On appeal, the Tribunal held that, the \u00a0assessee contended that given an opportunity, it would substantiate before the Assessing Officer that the recipient had filed its return and declared the interest amount in its income and paid due taxes thereon as per the provisions of S. \u00a0201(1A) of the Act. Considering the totality of the facts of the case and in the interest of justice, the issue was restored to the Assessing Officer with a direction to grant one opportunity to the Assessee to substantiate this contention and decide the issue keeping in mind the provisions of S.\u00a0201(1A) of the Act. (AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 201 : Deduction at source – Failure to deduct or pay – Failure to deduct tax from interest paid on loan \u2014 Whether recipient filed its return and declared interest amount in its income and paid due taxes \u2014 Assessee to prove before AO \u2014 Issue restored to AO to prove this contention. [ S. 194A ,201(IA) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12543","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3gj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12543"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12543\/revisions"}],"predecessor-version":[{"id":12544,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12543\/revisions\/12544"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}