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2011 (10) TMI 640 - AT - Income TaxTDS u/a 194A - non-deduction of tax on chit dividend paid / distributed by the assessee though it represents the interest as per section 2(28A) and was within the meaning and purview of section 194A - Held that:- The payment to the subscribers of a chit towards dividend does not partake the character of interest. In this view of the matter, we uphold the orders of the CIT(A) impugned in these appeals, in holding that the assessee is not liable to deduct TDS u/s. 194A of the Act and not liable for interest u/s. 201(1) and 201(1A) of the Act, and consequently, reject the grounds of the Revenue in both these appeals.
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