https://www.taxtmi.com/caselaws?id=62541 The Tribunal allowed the assessee's appeal, canceling the levy of interest under section 201(1A) of the Income-tax Act, 1961. The decision was based on the interpretation of section 194A, highlighting that tax deduction obligations arise when interest is credited to the creditor's account or paid directly, not when credited to an 'interest payable account'. The Tribunal emphasized that the Explanation added in 1987 should not have retrospective effect and that Circulars cannot impose additional burdens on taxpayers beyond statutory requirements. en-us Fri, 10 May 1991 00:00:00 +0530 Thu, 20 Jan 2011 13:13:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62541 The Tribunal allowed the assessee's appeal, canceling the levy of interest under section 201(1A) of the Income-tax Act, 1961. The decision was based on the interpretation of section 194A, highlighting that tax deduction obligations arise when interest is credited to the creditor's account or paid directly, not when credited to an 'interest payable account'. The Tribunal emphasized that the Explanation added in 1987 should not have retrospective effect and that Circulars cannot impose additional burdens on taxpayers beyond statutory requirements. Case-Laws Income Tax Fri, 10 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62541