https://www.taxtmi.com/caselaws?id=15856 The court held that tax should be deducted at source on the gross amount of interest credited, not on the net amount after mutual set-off. The assessee's argument that tax should be deducted on the net interest was rejected. The court emphasized that the statutory obligation to deduct tax arises at the time of crediting the gross interest amount, as per section 194A of the Income-tax Act, 1961. Therefore, the Revenue's challenge was upheld, and the court ruled in their favor, with no order as to costs. en-us Mon, 27 Oct 1997 00:00:00 +0530 Sat, 29 Aug 2009 15:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15856 The court held that tax should be deducted at source on the gross amount of interest credited, not on the net amount after mutual set-off. The assessee's argument that tax should be deducted on the net interest was rejected. The court emphasized that the statutory obligation to deduct tax arises at the time of crediting the gross interest amount, as per section 194A of the Income-tax Act, 1961. Therefore, the Revenue's challenge was upheld, and the court ruled in their favor, with no order as to costs. Case-Laws Income Tax Mon, 27 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15856