https://www.taxtmi.com/caselaws?id=20752 The High Court of Rajasthan ruled in favor of the assessee, Messrs. Oriental Power Cables Ltd., in a case concerning the obligation to deduct tax at source on interest payments under section 194A of the Income-tax Act, 1961. The court held that the assessee, by maintaining accounts under the mercantile system of accounting and crediting interest to a suspense account rather than individual parties, was not required to deduct tax at source. The court rejected the Revenue's argument based on a subsequent amendment, stating it was not applicable retroactively. The court awarded costs to the assessee, ruling against the Revenue. en-us Tue, 28 Apr 1992 00:00:00 +0530 Tue, 17 Nov 2009 10:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20752 The High Court of Rajasthan ruled in favor of the assessee, Messrs. Oriental Power Cables Ltd., in a case concerning the obligation to deduct tax at source on interest payments under section 194A of the Income-tax Act, 1961. The court held that the assessee, by maintaining accounts under the mercantile system of accounting and crediting interest to a suspense account rather than individual parties, was not required to deduct tax at source. The court rejected the Revenue's argument based on a subsequent amendment, stating it was not applicable retroactively. The court awarded costs to the assessee, ruling against the Revenue. Case-Laws Income Tax Tue, 28 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20752