2023 (8) TMI 1021

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....A)) erred in law in upholding the order passed by the Assessing Officer so far it relates to the interest of Rs. 1,69,962/- levied for late deposit of TDS amount, on surmises and irrelevant consideration and without considering the facts on record for the assessment year 2011- 12 and confirming the interest of Rs. 1,69,962/- 2. That the Ld CIT(A) has erred in law by not considering the fact that though a sum of Rs. 4,37,822/- was deducted as TDS by the appellant in March 2011, the same was not remitted to the Income Tax department due to an interim stay by the Hon'ble Madras High Court in writ petition no. 8102/2011, restraining the appellant bank to remit the said amount to the IT department. That thereafter vide Circular no.CO/P & D....

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....or file additional grounds during the course of hearing. PRAYER In view of the above said facts and circumstances, it is most respectfully prayed before this Hon'ble Tribunal that, i. The interest of Rs. 1, 69, 962/- levied by the L Assessing officer vide order dated 31.12.2013 and confirmed by the Ld CIT (A) vide its order dated 17.02.2015 may kindly be deleted/removed. ii. Any other/further order that this Hon'ble Tribunal may deem fit and proper in the interest of justice." 3. Brief facts of the case are that, the assessee deducted TDS amount from arrears of employee in March 2011 and the same has been remitted to the IT Department on 10/04/2013, the A.O. charged interest of Rs. 1,69,962/-. The assessee filed application ....

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....lied on the orders of the Revenue Authorities and sought for dismissal of the Appeal. 6. We have heard both the parties and perused the material available on record. The assessee deducted TDS amount from arrears of employee credited to pension fund of Rs. 4,37,822/- as on 31/03/2011. In the same year i.e. 2011, All India Bank Officers Association instituted a writ petition No. 8102/2011 before the Hon'ble High Court of Madars and vide order dated 29/03/2011, the Hon'ble High Court of Madras passed following Interim Order:- "an interim injunction restraining the respondents 3 to 21 from deducting Tax at source in respect of the optees of the pension scheme, under the joint Note dated 27.04.2010 entered into Association between and....