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2011 (11) TMI 364 - HC - Income TaxInterest paid/credited by the Housing Board on the amount deposited by the allottees on account of delayed allotment of flats whether covered under definition of interest stated in section 2(28) applicability of section 194A Held that:-In the present case the allottees had not given the money to the Board by way of deposit nor had the Board borrowed the amount from the allottees. The amount was paid under a self financing scheme for construction of the flat and the interest was paid on account of damages suffered by the claimant for delay in completion of the flats. In the case of Bikram Singh and others vs. Land Acquisition Collector and others (1996 - TMI - 5560 - Supreme Court) it was held that though it was termed as interest on delayed payment, it was actually a revenue receipt and therefore the provisions of Section 194A of the Income tax Act would have no application Decided in favor of assessee.
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