M/S.uniflex Cables Ltd v. Commissioner Of Income Tax-Tds

1 M/s.Uniflex Cables Ltd....Appellant vs. Commissioner of Income Tax-TDS. ...Respondent. --- Mr.Balkishan Zaveri with Kishore Jain i/b. TusharGoradia & Nisha Parmar, for Appellant.None for Respondent. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ. P.C.:- 1.Heard the learned Counsel appearing for appellant. Admit, on the following questions of law:- (a)Whether on the facts and in the circumstances of the case the Appellate Tribunal wasjustified in law in confirming the levy of interestu/s.201(1A) of the Act even though the provisions of section 194A of the Act are not applicable in respectof interest paid on debentures to IDBI which is afinancial corporation established under the CentralAct ? (b)Whether on the facts and in the circumstances of the case, the Appellate Tribunal wasjustified in law in confirming the levy of interestu/s.201(1A) of the Act, till the date of filing ofthe return by the deductee for the respective yearsignoring the fact that the first installment ofinterest was paid on 1[st] July,1999 on which thedeductee has paid advanced tax in three installmentsand the second and the third installments of interestwere paid on 1[st] January,2000 and 31[st] March,2000respectively on which the deductee paid advanced taxin full as provided in section 211 of the Act ? (c)Whether on the facts and in the circumstances of the case, the Appellate Tribunal wasjustified in law in confirming the levy of interestu/s.201(1A) of the Act, till the date of filing ofthe return by the deductee for the respective yearsignoring the fact that the appellant was under thebonafide belief that it is not required to deduct tax 3 at source when interest is credited to a Semi-Government or a Government body and therefore, theappellant is not an assessee in default within themeaning of section 201(1) of the Act ? (D.K.DESHMUKH, J.) --- (J.P.DEVADHAR, J.)