https://www.taxtmi.com/caselaws?id=211936 Interest credited by a bank on programme funds held in a separate account for a Central Government sponsored scheme was treated as belonging to the Ministry of Rural Development and not as the agency's income. On that basis, the payment fell within the exemption for sums payable to the Government under section 196, and the agency was also covered by the notified category under section 194A(3)(iii)(f). The internal accounting manual could not override the statutory position. As the interest was not subject to tax deduction at source, the bank could not be treated as an assessee in default under sections 201(1) and 201(1A). en-us Fri, 10 Feb 2012 00:00:00 +0530 Tue, 10 Apr 2012 22:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211936 Interest credited by a bank on programme funds held in a separate account for a Central Government sponsored scheme was treated as belonging to the Ministry of Rural Development and not as the agency's income. On that basis, the payment fell within the exemption for sums payable to the Government under section 196, and the agency was also covered by the notified category under section 194A(3)(iii)(f). The internal accounting manual could not override the statutory position. As the interest was not subject to tax deduction at source, the bank could not be treated as an assessee in default under sections 201(1) and 201(1A). Case-Laws Income Tax Fri, 10 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211936