2000 (9) TMI 48

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....e facts and in the circumstances of the case, the Tribunal was justified in law in holding that the company was liable to deduct tax from dividends under section 194 of the Income-tax Act when the dividend warrants were sent out to the shareholders and not on the dates of issue put on the dividend warrants ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in directing the Income-tax Officer to recalculate the interest levied under section 201(1A) from the date the dividend warrants were actually sent out to the shareholders and not from the date(s) of issue put on the dividend warrants ?" The factual position which is almost undisputed is as follows : The assessee is a public limite....

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....,300                   22-5-1972             12,269                                              26-10-1972             3,333                                &n....

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....nbsp;                                     16-3-1975                 33 ------------------------------------------------------------------------------ The Income-tax Officer was of the view that tax deducted at source was not deposited to the credit of the Central Government within the specified period of 30 days as provided under rule 30 of the Income-tax Rules, 1962 (in short "the Rules"). Accordingly, it was held that the assessee was liable to pay interest under section 201(1A....

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....he provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest at twelve per, cent. per annum on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid." "194. Dividends.---The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within India, shall, before making any payment in cash or before issuing any cheque or warrant in respect of any dividend or befo....