Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (4) TMI 573 - ITAT AMRITSARShort deduction of tax at source - Held that:- We dismiss the appeal filed by the Revenue by holding that the Jammu Development Authority is in exempted category where the provisions of section 194(1) are not applicable. We also hold that exception provided in section 194A(3)(iii)(f) of the Act and as per notification, the Jammu Development Authority is a creation of J & K Development Act and satisfies the condition at Entry No.39 of the said notification and we hold that no tax was deductible on accrued interest on FDRs of Jammu Development Authority with J & K Bank Ltd. Keeping in view the above discussions, we hold that no interference is called for in the well reasoned impugned order passed by the ld. first appellate authority and accordingly we uphold the same.
|