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Judgment
Leave granted in SLP(C) No. 1922 of 2000.
After hearing the counsel for the parties. We dispose of the appeals by making the following order:--
(i) Persons making payments to Notified parties and otherwise, eligible for tax deduction at source shall deduct such tax even though such payments are made after 5.6.1992. Such amounts of tax deducted at source (TDS) shall be paid to the Income Tax Department by the concerned person or the Custodian as the case may be.
(ii) The Income Tax Department shall be entitled to appropriate the said amounts of TDS received by it only towards the tax liability of the Notified Party in respect of the period 1.4.1991 to 6.6.1992. The I.T. Department shall be liable to refund the balance or excess amount of the Custodian alongwith interest till the date of refund as provided in Section 244(1).
(iii) The Income Tax Department shall periodically and also on request furnish to the Custodian statements of account regarding the amounts of TDS received by the Department in respect of each Notified Party and the amounts appropriated out of the same.