https://www.taxtmi.com/caselaws?id=267021 Interest under section 201(1A) was held not leviable where TDS was remitted within the prescribed time by cheque or electronic transfer, but credit to the Government account was delayed only because of bank or clearing process. The decisive principle applied was that delay after valid remittance, when not attributable to the deductor and beyond its control, cannot be treated as default for interest purposes. The CBDT circular supporting relation-back on honoured cheques reinforced this approach. On the facts, the challans showed timely payment, so the assessee was not fastened with interest for the later credit entry. en-us Fri, 11 Sep 2015 00:00:00 +0530 Thu, 01 Oct 2015 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267021 Interest under section 201(1A) was held not leviable where TDS was remitted within the prescribed time by cheque or electronic transfer, but credit to the Government account was delayed only because of bank or clearing process. The decisive principle applied was that delay after valid remittance, when not attributable to the deductor and beyond its control, cannot be treated as default for interest purposes. The CBDT circular supporting relation-back on honoured cheques reinforced this approach. On the facts, the challans showed timely payment, so the assessee was not fastened with interest for the later credit entry. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267021