COMMISSIONER OF INCOME TAX Vs. KRISHNA COLD STORAGE

JUDGEMENT

(1.) These appeals under s. 260A of the IT Act, 1961 (the Act) arise out of common order dt. 2nd Nov., 1999 passed by the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") in ITA No. 5262/Ahd/1994, ITA No. 4586/Ahd/1995 and ITA No. 3592/Ahd/1997 and the issues involved are also common, hence, the same were taken up for hearing together and are disposed of by this common judgment. While admitting Tax Appeal Nos. 64 and 65 of 2000, this Court had vide order dt. 18th Sept., 2000 formulated the following two questions :

(2.) While admitting Tax Appeal No. 61 of 2000 on 18th Sept., 2000, the following question came to be formulated :

(3.) The assessment years are 1991-92, 1992-93 and 1994-95. The assessee, who is deriving income from its business of cold storage, was required to deduct tax at source from interest payable/paid to certain creditors and in case the creditors were not liable to pay any income-tax, the assessee was required to obtain declarations in Form No. 15H which were to be filed with the Commissioner of Income-tax (CIT) under s. 197A of the Act. The said declarations were required to be submitted within the time-limit mentioned in s. 197A(2) of the Act. The assessee, however, failed to furnish the declarations in the prescribed form in time in the office of the CIT. Accordingly, penalty proceedings were initiated by the AO having Jurisdiction over the assessment of the assessee. Subsequently, show-cause notices came to be issued by the competent authority, i.e., the CIT as to why penalty should not be levied for failure of the assessee to deliver the Forms No. 15H obtained from the creditors intimating the assessee that their income was not taxable, thereby authorizing the assessee not to deduct any TDS in the office of the CIT.