https://www.taxtmi.com/caselaws?id=64435 The Tribunal ruled in favor of the assessee, a registered firm, in a tax case involving the interpretation of Sections 194A and 201(1A). The issue centered on the liability to deduct tax on interest income and the imposition of simple interest for failure to do so. The Tribunal held that crediting the interest to an "Interest payable account" did not constitute crediting to the payee's account as required by Section 194A. The Tribunal found that the interest levied was not in accordance with the law and allowed the appeals filed by the assessee for all the assessment years involved. en-us Thu, 28 Dec 1989 00:00:00 +0530 Mon, 07 Feb 2011 18:19:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64435 The Tribunal ruled in favor of the assessee, a registered firm, in a tax case involving the interpretation of Sections 194A and 201(1A). The issue centered on the liability to deduct tax on interest income and the imposition of simple interest for failure to do so. The Tribunal held that crediting the interest to an "Interest payable account" did not constitute crediting to the payee's account as required by Section 194A. The Tribunal found that the interest levied was not in accordance with the law and allowed the appeals filed by the assessee for all the assessment years involved. Case-Laws Income Tax Thu, 28 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64435