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2010 (9) TMI 738 - HC - Income TaxTDS u/ds 194A(3)(ix) - Deduction of TDS by insurance company while making payment against Accidental claim - Interest from the date of application - The appellant submitted that the Executing Court has committed an error in interpreting the provisions of section 194A of the 1961 Act and no error was committed by the Insurance Company in deducting the tax at source - Held that: - the compensation amount and the interest amount have been apportioned between the respondent Nos. 1 to 6 claimants and the interest payable to each of the claimants comes to Rs. 20,208.33 which does not exceed the limit of Rs. 50,000 provided under section 194A(3)(ix) of the 1961 Act, therefore, the Insurance Company is not entitled to deduct the tax at source while depositing the amount of interest payable to the respondent claimant before the Tribunal.
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