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Tax Publishers
TDS challan bearing one day delay - Interest levy under
section 201(1A)
Facts:
Assessee
had instructed his bank to remit TDS on 07-07-2020 which the bank complied with
by debiting their account on 07-07-2020 but the challans were dated 08-07-2020
(1 day later). Thus interest levy under section 201(1A) was upheld by AO and
CIT(A). On further appeal by the assessee -
Held
in favour of the assessee that since the money was already with the revenue on
the same date 07-07-2020 it would have not made any difference to the revenue.
Thus interest levy was quashed.
Ed. Note:
Hypertechnicality seen by the revenue is not an assessee friendly measure.
Case: BT (India) (P) Ltd. v. ACIT 2023 TaxPub(DT) 2475 (Del-Trib)
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