https://www.taxtmi.com/caselaws?id=69948 The Tribunal vacated the interest levied under Section 201(1A), holding that crediting interest to the 'interest payable account' did not satisfy the requirement of crediting the payee's account as per Section 194A. The 1979 CBDT circular was deemed applicable, and the lack of financial viability was accepted as a valid reason for not crediting the payee's account. Consequently, the appeals were allowed, and the levy of interest was annulled. en-us Thu, 18 Aug 1983 00:00:00 +0530 Wed, 13 Apr 2011 10:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69948 The Tribunal vacated the interest levied under Section 201(1A), holding that crediting interest to the 'interest payable account' did not satisfy the requirement of crediting the payee's account as per Section 194A. The 1979 CBDT circular was deemed applicable, and the lack of financial viability was accepted as a valid reason for not crediting the payee's account. Consequently, the appeals were allowed, and the levy of interest was annulled. Case-Laws Income Tax Thu, 18 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69948