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TMI Blog2017 (11) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... ite Restoration Fund Account are made for a fixed period and which carry interest as applicable to time deposit." 3. During the course of hearing, the ld. Counsel for the assessee at the very outset stated that this issue is squarely covered in favour of the assessee vide order dated 18.07.2014 in ITA Nos. 3936 to 3938/Del/2013 for the assessment years 2010-11 to 2012-13 respectively, in assessee's own case (copy of the said order was furnished which is placed on record). 4. The ld. CIT DR although supported the order of the AO but could not controvert the aforesaid contention of the ld. Counsel for the assessee. 5. We have considered the submissions of both the parties and perused the material available on the record. In the present cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iples of rejudicata are not applicable to income-tax proceedings. 17.2 Section 194A mandates the payer of interest to deduct TDS at the time of credit of such interest to the account of the payee. However, by virtue of sub-section (3), provisions of sub-section (1) are not applicable, inter alia, as per clause (vii) in the case of interest credited or paid in respect of deposits (other than time deposits made on or before 1st day of July 1995). Therefore, if a deposit is not in the nature of time deposit, then it is not amenable to the provisions of section 194A. 17.3 In the present case interest has been credited by SB/ on SRF a/c which has been opened by ONGC with it as per the provisions of section 33ABA. Therefore, it is necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of- (i) a sum equal to the amount or the aggregate of the amounts so deposited; or (ii) a sum equal to twenty per cent of the profits of such business (computed under the head "Profits and gains of business or profession" before making any deduction under this section), Whichever is less: Provided further that where any deduction, in respect of any amount deposited in the special account, or in the Site Restoration Account, has been allowed under this subsection in any previous year, no deduction shall be allowed in respect of such amount in any other previous year: Provided also that any amount credited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rgument from which it is evident that there is no fixed period prescribed in regard to these deposits and assessee has to give notice to the bank for making withdrawal from this deposit account The withdrawal is to be made as per requirement of sub-section (3) to section 33ABA. Therefore, it cannot be said to be for a fixed period. The fixed period implies that 'period' is determinate at the time of entering into contract. The term 'period' is qualified with term 'fixed' and, therefore, when period of deposit is left to the eventuality of arising of purposes for withdrawal as contemplated u/s 33ABA (3) then, we fail to appreciate as to how It cart come within the ambit of fixed period. The definition/meaning of time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with morden oilfiled and petroleum industry practices and towards meeting all other expenses necessary to prevent hazards to life or property or environment consequent on such expiry. Termination or relinquishment. 9. Procedure for withdrawal (1) The depositor shall be entitled to withdrawn the whole or any part of the amount standing to the credit of the account by making an application in Form E, duly authorized by the Ministry of Petroleum & Natural Gas or any agency authorized by the Ministry of Petroleum & Natural Gas in this behalf. (2) On receipt of the request for withdrawal, the deposit office shall, a soon as may be, pay the amount to the depositor through a credit o the designated account. 17.9 SRF deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial year, or part thereof, shall only be credited to the account and shall not be payable to the depositor except as part of withdrawal for utilization in terms of paragraph 9 or part of a payment of balance on closure of account in terms of paragraph 12. (4) The gross interest credited to the account in a financial year shall be evidenced by a certificate issued in- Form C, by the deposit office and the amount of such gross interest shall be deemed to be a deposit made by the depositor under this scheme in that financial year." 17.11 Sub-clause (2) of clause 6 of the Scheme makes it clear that withdrawal can be made in any financial year and, therefore, it cannot be a case of fixed period. Ld. Sr. counsel in the course of hearing point ..... X X X X Extracts X X X X X X X X Extracts X X X X
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