M/s Shiva Sahakari Bank Niyamitha , Davanagere V. Income Tax Officer, TDS, Ward, Davanagere

SA 97/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5879 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 1 month(s) 11 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 20-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P V PRADEEP KUMAR
• Assessee Lawyers: S RAMASUBRAMANIAM
• Keywords: Non-deduction of tax; TDS

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER S.P. NOS. 97 TO 100/BANG/2018 (IN ITA NOS. 363 TO 366/BANG/2018) ASSESSMENT YEAR : 2012 - 13 M/S. SHIVA SAHAKARI BANK NIYAMITHA, HEAD OFFICE BRANCH, OLD HOSPITAL ROAD, DAVANGERE. PAN: AABAS2660Q VS. THE INCOME TAX OFFICER, TDS WARD, DAVANGERE. APPELLANT RESPONDENT APPELLANT BY : SHRI S. RAMASUBRAMANIAM, CA RESPONDENT BY : DR. P.V. PRADEEP KUMAR, ADDL. CIT (DR) DATE OF HEARING : 27 .0 4 .2018 DATE OF PRONOUNCEMENT : 02 . 0 5 .201 8 O R D E R PER SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER THESE STAY PETITIONS ARE FILED AGAINST THE RESPECTI VE APPEALS WITH THE REQUEST TO STAY OUTSTANDING DEMANDS RAISED IN THESE APPEALS. 2. DURING THE COURSE OF HEARING, THE LD. COUNSEL FO R THE ASSESSEE HAS INVITED OUR ATTENTION THAT THE APPELLANT SHIVA SAHAKARI BANK NI YAMITHA A CO-OPERATIVE SOCIETY CARRYING ON THE BUSINESS OF BANKING. THE A SSESSEE HAS NOT DEDUCTED THE TDS ON PAYMENT OF INTEREST TO ITS MEMBERS AND THE A O HAS HELD THAT THE ASSESSEE TO BE IN FAULT U/S. 201 AND 201A OF THE AC T THOUGH THE ASSESSEE HAS TAKEN THE FORM 15G AND FORM 15H FOR NON-DEDUCTION O F TAX FROM ITS MEMBERS BUT IT WAS NOT SUBMITTED BEFORE THE DEPARTMENT. TH E LD. COUNSEL FOR THE ASSESSEE HAS CONTENDED THAT ASSESSEE HAS ALREADY OBTAINED FO RM 15G AND 15H FROM THE DEPOSITORS, THEREFORE MATTER MAY BE DISPOSED OF HAV ING EXAMINED THE SAME AND S.P. NOS. 97 TO 100/BANG/2018 (IN ITA NOS. 363 TO 366/BANG/2018) PAGE 2 OF 2 TILL THEN THE RECOVERY OF DEMAND BE STAYED AS IT IS NOT SUSTAINABLE IN THE EYES OF LAW. THE LD. DR OPPOSED THE REQUEST OF ASSESSEE. 3. HAVING CAREFULLY EXAMINED THE MATERIAL AVAILABLE ON RECORD WE ARE OF THE VIEW THAT IN ALL THESE APPEALS A SMALL DEMAND WAS RAISED ON ACCOUNT OF NON-DEDUCTION OF TAX ON INTEREST PAID TO THE MEMBERS OF THE SOCIE TY. THUS THE ASSESSEE HAS CLAIMED THAT IT HAS ALREADY OBTAINED THE FORM 15G A ND 15H FOR NON-DEDUCTION OF TAX FROM THE DEPOSITORS THE SAME CAN BE VERIFIED. BUT IT CAN BE DONE BY THE ASSESSING OFFICER. IN THE LIGHT OF THESE FACTS, WE DIRECT THE REGISTRY TO FIX THIS APPEAL FOR HEARING ON 03.05.2018 AND TILL THEN THE RECOVERY OF THE OUTSTANDING DUES ARE STAYED. 4. IN THE RESULT, THE STAY PETITIONS FILED BY THE A SSESSEE ARE ALLOWED. SD/- SD/- (INTURI RAMA RAO) (SUNIL KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DATED, THE 02 ND MAY, 2018. /MS/ COPY TO: 1. APPELLANT 4. CIT(A) 2. RESPONDENT 5. DR, ITAT, BANGALORE 3. CIT 6. GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY, INCOME TAX APPELLATE TRIBUNAL, BANGALORE.