https://www.taxtmi.com/caselaws?id=260398 The Tribunal allowed the appeals regarding the treatment of the Assessee as an "Assessee in default" under Section 201(1) of the Income Tax Act, as TDS was deducted and paid in subsequent years. However, the appeals concerning the levy of interest under Section 201(1A) were dismissed, upholding the interest for delayed TDS deduction. The Tribunal upheld the obligation to deduct TDS when crediting amounts to a suspense account and found the Assessee's accounting practices incompatible with the mercantile system. The reliance on CBDT Circular No. 3/2010 was deemed inapplicable as it pertained specifically to banks. en-us Thu, 14 May 2015 00:00:00 +0530 Thu, 11 Jun 2015 06:21:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260398 The Tribunal allowed the appeals regarding the treatment of the Assessee as an "Assessee in default" under Section 201(1) of the Income Tax Act, as TDS was deducted and paid in subsequent years. However, the appeals concerning the levy of interest under Section 201(1A) were dismissed, upholding the interest for delayed TDS deduction. The Tribunal upheld the obligation to deduct TDS when crediting amounts to a suspense account and found the Assessee's accounting practices incompatible with the mercantile system. The reliance on CBDT Circular No. 3/2010 was deemed inapplicable as it pertained specifically to banks. Case-Laws Income Tax Thu, 14 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260398