https://www.taxtmi.com/caselaws?id=767210 The Tribunal upheld the decision of the CIT(A) to delete the disallowance of Rs. 1,35,56,446/- under Section 40(a)(ia) of the Income Tax Act for the assessment year 2010-11. It ruled that the amendment to Section 194A, which mandates TDS on interest payments, was not applicable to the relevant year, thus the interest on recurring deposits was not subject to TDS. The Tribunal dismissed the Department's appeal, affirming the CIT(A)'s interpretation and application of the law, and did not address the issue of reassessment validity due to the favorable decision on the primary issue. en-us Fri, 28 Feb 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767210 The Tribunal upheld the decision of the CIT(A) to delete the disallowance of Rs. 1,35,56,446/- under Section 40(a)(ia) of the Income Tax Act for the assessment year 2010-11. It ruled that the amendment to Section 194A, which mandates TDS on interest payments, was not applicable to the relevant year, thus the interest on recurring deposits was not subject to TDS. The Tribunal dismissed the Department's appeal, affirming the CIT(A)'s interpretation and application of the law, and did not address the issue of reassessment validity due to the favorable decision on the primary issue. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767210