Relief for PNB: ITAT Deletes TDS Demand for AY 2016-17 After Accepting Complete Forms 15G/15H [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal by Punjab National Bank and deleted the Tax Deducted at Source (TDS) demand of Rs. 7,48,060 for Assessment Year (AY) 2016-17 after accepting complete Forms 15G/15H submitted by the assessee.

Punjab National Bank, appellant-assessee, filed an appeal against the order of the Joint Commissioner of Income Tax (Appeals)[CIT(A)], dated 16-09-2024, arising from the Assessing Officer’s (AO) order dated 12-07-2018 under sections 201(1) and 201(1A) for AY 2016-17.

The AO had raised a demand of Rs. 7,48,060 holding the assessee to be an assessee-in-default for non-deduction of TDS under section 194A, observing that the Form No. 15G/15H submitted by the bank lacked complete particulars. The delay of 23 days in filing the appeal was condoned. The CIT(A) confirmed the demand, against which the assessee preferred the present appeal.

The two member bench comprising Laliet Kumar (Judicial Member) and Manoj Kumar Aggarwal (Accountant Member) perused the assessee’s paper book and observed that copies of Form No. 15G/15H containing the requisite details with all columns duly filled were furnished. It noted that similar demands were raised for AYs 2013-14 and 2014-15, where the assessee had submitted similar documents to the CIT(A), who deleted those demands.

The assessee filed the same documents for the current year, which were placed on record but were not considered by the CIT(A). After reviewing these documents, the tribunal found no reason to confirm the impugned demand and accordingly deleted the demand raised against the assessee.

Accordingly the appeal was allowed.

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