2018 (8) TMI 1321 - HC - Income Tax

TDS on interest income of the FDR s payable to NOIDA - Held that - The question of law has already been answered in favour of the assessee and against the department by Hon ble Apex Court 2018 (7) TMI 664 - SUPREME COURT OF INDIA - Decided against the revenue.

Summary

The High Court of Allahabad dismissed an appeal filed by the department under Section 260-A of the Income Tax Act, 1961 for the Assessment Year 2006-2007. The appeal questioned whether the assessee bank should deduct tax at source on interest income of FDR's payable to the New Okhla Industrial Development Authority without a certificate under Section 197A. The court ruled in favor of the assessee, citing a previous judgment in favor of Canara Bank. The appeal was dismissed with no costs.