https://www.taxtmi.com/caselaws?id=181669 The Tribunal dismissed the Revenue's appeals against the cancellation of orders passed under sections 201 and 201(1A) of the Income-tax Act, 1961 related to non-deduction of tax on chit dividend paid by the assessee. Relying on precedents, including judgments in similar cases and the nature of chit fund schemes, the Tribunal concurred with the CIT(A) that chit dividends do not constitute interest for tax deduction purposes. Therefore, the assessee was not required to deduct TDS under section 194A and was not liable for interest under sections 201(1) and 201(1A) of the Act. en-us Thu, 29 Sep 2011 00:00:00 +0530 Thu, 21 Sep 2017 09:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181669 The Tribunal dismissed the Revenue's appeals against the cancellation of orders passed under sections 201 and 201(1A) of the Income-tax Act, 1961 related to non-deduction of tax on chit dividend paid by the assessee. Relying on precedents, including judgments in similar cases and the nature of chit fund schemes, the Tribunal concurred with the CIT(A) that chit dividends do not constitute interest for tax deduction purposes. Therefore, the assessee was not required to deduct TDS under section 194A and was not liable for interest under sections 201(1) and 201(1A) of the Act. Case-Laws Income Tax Thu, 29 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181669