https://www.taxtmi.com/caselaws?id=62539 The judgment focused on the obligation to deduct tax under section 194-A in relation to interest payable to a creditor and the retrospective effect of the Explanation to the section. It concluded that the assessee was not required to deduct tax under section 194-A as the interest amount was neither paid nor credited to the creditor's account, thereby overturning the imposition of interest under section 201(1A). The court emphasized the legislative intent behind the Explanation and ruled in favor of the assessee, canceling the levy of interest. en-us Tue, 02 Apr 1991 00:00:00 +0530 Thu, 20 Jan 2011 13:09:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62539 The judgment focused on the obligation to deduct tax under section 194-A in relation to interest payable to a creditor and the retrospective effect of the Explanation to the section. It concluded that the assessee was not required to deduct tax under section 194-A as the interest amount was neither paid nor credited to the creditor's account, thereby overturning the imposition of interest under section 201(1A). The court emphasized the legislative intent behind the Explanation and ruled in favor of the assessee, canceling the levy of interest. Case-Laws Income Tax Tue, 02 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62539