2005 (10) TMI 80

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....s Ltd. on March 31, 1995. On March 10, 1995, the said company had, intimated the assessee that being a 100 per cent. EOU, it was exempted from payment of income-tax and that it was applying to the competent authority for an exemption certificate from tax deduction at source. It was on the basis of the above intimation that the assessee credited to the account of the payee the aforementioned amo....

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....ng period received by it after the expiry of accounting period but before the closure of the accounts. The Tribunal further held that the assessee having informed the payee on May 10, 1995, regarding the issue of exemption order and the said intimation being within the period of two months available to the assessee, there was no default in making the tax deduction at source. Having heard Mr. Jo....