Assessee-company remitted tax in Online Tax Accounting System(OLTAS) on 7th day of next month which was prescribed date for remittance of tax deducted at source.  In OLTAS date of remittance was shown as 8th/9th of succeeding month. AO and CIT(A) held that t was only payment as shown in OLTAS that was to be considered and therefore, assessee was liable to pay interest under S. 201(1)(1A) for having made payment after prescribed date. Tribunal held that in case of P.L. Haulwel Trailers Ltd. v. Dy. CIT (2006) 100 ITD 485 (Chennai)(Trib.) the Tribunal  held that date of presentation of cheques before authorised banker for payment of advance tax should be taken as date of payment. Accordingly the Tribunal held that credit to Government’s account was instant as payment was made online, therefore, date of payment to Government was to be regarded as date of payment of tax. As the  payment of tax being within prescribed date, levy of interest under S. 201(1A) of the Act is held to be not justified.  (AY. 2009-10 to 2012-13)