https://www.taxtmi.com/caselaws?id=261014 Refunds made to opting-out flat purchasers were not "interest" under section 2(28A) because that term applies only to payments on money borrowed or debt incurred, which requires a debtor-creditor relationship. The amounts returned were purchaser payments towards apartment consideration after the original agreements were cancelled and replacement purchasers were found, with no material showing any contractual interest obligation or pre-existing debt. As a result, tax was not deductible at source under section 194A, and the payer could not be treated as an assessee in default under section 201. en-us Tue, 23 Jun 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261014 Refunds made to opting-out flat purchasers were not "interest" under section 2(28A) because that term applies only to payments on money borrowed or debt incurred, which requires a debtor-creditor relationship. The amounts returned were purchaser payments towards apartment consideration after the original agreements were cancelled and replacement purchasers were found, with no material showing any contractual interest obligation or pre-existing debt. As a result, tax was not deductible at source under section 194A, and the payer could not be treated as an assessee in default under section 201. Case-Laws Income Tax Tue, 23 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261014