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1983 (8) TMI 148 - ITAT MADRAS-CExtract: .......that when the interest was credited to the interest payable account , 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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