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2018 (6) TMI 418 - AT - Income TaxTDS u/s 194A - non deduction of tds on payment of interest on FDRs to Gr. Noida Authority - assessee in default - Held that:- From the perusal of the order u/s 201(1)/201(1A), it can be seen that the Assessing Officer has over looked the very fact that the Greater Noida Authority, the payee, is a statutory authority constituted u/s 3 of the Uttar Pradesh (UP) Industrial Area Development Act, 1976 and 100% owned by UP State Government. The CBDT Notification No. 3489 (Entry No. 39) dated 22/10/1970 issued in pursuance to Section 194A (3) (iii) (F) directs that no tax is required to be deducted from interest payment to any corporation established by a Central State or Provincial Act. Thus, it is not coming under the purview of TDS provision. This aspect was totally over looked by the Assessing Officer as well as the CIT(A). - Decided in favour of assessee
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