9911796707
TMI Blog2015 (10) TMI 2439X X X X Extracts X X X X X X X X Extracts X X X X ..... ve re-compute the demand after allowing credit of tax deposited by the deductor which the AO can not do." 2. Brief facts of the case are that the assessee Life Insurance Corporation of India, is engaged in the insurance business. During the year under consideration, the assessee has filed TDS Return in Form no. 24Q for the 4th Quarter giving details of tax deducted and deposited through various challans under TAN : JPRL 01399G. While analyzing the return on the basis of entries and on the basis of bank challans, the AO observed that the assessee has committed defaults by non-payment of TDS amount deducted and also mentioning wrong section in the challan. Accordingly a show cause notice under section 201(1A) of the IT Act was issued to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 424700 Total 2006550 The ld. Counsel for the assessee submitted that out of the above TANs, TAN No. JPRLO 1393A and JPRLO 1399G pertain to the assessee and for this period the assessee had duly filed the correction statement in both the TANs respectively. However, in respect of challan dated 05/05/2007 for Rs. 4,24,700/-, it was inadvertently deposited in wrong TAN i.e. JPRLO 1393G. It was further submitted that in respect of challan dated 10.07.2007 for Rs. 5,02,000/-, the same was deposited under wrong section instead of section 192B. Therefore, it was requested that the AO be directed to make required corrections and provide credit in the correct TAN and drop the demand against the assessee. Regarding filing of correction statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hould have filed a correction statement to rectify the wrong section which has been quoted in the challan and in absence of that the credit has not been given to the assessee. It seems to us that once the challan is deposited with the bank, it would not be possible for assessee to retrieve the same and make any correction. However, as far as the TDS return is concerned, if there is any mistake, same can be rectified by filing the correction statement. It is not under dispute that assessee has deposited the TDS of Rs. 5,02,000/- under its own TAN. In the light of above discussion, we hereby direct the Revenue to allow the due credit of such TDS for Rs. 5,02,000/- to the assessee after verification of original challan. 6. In the result, Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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