Branch Manager, State Bank of India v. Income-tax Officer (TDS-II), Kanpur
[Citation -2016-LL-0916-49]
| Citation | 2016-LL-0916-49 |
|---|---|
| Appellant Name | Branch Manager, State Bank of India |
| Respondent Name | Income-tax Officer (TDS-II), Kanpur |
| Court | ITAT-Lucknow |
| Relevant Act | Income-tax |
| Date of Order | 16/09/2016 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | deduction of tax at source • interest chargeable |
| Bot Summary: | The assessee went in appeal before the CIT(A) who dismissed the appeal of the assessee without giving proper opportunity to the assessee. Before us the assessee has submitted the copy of Form-24Q as well as the computation of taxable income of each and every employee including the copy of Form No. 16 being the certificate issue u/s 203 of the Act to each of the employee. Before us learned counsel for the assessee also submitted the reconciliation and on the basis of the reconciliation, it was vehemently submitted that while computing the taxable income for the purpose of deduction of tax at source, the assessee has mistakenly considered the deduction available under Chapter VIA u/s 80C and if the deduction u/s 80C is taken into account, there will not be any demand on the assessee in respect of the tax. We have looked into the statement furnished by the assessee which consists of 21 employees and from the said statement as well as Form-16, we noted that after allowing the deduction under Chapter-VIA, the assessee has duly deducted the TDS on the taxable salary as has been arrived at after allowing deduction u/s 80C of the Act. Learned D. R. could not be able to give detail but on the other hand the assessee has submitted before us the tax which would have been deductible by the assessee without allowing the deduction u/s 80C of the Act. The Revenue has created the demand of Rs.8,05,110/- but unable to give the details as to how much is the demand being created u/s I.T.A. No.150/Lkw/16 3 Assessment year :2006-07 201 in respect of short deduction and in respect of interest chargeable u/s 201(1A) but since on the basis of the details submitted by the assessee which we have examined in the open court along with the Form No. 16 before the presence of Learned D. R. in respect of all the 21 employees, we do not find that this is a case of short deduction of TDS. We delete the demand raised by the Assessing Officer vide order dated 07/02/2011 by setting aside the order of CIT(A) as well as that of the Assessing Officer. In the result, the appeal of the assessee stands allowed. |