https://www.taxtmi.com/caselaws?id=64019 The Tribunal held that the agreement between the assessee and the non-resident parent company was void ab initio due to being against the Industrial Policy of the Government of India, thus no income accrued and no tax deduction was required. Consequently, the assessee was not deemed in default under section 201(1) of the Income-tax Act. As a result, the levy of interest under section 201(1A) was set aside, and both appeals were allowed with the deletion of the tax demand and interest levy. en-us Fri, 14 Dec 2001 00:00:00 +0530 Thu, 03 Feb 2011 11:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64019 The Tribunal held that the agreement between the assessee and the non-resident parent company was void ab initio due to being against the Industrial Policy of the Government of India, thus no income accrued and no tax deduction was required. Consequently, the assessee was not deemed in default under section 201(1) of the Income-tax Act. As a result, the levy of interest under section 201(1A) was set aside, and both appeals were allowed with the deletion of the tax demand and interest levy. Case-Laws Income Tax Fri, 14 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64019