https://www.taxtmi.com/caselaws?id=302105 Interest paid as part of compensation awarded by the Motor Accidents Claims Tribunal was treated as outside the taxable interest contemplated by section 2(28A) of the Income-tax Act in the pre-amendment period, so tax was not required to be deducted at source under section 194A. On that reasoning, default liability under section 201(1) could not be sustained, and the associated penalty under section 217C was also held unsustainable. The matter was resolved in favour of the assessee on the basis of earlier decisions concerning compensation-related interest under the Motor Vehicles Act, 1988. en-us Fri, 21 Apr 2017 00:00:00 +0530 Mon, 08 Aug 2022 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302105 Interest paid as part of compensation awarded by the Motor Accidents Claims Tribunal was treated as outside the taxable interest contemplated by section 2(28A) of the Income-tax Act in the pre-amendment period, so tax was not required to be deducted at source under section 194A. On that reasoning, default liability under section 201(1) could not be sustained, and the associated penalty under section 217C was also held unsustainable. The matter was resolved in favour of the assessee on the basis of earlier decisions concerning compensation-related interest under the Motor Vehicles Act, 1988. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302105