2017 (1) TMI 1681

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....(hereinafter referred   to   as   the   "Tribunal")  and,   therefore,   as   agreed   by   learned counsel for the parties have been heard together and are being decided by this common judgment. 3. The   substantial   question   of   law   raised   in   these   appeals   is   as under: "Whether the Tribunal was justified in holding that deductor is not liable for interest under Section 201(1A) of Income Tax Act, 1961 if the deductee has returned losses for relevant years and it will not make any difference if the assessment of the deductee wa....

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....p; point   of   time.   Thus,   this   fact   requires   verification   by   the Assessing Officer. If it is established that the recipient had filed all its   returns   for   these   years   declaring   loss   in   all   the   impugned assessment years, interest under Section 201 (1A) of the Act cannot be charged against the assessee. It may be that against loss declared by   the   recipient   in   its   return,   ultimately   the   assessment   was completed ....