https://www.taxtmi.com/caselaws?id=2409 The Tribunal concluded that the assessee was liable to deduct TDS on usance interest from the date of payment and to pay interest under section 201(1A) from that date until the tax was actually paid. The appeal of the Revenue was partly allowed, and the cross-objections filed by the assessee were dismissed. The Tribunal directed the Assessing Officer to impose interest from the date of the Gujarat High Court's decision until the tax was paid. The Third Member's decision confirmed that the interest under section 201(1A) is compensatory and mandatory, and thus, applicable from the date of payment of usance interest. en-us Thu, 31 May 2007 00:00:00 +0530 Sat, 06 May 2017 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2409 The Tribunal concluded that the assessee was liable to deduct TDS on usance interest from the date of payment and to pay interest under section 201(1A) from that date until the tax was actually paid. The appeal of the Revenue was partly allowed, and the cross-objections filed by the assessee were dismissed. The Tribunal directed the Assessing Officer to impose interest from the date of the Gujarat High Court's decision until the tax was paid. The Third Member's decision confirmed that the interest under section 201(1A) is compensatory and mandatory, and thus, applicable from the date of payment of usance interest. Case-Laws Income Tax Thu, 31 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2409