https://www.taxtmi.com/caselaws?id=441749 The court ruled in favor of the petitioner bank in a case concerning the deduction of tax at source on payments made to a local authority for the Assessment Year 2005-06. The court held that the bank was not required to deduct tax at source on payments towards interest made to the authority. The court emphasized the importance of timely action in legal matters involving public funds and tax obligations, directing the revenue to refund the bank's amount and allowing the authority to pursue compensatory interest. The petitioner bank was instructed to deposit costs and the writ petition was disposed of accordingly. en-us Tue, 01 Aug 2023 00:00:00 +0530 Mon, 14 Aug 2023 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441749 The court ruled in favor of the petitioner bank in a case concerning the deduction of tax at source on payments made to a local authority for the Assessment Year 2005-06. The court held that the bank was not required to deduct tax at source on payments towards interest made to the authority. The court emphasized the importance of timely action in legal matters involving public funds and tax obligations, directing the revenue to refund the bank's amount and allowing the authority to pursue compensatory interest. The petitioner bank was instructed to deposit costs and the writ petition was disposed of accordingly. Case-Laws Income Tax Tue, 01 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441749