https://www.taxtmi.com/caselaws?id=271752 The Tribunal allowed all the assessee's appeals concerning incorrect tax deduction, penalty imposition, and exemption under section 10(20) for interest payment to Noida Authority. Relying on precedents and the establishment of Noida under the UP Industrial Area Development Act, the Tribunal determined Noida's eligibility for exemption. The decision aligned with previous rulings, emphasizing that Noida, as a statutory corporation established under the State Act, qualified for exemption from tax withholding on interest payments. The Tribunal upheld the CIT(A)'s decision, concluding that tax deduction was not mandatory in such cases involving payments to State Authorities. en-us Tue, 12 Jan 2016 00:00:00 +0530 Tue, 16 Feb 2016 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271752 The Tribunal allowed all the assessee's appeals concerning incorrect tax deduction, penalty imposition, and exemption under section 10(20) for interest payment to Noida Authority. Relying on precedents and the establishment of Noida under the UP Industrial Area Development Act, the Tribunal determined Noida's eligibility for exemption. The decision aligned with previous rulings, emphasizing that Noida, as a statutory corporation established under the State Act, qualified for exemption from tax withholding on interest payments. The Tribunal upheld the CIT(A)'s decision, concluding that tax deduction was not mandatory in such cases involving payments to State Authorities. Case-Laws Income Tax Tue, 12 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271752