https://www.taxtmi.com/caselaws?id=798585 Section 194A exemption was unavailable for the relevant assessment year merely because the interest recipient, HUDCO, was government-owned. However, the first proviso to Section 201(1) prevents the payer from being treated as an assessee in default where the recipient has included the interest in taxable income and paid the due tax. Form 26A from the recipient's accountant supported fulfilment of those conditions. Relief from default status remains subject to the Assessing Officer's verification of the revised Form 26A. en-us Thu, 03 Sep 2026 00:00:00 +0530 Wed, 09 Sep 2026 08:20:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798585 Section 194A exemption was unavailable for the relevant assessment year merely because the interest recipient, HUDCO, was government-owned. However, the first proviso to Section 201(1) prevents the payer from being treated as an assessee in default where the recipient has included the interest in taxable income and paid the due tax. Form 26A from the recipient's accountant supported fulfilment of those conditions. Relief from default status remains subject to the Assessing Officer's verification of the revised Form 26A. Case-Laws Income Tax Thu, 03 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798585