https://www.taxtmi.com/caselaws?id=70331 The Tribunal allowed the appeal by the domestic power co-generation company, granting TDS credit on interest income deducted from machinery installation expenditure. It determined that the interest, although not directly taxable, was indirectly disclosed through the reduction of the machinery's cost, thus warranting TDS credit. The Tribunal annulled the interest levied under sections 234B and 234C of the IT Act, emphasizing the entitlement to TDS credit when income, though not directly taxable, is deposited with the Government. This decision aligns with legal principles and prior judgments regarding TDS credit entitlement. en-us Thu, 14 Aug 2008 00:00:00 +0530 Mon, 27 Nov 2023 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70331 The Tribunal allowed the appeal by the domestic power co-generation company, granting TDS credit on interest income deducted from machinery installation expenditure. It determined that the interest, although not directly taxable, was indirectly disclosed through the reduction of the machinery's cost, thus warranting TDS credit. The Tribunal annulled the interest levied under sections 234B and 234C of the IT Act, emphasizing the entitlement to TDS credit when income, though not directly taxable, is deposited with the Government. This decision aligns with legal principles and prior judgments regarding TDS credit entitlement. Case-Laws Income Tax Thu, 14 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70331