https://www.taxtmi.com/caselaws?id=261090 The Court upheld the lower authorities' decisions, ruling that chit dividends did not qualify as interest under the Income Tax Act. Consequently, the assessee, a private limited company engaged in chit fund business, was relieved from TDS obligations under Section 194(A) of the Act. The Court referenced a Delhi High Court case to support its decision, emphasizing that dividend payments in chit schemes did not constitute interest. The judgment favored the assessee, dismissing the revenue's appeals and concluding the case without costs. en-us Fri, 16 Jan 2015 00:00:00 +0530 Tue, 11 Aug 2015 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261090 The Court upheld the lower authorities' decisions, ruling that chit dividends did not qualify as interest under the Income Tax Act. Consequently, the assessee, a private limited company engaged in chit fund business, was relieved from TDS obligations under Section 194(A) of the Act. The Court referenced a Delhi High Court case to support its decision, emphasizing that dividend payments in chit schemes did not constitute interest. The judgment favored the assessee, dismissing the revenue's appeals and concluding the case without costs. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261090