2015 (6) TMI 1095

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..... not in accordance with law. Since no contrary decision was brought to our notice, respectfully following the said decision of Tribunal in the case of Kotak Securities Ltd.(2012 (2) TMI 77 - ITAT MUMBAI )wherein held when bank issues bank guarantee on behalf of assessee, there is no principal agent relationship between bank and assessee and, therefore, assesee is not required to deduct tax at sourc .....

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..... re of commission and no TDS was required to be deducted on such charges paid to banks u/s.194H of the I.T. Act, 1961. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the interest u/s 201(1A) of the IT Act, 1961, determined by the AD as the tax determined has already been deleted by him on the bank guarantee charges and interest dele .....

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..... avour of assessee has followed the aforementioned decision of Tribunal and has held that TDS was not required to be deducted under section 194H, therefore, levy of interest under section 201(1A) was not in accordance with law. Since no contrary decision was brought to our notice, respectfully following the said decision of Tribunal in the case of Kotak Securities Ltd.(supra), we decline to interfe .....

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