https://www.taxtmi.com/caselaws?id=440590 The court dismissed the appeal, affirming that the interest income accrued on the Term Deposit Accounts of JKSRRDA was exempt from TDS under Section 196 of the Income Tax Act, 1961, and Notification No. 3489. The court upheld the orders of CIT(A) and ITAT, confirming that the funds were government funds and therefore exempt from TDS. The court found no substantial question of law for determination, agreeing that the Assessing Authority wrongly demanded tax due to failure to deduct TDS on interest paid/accrued to JKSRRDA, a society wholly financed by the Government of India. en-us Fri, 14 Jul 2023 00:00:00 +0530 Mon, 05 Feb 2024 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440590 The court dismissed the appeal, affirming that the interest income accrued on the Term Deposit Accounts of JKSRRDA was exempt from TDS under Section 196 of the Income Tax Act, 1961, and Notification No. 3489. The court upheld the orders of CIT(A) and ITAT, confirming that the funds were government funds and therefore exempt from TDS. The court found no substantial question of law for determination, agreeing that the Assessing Authority wrongly demanded tax due to failure to deduct TDS on interest paid/accrued to JKSRRDA, a society wholly financed by the Government of India. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440590