No TDS Default Where Proper Form 15G/15H Filed: ITAT Chandigarh

Punjab National Bank Vs ITO (ITAT Chandigarh) The case of Punjab National Bank vs. ITO (ITAT Chandigarh) involved an appeal by the bank against an order from the Assessing Officer (AO) for the Assessment Year (AY) 2016-17. The AO had raised a demand of ₹7,48,060 against the bank, holding it to be an “assessee-in-default” for not deducting Tax Deducted at Source (TDS) under Section 194A of the Income Tax Act. The AO’s primary observation was that the Form 15G/15H submitted by the bank lacked complete particulars. The bank appealed this decision to the Additional/Joint Commissioner ...