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1983 (8) TMI 139 - ITAT MADRAS-AExtract: .......he interest was credited to the lsquo interest payable account rsquo , it did not amount to crediting the interest to the accounts of the payees and, consequently, no liability for deducting the tax on the interest amount was incurred. The levy of interest is therefore, uncalled for. We, therefore, vacate the interest levied, and allow the appeals.
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