Question 1

What are the key legal issues in Kad Steel Rolling Mills vs. Income Tax Officer?

Accepted Answer

1. Whether the late submission of Form No. 15G/H justifies the imposition of penalty and interest under section 201(1) and 201(1A) of the Act.

Question 2

What are the facts of Kad Steel Rolling Mills vs. Income Tax Officer?

Accepted Answer

The Assessing Officer (TDS) initiated proceedings under section 201(1) and 201(1A) of the Income-tax Act, 1961 on Kad Steel Rolling Mills for the Assessment Year 2013-14. The assessee had paid interest of Rs. 4,29,244 during the financial year 2012-13 to various parties but had not deducted TDS on these payments. The assessee submitted Form No. 15G/H from the recipients of interest to justify non-deduction of TDS, but these forms were submitted beyond the statutory timeline. The Assessing Officer treated the assessee as an assessee-in-default under section 201(1) of the Act and levied interest under section 201(1A) of the Act. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.

Kad Steel Rolling Mills vs. Income Tax Officer

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