2023 (3) TMI 604

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....rders of the CIT(A) arose out of the orders passed by the Assessing Officer (AO) under Section 201(1) & 201(1A) of the Act. The relevant assessment years are 2016-17 to 2019-20. The assessee has also filed stay applications seeking stay of recovery of the outstanding demand. 2. There is a delay of 65 days in filing all these appeals. The assessee filed a condonation petition and also an affidavit of the DGM of the assessee stating therein the reasons for the delay in filing the appeal. On perusal of the affidavit giving reasons for late filing of the appeals we are of the view that there is sufficient cause for condonation of delay and no latches can be attributed to the assessee. Hence, we condone the delay in filing these appeals and p....

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....ne could have been demanded and the assessment under Section 201 is clearly erroneous." 4. The brief facts of the case as follows: - The assessee is a district Co-Operative Bank. Inspection was carried out in the premises of the assessee bank on 28.03,2019. It was noticed that the assessee was liable to deduct tax at source under Section 194A of the Act on interest payment. The assessee submitted that tax was deducted at source only on maturity of deposits. The AO therefore passed orders under Sections 201(1) & 201(1A) of the Act making the assessee as an assessee in default for AY 2016-17 to 2019-20 and also levied interest on the tax demand. 5. Aggrieved by the order passed under Sections 201(1) & 201(1A) of the Act, the assessee....

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....ccount and thereore the same is not liable to TDS under Section 194A of the Act. The above contetnion of the assessee is devoid of any merit. Section 194A of the Act mandates that any persosn responsbile for paying to a resident any income by way of interest (other than interest on security) shall at the time of credit of such income to the account of the payee or payment thereon in any mode shall deduct TDS thereon at the rate in force. The Explanation below sub-section (1) of Section 194A of the Act clarifies that where any income by way of interest is credited to any account, whether called "interest payable account" or "suspense account" or any other name in the books of account of the payer, such credit shall be deemed to be credit for....