https://www.taxtmi.com/caselaws?id=206539 The High Court ruled in favor of the Assessee School, holding that it was not in default under Section 201(1) and not liable for interest under Section 201(1A) of the Income Tax Act, 1961. The court emphasized the importance of a bona fide estimate for TDS deductions and favored a purposive interpretation of tax rules to determine liability accurately, ultimately concluding that the Assessee acted honestly and fairly in its estimations. en-us Mon, 31 Oct 2011 00:00:00 +0530 Sat, 05 Nov 2011 00:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206539 The High Court ruled in favor of the Assessee School, holding that it was not in default under Section 201(1) and not liable for interest under Section 201(1A) of the Income Tax Act, 1961. The court emphasized the importance of a bona fide estimate for TDS deductions and favored a purposive interpretation of tax rules to determine liability accurately, ultimately concluding that the Assessee acted honestly and fairly in its estimations. Case-Laws Income Tax Mon, 31 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206539