2005 (10) TMI 249

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.... against the order of the CIT(A), dt. 14th Aug., 2003, pertaining the asst. yr. 1999-2000. 2. The assessee-firm while finalizing accounts on 31st March, 1999 credited interest exceeding Rs. 2,500 in the accounts of some creditors without making deductions of tax at source. Form No. 15H was received by the assessee-firm on 1st April, 1999. i.e., after the close of the financial year. The ITO iss....

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....tes, which it has failed to do. 4. Before this Bench the same issue, has been taken by both the parties. 5. I have heard the rival submissions and perused the evidence on record. The learned representatives have taken similar lines of their arguments as taken before. 6. The undisputed facts of the case are that the assessee-firm had credited interest exceeding Rs. 2,500 on 31st March, 199....

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....004 [reported at (2004) 84 TTJ (Jd) 802-Ed.] wherein it has been held that the penal provisions are attracted only when the payment is made in cash and not by crediting the same. 7. On the contrary, the learned Departmental Representative has placed reliance on the orders of the authorities below and argued in favour of the levy of penalty. 8. Like all other penalties provided under the Act,....

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....e accounts of some creditors. These forms were received only on 1st April, 1999, by the assessee-firm. But the plea of the assessee that in the earlier year also it followed the similar practice and no objection was raised by the Department and that the amount was not paid in cash it was only credited to the respective accounts. The Form No. 15H was received on the very next day i.e., on 1st April....