Acceptance of old TDS certificates permits tax credit for banks, subject to indemnity bond and genuineness verification. Tax credit may be allowed to banks on the basis of TDS certificates issued in old forms for interest on securities, provided the assessee furnishes an indemnity bond under rule 31(5) and the Assessing Officer verifies the genuineness of the certificates; no interest under section 244A will be payable. This facility is extended to private, foreign and other banks on the same conditions, while Chief Commissioners may decide acceptance for other government bodies based on Form No.16 availability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acceptance of old TDS certificates permits tax credit for banks, subject to indemnity bond and genuineness verification.
Tax credit may be allowed to banks on the basis of TDS certificates issued in old forms for interest on securities, provided the assessee furnishes an indemnity bond under rule 31(5) and the Assessing Officer verifies the genuineness of the certificates; no interest under section 244A will be payable. This facility is extended to private, foreign and other banks on the same conditions, while Chief Commissioners may decide acceptance for other government bodies based on Form No.16 availability.
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