BEFORE THE GOA STATE CONSUMER DISPUTES REDRESSAL COMMISSION, PANAJI-GOA In the matter of First Appeal 37 of 2023 in Consumer Complaint

02 of 2022.

Before: Adv. Mrs Varsha Bale, Officiating President Adv. Ms. Rachna Anna Maria Gonsalves, Member Mr. Matias Socorro Antonio, Albeto Mequelinho Fernandes, Resident of House No. Anns Villa, A1/A2, Rego Bag, Opp Bethany, Sister Convent, Alto Santa Cruz, Tiswadi, Goa. ...…Appellant-1 V.

Mr. Prasanna P. Nageshkar, Manager F & A Taxation, SBI Life Insurance Co. Ltd.

Natraj, 5th Floor, M. V. Road, Western Express Highway, Andheri (East), Mumbai 400069. .....Respondent-1 The SBI Life Insurance Co. Manager, Having Branch Office at Panaji 2, SBI Life Insurance Co. Ltd, 1st Floor Nova Goa Building, Above TJSB Bank, Dr. Atmaram Borkar Road, Goa - 403001. .....Respondent-2 Adv. Shri. Cassian Crasto present for Appellant. Adv. Shri. G. Mishra present for Respondent-2.

DATE: 28/06/2024 JUDGEMENT [per Adv. Ms. Rachna Anna Maria Gonsalves, Member]

1. This Judgment and Order shall finally dispose off First Appeal 37/2023 filed by the Appellant, challenging the Judgment and Order passed by District Commission South (New) dated 24/02/2023 in CC/02/2022 and Consumer and CC/68/2019 (Old) North Commission dismissed the complaint.

2. The Appellant herein was the Complainant and the Respondents herein were Opposite Parties before District Commission, South.

3. The brief facts of the matter.

A. The case of the Appellant is herein mentioned below:

i. That the Appellant has worked and toiled in Abu Dhabi, UAE for the last 38 years and had deposited an amount in his NRI account in State Bank of India, Panaji Branch, bearing Account No. 30340760765.

ii. That the Respondents are a Private Company having separate and distinct identity. The Appellant was in touch with clerks working in the said Bank and due to which, one of the Bank clerk gave a proposal to the Appellant in order to invest his amount and introduced the Appellant to the representative Mr. Santosh Haldankar, of SBI Life Unit Plus 2 pension series 1, and was further informed that he had to pay a yearly premium of Rs.4,00,000/- for the said policy which was agreed upon by the Appellant and the said Policy was registered under no. 38001275601, commenced on

09/02/2010 and paid the premium till 12/01/2018.

iii. That the total premium amount paid by the Appellant for the last 8 years is Rs.32,00,000/-.

iv. It is further stated that, as per the records of the SBI Life unit plus 2 pension series 1, maintained by the Appellant, no TDS was deducted per year by the Bank from the premium nor the interest of each year 2009-

2010 to 2016-2017.

v. Thereafter, in the month of February 2018, due to financial crunch the Appellant moved an application to State Bank of India Life Unit Plus 2 Pension series 1, in order to redeem the policy and the original policy was handed over to Mr. Santosh, employee of State Bank of India who in turn handed over to the representative of State Bank of India Life Unit Plus 2, Mr. Aniket.

vi. That after 3 months from the date of application for redemption, the TDS Certificate was issued to and collected by Appellant from State Bank of India Life Unit Plus 2, at their Panaji Branch, Goa and as per the TDS Certificate the total amount was shown as Rs.30,53,802.59/- and TDS deduction amount was shown as Rs.9,43,625/- which should be calculated on gross figure on received interest and the tax was deposited by State Bank of India Life Unit Plus 2 on

07/02/2018.

vii. Thereafter, the Appellant handed over a letter, which clearly highlighted that TDS deduction should have been on the long term capital gains and not on principal amount, to the Manager, State Bank of India Life unit plus 2, and the Appellant mentioned in the letter, as per his calculation that, he had paid total premium of Rs.32,00,000/- and alongwith interest Rs.30,53,802.59/- and the total amount is Rs.62,53,802.59/- and the amount deducted as TDS is Rs.9,43,625/-. However as per TDS Certificate