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2014 (2) TMI 985 - AT - Income TaxLiability to deduct TDS u/a 194A of the Act – Held that:- The decision in Income-Tax Officer Versus M/s. Neeladri Chit Fund (P) Ltd[2014 (2) TMI 456 - ITAT HYDERABAD] followed - the amount disbursed by a chit fund company to the members from the contribution cannot be treated as interest - the payment made/disbursed to the subscribers/members is not interest, the question of deducting any tax at source from it would not arise - In the case of a chit fund, there is no borrowing of money nor any debt is incurred and as such the provisions of section 194A and 2(28A) of the Act are not attracted – there was no infirmity in the order of the CIT(A) – Decided against Revenue.
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