PR.COMM.OF INCOME TAX vs. M/S THE JAMMU AND KASHMIR BANK LTD.

The appeals are dismissed

Bench: HON'BLE MR. JUSTICE SANJEEV KUMAR,HON'BLE MR. JUSTICE JAVED IQBAL WANI

Section 194A (1) of the Act. Hon’ble Supreme Court ruled that the Canara Bank was under no obligation to deduct the TDS form the interest income paid by it to NOIDA on its fixed deposits lying with the Bank. The Supreme Court strongly relied upon the judgment of Dalco Engineering Private Limited vs. Satish Prabhakar Padhye and Others