Supreme Court of India
Commnr. of Income Tax, Bangalore and Anr. v. M/s. Century Building Industries Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that in the first instance over the years the Department should have not D allowed non-deduction of TDS by the company and nothing prevented the A.O. from raising the objection to such practice.
Judgment, page 9
From the headnote
t Income Tax Act, 1961: ss. 194- , 201 and 20l(JA)-Tax deductible at source-On interest- c Liability to deduct-Directors of assessee-Company taking loans from creditors in the name of Company-Repayment of loan amount or interest thereon also routed through assessee-company-TDS as required u!s 194A(l) not deducted at source by assessee-company on interest payments-Company declared as assessee-in-default and interest imposed u/s 201(1A)-Held: Whenever interest is credited to the account of payee the payer has to deduct the TDS-Revenue was right in invoking provisions of ss. 201 and 20l(JA) i
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