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TMI Blog2017 (4) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... to await the decision of the CBDT in respect of the petition filed by the VTU in respect of the retrospection grant of registration under Section 12AA of the Act. In the event the application filed by the VTU is not considered favourably by the CBDT then in respect of the levy under Section 201(1) the Assessing Officer is to re-adjudicate the issue in line with the decision in the case of Hindustan Coca Cola Beverage Private Limited as referred (2007 (8) TMI 12 - SUPREME COURT OF INDIA ), as also after considering the impact of the certificate issued by the deductee (VTU) in form 26A. In respect of levy of interest under Section 201(1A) of the Act the interest is to be computed for the period from the date from which the tax was deductable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AN/2016 for the assessment years 2013 14 and 2014 15 are against the confirmation of the levy under Section 201(1) of the Act.. ITA No.211/PAN/2016 to ITA.NO.215/PAN/2016 are appeals filed by the M/s State Bank of Mysore, Hindwadi Branch against the orders of the Learned.CIT(A) in appeal No ITA No.560/BGM/2014 15 dated 29/08/2016, ITA No.561/BGM/2014 15 dated 29/08/2016, ITA No.567/BGM/2014 15 dated 29/08/2016 and ITA No.564/BGM/2014 15 dated 29/08/2016 for the assessment years 2011 12, 2012 13, 2013 14 and 2014 15 respectively. 2. It was the submission that in respect of ITA's 211/PAN/2016 and 212/PAN/2016 the appeals were against the confirmation of the levy of interest under Section 201(1A) and in respect of IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. VTU had been granted the registration under Section 12AA and 80G vide order dated 08.12.2015. The application before the CBDT is pending till date. 4. It was submitted that consequent to VTU being denied the exemption under Section 10(23C) of the Act, the Assessee s were held liable under Section 201 and 201(A) of the Act on account of the non deduction of TDS under Section 194A (3) in respect of the interest on the deposits. It was a submission that VTU has paid the 100% of the tax liability and for those assessment years the learned CIT(A) had deleted the liability under Section 201(1) by following the decision of the Hon ble Supreme Court in the case of Hindustan Coca Cola Beverage (Purchase) Ltd. v. CIT 293 ITR 0226. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ief could not remove the liability for payment of interest under Section 201(1A) of the Act. In regard to the quantification of levy of interest under Section 201(1A) the issue could be restored to the file of the Assessing Officer to re-adjudicate the issue after considering the fact with form 26A. 6. In reply Learned Authorized Representative of the assessee submitted that he had no objection in restoring the issues to the file of the Assessing Officer for re-adjudication in respect of levy under Section 201(1). It was also submitted the levy of interest under Section 201(1A) must also be restored to the file of the Assessing Officer, in so far as the computation of the interest has been wrongly done. As per the proviso of the section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct the interest is to be computed for the period from the date from which the tax was deductable to the date of filing of the return by the deductee (VTU). This is because once any income is liable for TDS then in the hands of the deductee no interest under Section 234A, 234B 234C can be levied in respect of such income. Therefore till such income is disclosed by the deductee in its return the liability of the tax rests on the deductor. Once the deductee has filed his return disclosing such income then for such return to become valid the taxes of such return should have been paid and the liability in respect of such taxes and the credit for such taxes goes to the deductee only. 8. In the result appeals of the assessee are partly allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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