Income Tax: No Section 201(1A) Interest if Lower Deduction adjusted in later months

Great Eastern Shipping Co. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that levy of interest under section 201(1A) of the Income Tax Act for lower deduction of TDS not justified since the lower deduction in earlier months were due to bonafide reasons and the same was adjusted in later months. Facts- The issue involved in the present appeal is levy of interest under section 201(1A) of the Income Tax Act. AO has levied interest under Section 201(1A)(ii) of the Act @1.5% per month as in his opinion the Appellant has not followed the approach envisaged in sub-section (1) of Section 192 of the Act ...