1980 (11) TMI 99

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o another firm, M/s. Dhanalakshmi Corporation and also to Madras Race Club. According to the ITO proper income-tax was not deducted at source at the time of these payment. So, the ITO passed necessary orders under s. 194A r/w s. 201(1A) of the IT Act, 1961. The AAC agreed. Hence this appeal. 2. The assessee firm has its H.O. at Madras and branches at Madurai and Coimbatore. The assessee at its ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ment of income by way of interest. So what is the income paid by the assessee or received by M/s. Dhanalakshmi Corporation by way of interest has to be found out. In the computation of that income set off is necessary and an inevitable process. In the facts of this case, it is clear if an account is taken that the assessee is bound or is liable to pay only Rs. 6,880, as interest to M/s. Dhanbalaks....