Case Law Details
Case Name : Bank of Baroda Vs. Dy. Commissioner of Income-tax (ITAT Ahemdabad)
Related Assessment Year : 2014- 15
Courts :
All ITAT ITAT Ahmedabad
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Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-
Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month.
Time limit for depositing the tax deducted at source under section 194A, as set out in rule 30(2)(b) – which applies in the present context, is “on or before seven days from the end of the month in which the deduction is made”. In the case before us, the TDS is deposited on 8th of October 2014. There is thus clearly delay in depositing tax at sou...
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Author Bio
giving following references from a legal dictionary published by panchayat publications, hyderabad.
Month shall mean month reckoned according to the British Calendar (AIR 1978 Guj.149(DB)
….general clauses act1877 – 3 (35)
2) I am fiiing for branches of a nationalised bank. Basing on the above, can I contest the demands received by them.
3) What about those who have already paid the demands
nice equitable judgement. would you throw some light on awards given to Say cricket and other sports players by central govt, state govt, local authorities, charitable trusts, corporates under the CSR plans in the light of circular no.447 issued by CBDT in 1986 and Circular issued in 2014 for olympic medal winners and in light of section 10(17A) and section 56(v) to (vii) and exceptions carved out in this section.
Why it took so Long for them to give such a Logical decision !!! Anyway thanks to Judiciary !
Tax dept has looted and till looting many assessees by charging arbitrary interest. It will be wise now CBDT stops the loot.