https://www.taxtmi.com/caselaws?id=269534 The High Court held that Section 195 of the Income Tax Act was not applicable as the transaction did not result in any income chargeable to tax in India. Therefore, the assessee was not deemed an "assessee in default" under Section 201 (1), and the levy of interest under Section 201 (1A) was unwarranted. The appeal was allowed in favor of the appellant, with no costs imposed. en-us Tue, 14 Jul 2015 00:00:00 +0530 Fri, 18 Dec 2015 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269534 The High Court held that Section 195 of the Income Tax Act was not applicable as the transaction did not result in any income chargeable to tax in India. Therefore, the assessee was not deemed an "assessee in default" under Section 201 (1), and the levy of interest under Section 201 (1A) was unwarranted. The appeal was allowed in favor of the appellant, with no costs imposed. Case-Laws Income Tax Tue, 14 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269534