https://www.taxtmi.com/caselaws?id=285299 A statutory welfare board constituted as a body corporate under a Central enactment was treated as falling within the class of institutions covered by the notification under section 194A(3)(iii)(f) of the Income-tax Act, 1961. Applying a contextual reading and the principle of noscitur a sociis, the interest paid to the Board was regarded as exempt from tax deduction at source. The payer's reliance on the Board's statutory status, exemption claim, and supporting declarations was held to provide a bona fide basis for non-deduction, so the assessee was not treated as an assessee in default under sections 201(1) and 201(1A). en-us Wed, 23 Sep 2015 00:00:00 +0530 Tue, 07 Jan 2020 06:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285299 A statutory welfare board constituted as a body corporate under a Central enactment was treated as falling within the class of institutions covered by the notification under section 194A(3)(iii)(f) of the Income-tax Act, 1961. Applying a contextual reading and the principle of noscitur a sociis, the interest paid to the Board was regarded as exempt from tax deduction at source. The payer's reliance on the Board's statutory status, exemption claim, and supporting declarations was held to provide a bona fide basis for non-deduction, so the assessee was not treated as an assessee in default under sections 201(1) and 201(1A). Case-Laws Income Tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285299