Held that where the assessee had tendered cheque for TDS payment with bank, well within stipulated ‘due date’, however, there was one day delay in debiting amount from assessee’s bank account which was apparently due to mistake of banker, no interest could have been levied under section 201(1A) of the Act. Followed Standard Chartered Bank v.Dy.CIT (ITA Nos 2153 to 2156 (Mum), dt. 21-8-2020), CBDT Circular No. 261 [F.No. 385/61 /79-IT (B), dated 8-8-1979, CIT v. Kumudam Publications (P) Ltd (1981) 128 ITR 617 (Mad)(HC), K. Kaplana Saraswathi v. P.S.S. Somasundram Chettiar 1980 AIR 512 (SC), Oil and Natural Gas Corporation Ltd v. Dy.CIT [2019] 176 ITD 124 (Mum)(Trib) (AY. 2012-13)
Natma Securities Ltd. v. ACIT (2023) 199 ITD 31 (Delhi) (Trib.)
S. 201 : Deduction at source-Failure to deduct or pay-Cheque tendered on due date-One day delay in debiting in bank account-Date of tendering of cheque for payment of Government dues could be deemed to be date of payment of tax-Interest cannot be levied. [S. 201(IA)