Non-deduction of TDS/ reversal of TDS on interest payment based on Form 15G/15H justified

Tamilnadu Mercantile Bank Ltd. Vs The ITO (ITAT Chennai) ITAT Chennai held that non-deduction of TDS and reversal of TDS deduction on interest payment on the basis of declaration in Form No. 15G/ 15H is justifiable. Facts- During the course of inspection, it was noticed that in respect of 22 payees, interest payment was more than Rs.2 lakhs, on which, the deductor bank has not deducted TDS. The AO worked out total TDS deductible amounting to Rs.7,00,072/-. The assessee explained that in respect of senior citizens, the bank will deduct TDS as and when payment is made. However, when parties subm...