Commissioner Of Income Tax vs Canara Bank

Authority: Supreme Court Date: 2018-07-02 Section: 194A, 201(1), 194A(3)(iii)(f), 201(1A), 194A(1) Acts: Income Tax Act 1961, Uttar Pradesh Industrial Area Development Act 1976, State Bank of India Act 1955, State Financial Corporations Act 1951, Societies Registration Act 1860, Banking Regulation Act 1949, Life Insurance Corporation Act 1956, Unit Trust of India Act 1963, Constitution of India Result: Assessee Citation: (2018) 102 CCH 0114 ISCC : (2018) 168 DTR 0033 (SC) : (2018) 406 ITR 0161 (SC) Justices: A. K. SIKRI & ASHOK BHUSHAN, JJ. Appeal No: CIVIL APPEAL NO.6020 OF 2018 (ARISING OUT OF SLP (C) NO. 3168 OF 2017) & C.
Whether the New Okhla Industrial Development Authority (NOIDA) qualifies as a 'corporation established by a Central, State or Provincial Act' under Notification dated 22.10.1970 issued under Section 194A(3)(iii)(f) of the Income Tax Act 1961, thereby exempting banks from deducting tax at source on interest payments to it --- Held Yes.

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