Non-deduction of TDS will not attract penal interest u/s 201 if primary liability is discharged by recipient

ICICI Securities Limited Vs ITO (ITAT Mumbai) Facts :  1. ICICI Bank, the assessee, is an Indian custodian of Shares & holds the shares  as a custodian with him 2. The assessee sold the shares on behalf of his overseas client and remitted sales proceeds to its client 3. While remitting the payment assessee has not deducted TDS which is required to deduct  4. The sale was in the nature of capital gain and TDS was required to be deducted accordingly 5. IT Department levied interest u/s 201 for non-deduction of TDS  6. The assessee contested the interest charged by the de...