9911796707
TMI Blog2013 (4) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... e treated as income by way of interest, there is no obligation on the part of State Bank of India to deduct tax at source and, thereupon, to deposit the same with the Revenue. Held that:- having regard to the fact that State Bank of India was aware of the fact that its challenge to the legality of the demand can only be assailed by preferring an appropriate Appeal and it approached the writ Court only for a limited protection until such time the Appellate Authority considers its Appeal and the connected application for stay of the demand and having regard to the fact that an Appeal has been preferred by State Bank of India against the assessment orders and, along with that, it has also applied for stay of the demand pursuant to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention of State Bank of India that since the deposit, thus credited in the Account, cannot be treated as income by way of interest, there is no obligation on the part of State Bank of India to deduct tax at source and, thereupon, to deposit the same with the Revenue. It is the contention of State Bank of India that upon totally ignoring the contentions raised by State Bank of India, the Assessing Authority has inappropriately assessed tax liability of State Bank of India for not deducting tax at source and for its alleged failure to deposit the same with the Revenue. It is its contention that an inappropriate demand under Section 156 of the Income Tax Act has been raised in respect of alleged failure to deduct tax at source and to deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. However, having regard to the fact that State Bank of India was aware of the fact that its challenge to the legality of the demand can only be assailed by preferring an appropriate Appeal and it approached the writ Court only for a limited protection until such time the Appellate Authority considers its Appeal and the connected application for stay of the demand and having regard to the fact that an Appeal has been preferred by State Bank of India against the assessment orders and, along with that, it has also applied for stay of the demand pursuant to the assessment, we dispose of this Appeal and, thereby, while set aside the order under Appeal, permit State Bank of India to press its application for stay before the Appellate Forum, whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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