https://www.taxtmi.com/caselaws?id=378789 The Tribunal dismissed the Income Tax Appeals, finding the assessee's non-deduction of tax at source on interest credited to debenture holders justified due to financial distress. The entries were made for legal compliance, and the debenture holders did not claim the interest. The Tribunal emphasized the unique circumstances, supporting the assessee's position under the real income theory. The decision highlights the importance of considering specific case circumstances in tax deduction matters under Section 193 of the Income Tax Act, especially in cases involving financial difficulties and compliance obligations. en-us Mon, 28 Jan 2019 00:00:00 +0530 Sat, 20 Apr 2019 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378789 The Tribunal dismissed the Income Tax Appeals, finding the assessee's non-deduction of tax at source on interest credited to debenture holders justified due to financial distress. The entries were made for legal compliance, and the debenture holders did not claim the interest. The Tribunal emphasized the unique circumstances, supporting the assessee's position under the real income theory. The decision highlights the importance of considering specific case circumstances in tax deduction matters under Section 193 of the Income Tax Act, especially in cases involving financial difficulties and compliance obligations. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378789