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TMI Blog2025 (3) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... case, since assessment year concerned is 2010-11 and amendment to section 194A is applicable for and from AY 2015-16, the said amendment will not have application to concerned assessment year. Therefore, recurring deposit cannot be understood as time deposit and its interest payments are not liable for TDS u/s. 194A of the Act during the relevant assessment year. Appeal filed by the Revenue is di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct dated 22.03.2016 for non-deduction of tax on the interest payments made by the assessee towards VIP deposits. 3. The Ld.CIT(A) failed to notice that VIP deposits are in the nature of time deposits only, hence, provisions u/s. 40(a)(ia) of the Act were rightly invoked by the AO. 4. For these and such other grounds that may be adduced at the time of hearing and it is prayed that order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as duly heard. 7. We have heard rival submissions and perused material on record. We find an identical issue has been considered by the Tribunal in assessee's own case (supra). The Tribunal has decided the issue in favour of the assessee. The relevant finding of the Tribunal in assessee's own case concerning AYs 2012-13 & 2014-15 reads as follows:- "35. Ground No.7, challenges the decision of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act during the relevant assessment year. 9. Before concluding, it is to be mentioned Ld.AR in the course of his submissions has sought to support order of CIT(A) on a ground decided against him by referring to Rule 27 of Income Tax (Appellate Tribunal) Rules, 1963. In this context, Ld.AR had relied on judgement of the Hon'ble Delhi High Court in the case of Sanjay Sawhney Vs. PCIT (2020) (5) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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