https://www.taxtmi.com/caselaws?id=179764 The Appellate Tribunal ITAT Hyderabad upheld the orders of the Commissioner of Income-tax(Appeals)-V, Hyderabad, dismissing the Revenue's appeals for the assessment years 2006-07 and 2007-08. The Tribunal ruled that chit dividend payments by the assessee did not constitute interest under the Income-tax Act, 1961, and therefore, the assessee was not required to deduct TDS or liable for interest under sections 201 and 201(1A) of the Act. The decision was based on precedents establishing that chit fund payouts to members are not considered interest but rather dividends distributed among participants. en-us Mon, 31 Oct 2011 00:00:00 +0530 Thu, 07 Sep 2017 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179764 The Appellate Tribunal ITAT Hyderabad upheld the orders of the Commissioner of Income-tax(Appeals)-V, Hyderabad, dismissing the Revenue's appeals for the assessment years 2006-07 and 2007-08. The Tribunal ruled that chit dividend payments by the assessee did not constitute interest under the Income-tax Act, 1961, and therefore, the assessee was not required to deduct TDS or liable for interest under sections 201 and 201(1A) of the Act. The decision was based on precedents establishing that chit fund payouts to members are not considered interest but rather dividends distributed among participants. Case-Laws Income Tax Mon, 31 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179764