https://www.taxtmi.com/caselaws?id=338995 The Court ruled in favor of the assessee, emphasizing the importance of Central Government approval under Section 10(15)(iv)(c) of the Income Tax Act for the rate of interest in loan transactions. It held that approvals from relevant government departments, including the Department of Economic Affairs and Department of Revenue, satisfied the requirement of Central Government approval. The failure to deduct tax under Section 195 did not invalidate the approvals received, leading to the allowance of the appeal for deduction of interest claimed in the return. The decision highlighted the significance of complying with statutory conditions based on approved government authorizations in tax matters. en-us Tue, 07 Feb 2017 00:00:00 +0530 Sat, 01 Apr 2017 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338995 The Court ruled in favor of the assessee, emphasizing the importance of Central Government approval under Section 10(15)(iv)(c) of the Income Tax Act for the rate of interest in loan transactions. It held that approvals from relevant government departments, including the Department of Economic Affairs and Department of Revenue, satisfied the requirement of Central Government approval. The failure to deduct tax under Section 195 did not invalidate the approvals received, leading to the allowance of the appeal for deduction of interest claimed in the return. The decision highlighted the significance of complying with statutory conditions based on approved government authorizations in tax matters. Case-Laws Income Tax Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338995