https://www.taxtmi.com/caselaws?id=30828 The court ruled in favor of the assessee, holding that there was no default in TDS deposit for the relevant period. The Tribunal's decision, affirmed by the court, found that crediting interest to an "interest payable account" did not constitute a default in TDS deposit as per the unamended provisions of section 194A(1) for the assessment year 1985-86. The court emphasized that TDS liability arises only when interest is credited to payees' accounts, not to an "interest payable account." The Explanation to section 194A(1) was deemed prospective and not applicable retrospectively. en-us Fri, 08 Apr 2005 00:00:00 +0530 Sat, 27 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30828 The court ruled in favor of the assessee, holding that there was no default in TDS deposit for the relevant period. The Tribunal's decision, affirmed by the court, found that crediting interest to an "interest payable account" did not constitute a default in TDS deposit as per the unamended provisions of section 194A(1) for the assessment year 1985-86. The court emphasized that TDS liability arises only when interest is credited to payees' accounts, not to an "interest payable account." The Explanation to section 194A(1) was deemed prospective and not applicable retrospectively. Case-Laws Income Tax Fri, 08 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30828