https://www.taxtmi.com/caselaws?id=63987 The Tribunal allowed the appeals, overturning the decisions of the CIT(A) and Assessing Officer. It held that the provisions of section 194A were not applicable as the interest credited annually did not exceed Rs. 2,500 per annum for each payee. Therefore, the Tribunal directed the Assessing Officer to grant a refund to the assessee if any demand had been collected, concluding that the tax and interest imposed under sections 201(1) and 201(1A) were not justified for the financial years 1990-91 and 1991-92. en-us Mon, 13 Feb 1995 00:00:00 +0530 Thu, 03 Feb 2011 10:00:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63987 The Tribunal allowed the appeals, overturning the decisions of the CIT(A) and Assessing Officer. It held that the provisions of section 194A were not applicable as the interest credited annually did not exceed Rs. 2,500 per annum for each payee. Therefore, the Tribunal directed the Assessing Officer to grant a refund to the assessee if any demand had been collected, concluding that the tax and interest imposed under sections 201(1) and 201(1A) were not justified for the financial years 1990-91 and 1991-92. Case-Laws Income Tax Mon, 13 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63987