2024 (8) TMI 553

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....d Shri Harsh R. Shah For the Revenue : Ms. Madhu Malati Ghosh, CIT-DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dated 18-03-2024 passed by the Ld.Addl/JCIT(A)-4, Kolkata (in short "Ld.CIT(A)") and it relates to AY. 2016-17. 2. The only issue urged in this appeal is related to the demand raised by the AO u/s. 201 of the Income Tax Act, 1961 ("the A....

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....ount located in United Kingdom on 13-01-2015. The AO took the view that the assessee should have deducted tax at source u/s. 195 of the Act from the above said remittances. Since the assessee did not deduct tax at source, he treated the assessee as an "assessee in default" and raised a tax demand of Rs. 65.50 crores, u/s. 201(1) of the Act and interest demand of Rs. 39.95 crores u/s. 201(1A) of th....

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....e filed this appeal before the Tribunal. 6. We heard the parties and perused the record. We noticed that the assessee has not remitted the above said amount to any other person. It has transferred the above said amount from its bank account maintained in India to its own bank account located in United Kingdom i.e., it is a case of transfer of funds by the assessee to itself. The provisions of sec....