Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1982)1ITD1100(Kol.)
..... account. the ito, therefore, treated the principal officer of the company to be an assessee in default under section 201(1) and levied penalty under section 221 of the act. the assessee's appeal before the aac was dismissed but on a further appeal to the tribunal, it was held that the order of penalty with respect to certain years ..... credit to the government the tax deducted at source within the time permissible under rule 30. he, therefore, levied interest for delayed payment under section 201(1a) of the act. as per detailed calculations in the chart annexed to the order, he computed the amount of such interest at rs. 4,06,013 for which he issued a demand notice ..... government in respect of each account. the assessee took objection, by its letter dated 1-7-1974, alleging that the obligation to deduct tax under section 195 of the act arose only at the time of payment and not at the time of credit of the interest. therefore, there was no default on its behalf. regarding the other particulars, .....
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