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TMI Blog2021 (8) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... and 2015-16. The grounds of the appeal of the assessee raised in both appeals are accordingly allowed. - ITA Nos. 1381 & 1382/Del/2018 - - - Dated:- 10-8-2021 - SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Appellant by : Sh. M.P. Rastogi, Adv Sh. Rajeev Kumar, CA Respondent by : Sh. Bhopal Singh, Sr.DR ORDER PER O.P. KANT, AM: These two appeals by the assessee, i.e., the Allahabad bank, Ghaziabad, have been preferred against two separate orders, both dated 30/11/2017 passed by the Learned Commissioner of Income-tax (Appeals)-Ghaziabad [in short the Ld. CIT(A) ] for assessment years 2014-15 and 2015-16 respectively. In both these appeals, common issue-in-dispute has been challenge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the deductees. According to the Assessing Officer, the Form No. 15G and 15H had been accepted from the persons having income more than the exemption limit prescribed under the Act, which was in complete violation of procedure prescribed. The assessee relied on the decision of the Hon ble Allahabad High Court in the case of Jagran Prakashan Ltd. Vs. DCIT, 345 ITR 288 and submitted that the customers have already paid the tax liability directly. The Assessing Officer, however, held that bank was liable for deduction of the tax at source under section 194A of the Act on interest payments and failed to substantiate before the Assessing Officer that deductee directly made the payment of the taxes and, therefore, he raised liability u/s 201( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the customers. This penalty has been levied in view of liability raised under section 201(1) and 201(1A) of the Act by the Assessing Officer for holding assessee in default for non-deduction of tax at source on interest paid/accrued on bank deposits of customers. This liability raised by the Assessing Officer has been deleted by the Tribunal(supra) observing as under: 8. We have heard both the parties and perused the material available on record. The assessee bank has not deducted TDS in respect of customers who have provided Form No. 15G and 15H of the Act under the statute as provided by the Income Tax Act. The customers who have provided Form No. 15G/15H has specifically requests through these forms that TDS should not be deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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