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2013 (11) TMI 156 - ITAT HYDERABADTDS on dividend declared to subscribers - Held that:- Following Vipanchi Chit Funds Ltd., (ITA Nos. 804- 805/Hyd/2011) – Chit fund dividend to the subscribers does not partake the character of interest defined u/s 2(28A) and accordingly, the assessee is not liable to deduct tax under section194A - The provisions of s. 40(a)(ia) are not attracted – Decided in favour of assessee.
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