Commissioner of Income-tax (TDS) v. Jai Prakash Associates Ltd
[Citation -2022-LL-1019]
| Citation | 2022-LL-1019 |
|---|---|
| Appellant Name | Commissioner of Income-tax (TDS) |
| Respondent Name | Jai Prakash Associates Ltd. |
| Court | SUPREME COURT |
| Relevant Act | Income-tax |
| Date of Order | 19/10/2022 |
| Judgment | View Judgment |
| Keyword Tags | fixed deposit • time barred • debentures • interest • tds |
| Bot Summary: | UPON hearing the counsel the Court made the following ORDER We have heard Shri N. Venkataraman, learned ASG appearing on behalf of the Revenue and Shri Nishit Agrawal, learned counsel appearing on behalf of the respondent/Assessee. Signature Not Verified The main issue is with respect to the chargeability of Digitally signed by NIRMALA NEGI Date: 2022.10.22 TDS on non-convertible debentures and FDR below Rs.5,000/-. 2 - as the High Court, we are of the opinion that no error has been committed by the Tribunal and/or the High Court on the chargeability of TDS amount on non-convertible debentures and fixed deposit of the value less than Rs.5,000/-. Both, the Tribunal as well as the High Court have concurrently found that on non-convertible debentures and fixed deposit of the value less than Rs.5,000/-, there shall not be any TDS leviable. We are in complete agreement with the view taken by the Tribunal as well as the High Court. Once, there is no liability to deduct TDS on non-convertible debentures and fixed deposit of the value less than Rs. 5,000/-, there is no question of charging any interest. At the same time the issue whether the levy of the interest was time barred considering Section 201(1) / 201(1)(a) of the Income Tax Act, 1961 has not been dealt with and considered in High Court, we keep the question of law on the aforesaid open. |