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No section 194N TDS if cash withdrawn isn’t income of account holder: Madras HC

September 3, 2020[2020] 119 taxmann.com 21 (Madras)
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INCOME TAX : Having regard to the overall scheme of the chapter XVII and particularly, by reading Section 194N along with Section 201 of the Act, it can be safely concluded that if the sum received by the assessee will not be an income at his hands, then, the question of deduction under Section 194N of the Act will not arise

INCOME TAX : Where during survey proceedings, Assessing Officer did not take into account entire scheme of Act and proceeded at breakneck speed, passing order under sections 201(1) and 201(1A) to recover default amount with interest from assessee, said proceedings were to be quashed

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