9911796707
TMI Blog1993 (10) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... ntended that the assessee failed to file return because of a bona fide misconception that Form No. 27A, filed by the assessee, was sufficient to meet the requirement of law. He has contended that section 206A also required a return to be filed by the assessee in respect of interest paid to various creditors. Therefore, the assessee filed Form No. 27A under section 206A but, under a bona fide mistake, did not file Form No. 50, under section 285 of the Act. Both the Forms, i.e. 27A and 50, are said to be identical, requiring the names and addresses of the creditors to whom interest is paid during the 'previous year'. The ld. counsel has, therefore, conceded that it was a case of default on the part of the assessee but looking to the facts of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to which an affidavit or a statement in writing may be obtained from the person receiving interest wherein that person would make a declaration that his total income would be less than the minimum liable to income-tax. In case such an affidavit or a statement is filed by the payee, no deduction of tax shall be made. 4. Now, we may look to section 206A, which requires the person paying any income referred to in section 194A to file a return before the Assessing Officer. Section 206-A of the Act reads as under : "206A. Any person responsible for paying any income referred to in section 194A shall prepare, and within 30 days from the 31st day of March in each year, deliver or cause to be delivered to the Assessing Officer in the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s may be prescribed in this behalf, together with the amount paid to each such person." It is seen that section 285 requires the person paying interest not being interest on securities, to furnish a return before the Assessing Officer showing names and addresses of all persons to whom interest has been paid. It will be thus clear that section 285 requires the assessee to give the names and addresses as well as the amount of interest in respect of all the recipients who have received interest from him. This section does not require to draw a distinction between the persons from whom tax was deducted at source and those who filed any affidavit or a statement and did not want deduction of tax at source. Looking to the scheme of section 206A vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udy of the two forms, namely, 27A and 50, we find that in Form No. 50, there are two additional names at serial Nos. 8 and 9. A sum of Rs. 17,840.95 has been shown as payable by way of interest to M/s Batra Theatre and a sum of Rs. 68,871.60 has been shown as interest payable to M/s Batra Finance Pvt. Ltd. These two payments have, however, not been shown by the assessee in Form No. 27A. We have already seen that the schemes of the two provisions, namely, sections 206A and 285 are different in nature and object. Therefore, the assessee was not required to give in Form No. 27A the names and addresses as well as the amounts of interest in the cases of those persons from whom tax was deducted at source. Form No. 27A only contained the names of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
