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TMI Blog2016 (8) TMI 773X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and we do not see that how Revenue is aggrieved once outstanding TDS amount stood duly paid by the assessee to the Credit of Central Government and thus we order that Revenue is entitled for interest on outstanding amount of TDS only till the date of actual payment of TDS by the assessee to the Credit of Central Government and not till the date of framing of the order on 31-03-2011 by the AO u/s 201(1) and 201(1A) of the Act. We order accordingly. - I.T.A. No. 3653/Mum/2014 - - - Dated:- 17-8-2016 - Shri Mahavir Singh, Judicial Member And Shri Ramit Kochar, Accountant Member Assessee by Shri Paras S. Savla and Sh Pratic Poddar Revenue by : Shri Naveen Gupta ORDER Per Ramit Kochar, Accountant Member This appeal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the financial services industry worldwide through a comprehensive range of products and services. Persuant to survey u/s 133A of the Act, notices u/s 201(1) and 201(1A) of the Act were issued to the assessee calling for details which were submitted by the assessee. The AO observed from the Tax Audit Report that ₹ 7,06,97,110/- was disallowed u/s 40(a) for non-deduction and payment of tax deducted at source u/s. 194C, 194J and 194I of the Act. The assessee also provided details of TDS deducted and paid on the aforesaid amount in subsequent years, from which the AO observed that the assessee only paid TDS on gross amount of expenses of ₹ 4,73,32,802/- while no TDS was deducted on the balance amount of ₹ 2,33,64,308/- for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e learned counsel for the assessee at the outset submitted that interest u/s 201(1A) of the Act is charged by the Revenue from the beginning of assessment year i.e. starting from April 2005 till the finalization of the order u/s 201/201(1A) of the Act on 31-03-2011 while the interest should have been charged by the authorities below till the date of actual payment of TDS by the assessee to the credit of Central Government as in that case the Revenue should not have grievance once TDS is duly paid by the assessee to the credit of Central Government as interest in compensatory in nature. The learned counsel for the assessee submitted that learned CIT(A) has deleted the demand of ₹ 12,61,734/- raised against the assessee u/s. 201(1) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tood concluded so far demand of ₹ 12,61,734/- was raised u/s. 201(1) of the Act is concerned. The assessee is aggrieved by the levy of interest u/s 201(1A) of the Act amounting to ₹ 9,65,226/- raised against the assessee from April 2005 to March 2011 i.e. till the date of the order dated 31.3.2011 passed by the AO u/s 201(1) and 201(1A) of the Act . It is the say of learned counsel for the assessee that the assessee is agreeable to pay interest u/s 201(1A) of the Act till the date of payment of TDS by the assessee to the credit of Central Government . The provisions of Section 201(1A) of the Act are very clear that interest can only be charged till the date on which such tax was actually paid by the assessee. We are of considere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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