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 clientPlease become a Premium member. If you are already a Premium member, login here to access the full content.