2019 (12) TMI 1028

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....d 201(1A) of the Act for non-deduction of tax on interest payment exceeding basic limit due to submission of form 15G/15H. 3. Rival contentions have been heard and record perused. Facts in brief are that during the course of verification proceedings, it was found that the assessee bank had taken fixed deposits from many customers, on which it was providing interest at applicable rates. Some customers had provided their form 15G/15H and no TDS deduction were being made by the assessee on these interests. However, in some cases, the amount of aggregate interest in the financial year exceeded the basic exemption limit as per income tax act for filing return u/s 139(1) and still no TDS was deducted as the customer had provided form 15G/15H. A....

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....d. CIT(A) to the A.O. for his remand report and after considering the remand report, the ld. CIT(A) held that the assessee is not in default U/s 201(1) and 201(1A) of the Act. The precise observation of the ld. CIT(A) was as under: "4.3 I have carefully considered the observation made by the Assessing Officer in order u/s 201(1) and 201(1A) of the Income Tax Act, 1961, submission and additional evidence filed by the A/R of the appellant and remand report, I find that the ACIT (TDS) in the remand report categorically stated that on perusal of the material contained in the additional evidence presented during the appellate proceeding. It is seen that appellant has furnished three documents which are self-explanatory itself. Therefore, c....