2023.
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