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2009 (7) TMI 507 - HC - Income TaxDeduction of tax at source under section 197, 264– Interest from fixed deposit – The assessee was the nodal agency of the state of Bihar for the developing basic infrastructure. The assessee was a facilitator in public private partnership projects. It earned interest on fixed deposits. In this case Patna High Court-held that the interest income on money belonging to the state of Bihar could not prima facie, be subjected to income tax or tax deduction at source by the income tax authorities., thus the matter is remanded back to the concerned authority of the income tax dept. The petition is allowed.
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