9911796707
TMI Blog2010 (5) TMI 883X X X X Extracts X X X X X X X X Extracts X X X X ..... the revenue against the order of the learned CIT(A) dated 15th July, 2009 on the ground that the learned Commissioner of Income Tax (Appeals) has erred in cancelling the order u/s 201(1) which was rightly passed by the Assessing Officer for failure to deduct TDS on the interest accrued on fixed deposit which was mandatory for the Manager under the provisions of section 194A in absence of a non-ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) University, Bhopal, were dropped on the ground that they are exempt from tax u/s 10(23C)(iiiab) of the Act 3. We have considered the rival submissions of ld. representatives of both sides and perused the material available on record. Brief facts are that the learned Assessing Officer raised a demand of ₹ 14,28,530/- for the financial years 2002-03 to 2005-06 by passing an order u/s 201( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solely 35 for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government Admittedly, M.P. Bhoj (Open) University, Bhopal, is a University and the proceedings initiated u/s 148 were also dropped by the department as the income of the University, being exempt, was found not taxable, as the University was existing solely for the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid or likely to be credited or paid during the previous year where such income exceeds the maximum amount which is not chargeable to income tax. In the present appeal, since the income of the University is exempt, therefore, there is no question of deduction of tax at source and also when proceedings initiated u/s 148 were dropped, we find no infirmity in the stand of the learned Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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