TaxTMI 
TaxTMI 
2016 (9) TMI 56
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....tantial questions of law : "Whether the Income-tax Appellate Tribunal was right in law in deleting the demand created under section 201(1) and (1A) in respect of Punjab Infrastructure Development Board, treating the assessee in default for not deducting the tax at source, as compulsorily required under section 194A of the Act, whereas no automatic exemption is available, even if the assessee is exempted under section 10(23C)(iv) of the Act ?" 2. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. A tax deducted at source inspection/ survey under section 133A of the Act was carried out at the business premises of the assessee on May 14, 2013. During the course of said survey, it w....
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....ary 28, 2014 (annexure A-1) created a total demand of Rs. 75,02,564 for non-deduction of tax at source. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income-tax (Appeals), Chandigarh (for brevity "the CIT(A)"). The Commissioner of Income-tax (Appeals), vide order dated October 31, 2014 (annexure A-2) partly allowed the appeal of the assessee and deleted the demand. Against the order, annexure A-2, the assessee as well as the Revenue filed appeals before the Tribunal who vide order dated April 15, 2015 (annexure A-3) upheld the order of the Commissioner of Income-tax (Appeals) and dismissed both the appeals. Hence, the present appeal. 4. Learned counsel for the appellant-Revenue submitted that the assessee was r....
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.... Trust) was not exempt from tax under section 10(23AAA) of the Act as on date, the tax was required to be deducted on interest paid to it. Accordingly, the Commissioner of Income-tax (Appeals) treating the assessee in default in respect of payment made to the person at serial No. (iii) confirmed the demand of Rs. 12,56,023 created under section 201(1)/(1A) of the Act and deleted the rest of the demand of Rs. 62,46,541. The relevant findings recorded by the Commissioner of Income-tax (Appeals) read thus : "5. I have considered the facts of the case. As per the documents filed by the appellant, tax was not required to be deducted at source on interest paid to the following : (i) PEC University of Technology, Chandigarh (Salary Account), s....