'Interest on Securities' u/s 194 A of the Income.Tax.Act, 1961.

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....est, other than 'Interest on Securities' to deduct Income-tax at source at the prescribed rates from such interest income of a resident at the time of credit of the income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier. 2. A question has arisen whether a person is liable to deduct tax at source from....

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....rce is to be deducted at the time of credit of such income to the account of the payee. The question under consideration here rests on the exact meaning of the expression "credit of the income to the account of the payee". These words have to be taken to mean that the person should have credited the amount in the personal account of the payee or in some other manner to indicate his immediate inten....