2026 (10) TMI 2067

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.... on before the Assessing Authority so that the demand raised by the department shall be drastically reduced or reduced to NIL. 3. Heard Sri Jagabandhu Sahoo, learned Senior Advocate along with Ms. Kajal Sahoo, learned Advocate and Sri Avinash Kedia, learned Junior Standing Counsel appearing for the Income Tax Department. 4. Perusal of record reveals that assailing the assessment framed under Section 143 pertaining to assessment year 2017-18 vide order dated 10th December, 2019 of the DCIT, Circle 1(1), Cuttack, the petitioner approached the appellate authority by way of filing appeal under Section 250 of the Income Tax Act, 1961, wherein the following order was passed on 18th November, 2022: "6.1. The Assessing Officer notice....

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.....40(a)(ia) with respect to the interest payments for which Form 15G or Form 15H were not obtained." 5. On 4th March, 2024 the Assessing Authority proceeded to give effect to order dated 18th November, 2022 passed by the CIT (Appeal), National Faceless Appellate Centre, Delhi with the following observation: "6. However, in response to letter dated 14.07.2023, the assessee had furnished on 01.08.2023 the list of 587 no. depositors to whom/which interest amounting to Rs. 1,68,22,374/- had been paid during the previous year relevant to A.Y. 2017-18. Perusal of such list revealed that 15 number of depositors had been paid interest below Rs. 10,000/- which were not subject to TDS u/s. 194A of the Act. The total amount of interest paid....