https://www.taxtmi.com/caselaws?id=17748 The court clarified that prior to the 1987 amendment of section 194A, tax deduction obligations did not arise for entries in the interest payable account without specific payee credits. The court emphasized the necessity of direct crediting to the payee's account for tax compliance and held that general entries were insufficient. The court quashed the notice for non-deduction of tax, ruling that the Explanation inserted in 1987 was not retrospective and did not change the original provision's interpretation. Additionally, the court deemed Circular No. 288, dated December 22, 1980, inconsistent with the true meaning of section 194A. en-us Wed, 12 Jul 1995 00:00:00 +0530 Thu, 24 Sep 2009 15:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17748 The court clarified that prior to the 1987 amendment of section 194A, tax deduction obligations did not arise for entries in the interest payable account without specific payee credits. The court emphasized the necessity of direct crediting to the payee's account for tax compliance and held that general entries were insufficient. The court quashed the notice for non-deduction of tax, ruling that the Explanation inserted in 1987 was not retrospective and did not change the original provision's interpretation. Additionally, the court deemed Circular No. 288, dated December 22, 1980, inconsistent with the true meaning of section 194A. Case-Laws Income Tax Wed, 12 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17748