DEPUTY COMMISSIONER OF INCOME TAX-6, LUCKNOW vs. M/S. U.P. STATE CONSTRUCTION & INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED, LUCKNOW

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

194A of the Income Tax Act, TDS is not deductible on savings bank interest because balance in the savings bank account is not treated as security but the provision of this section applies only to the interest earned on FDR's which is treated as security on which TDS is deducted by bank. The same accounting policy; and practice

U.P SAMAJ KALYAN NIRMAN NIGAM LIMITED (NOW KNOWN AS U.P STATE CONSTRUCTION AND INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.),LUCKNOW vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, LUCKNOW