Section 194N TDS on Cash Withdrawal Not Applicable if Sums withdrawn Not Constitutes Income of Recipient

Tirunelveli District Central Cooperative Bank Limited Vs JCIT- TDS (Madras High Court) The issue under consideration is whether TDS on Cash Withdrawal u/s 194N is applicable even though the sums withdrawn is not constitute income in the hands of the recipient? High Court states that, the stand of the learned Standing counsel that the department need not wait till the time limit for the assessees to file their returns for the assessment year gets over. It is open to the department to initiate action against the deductors, who have failed to act as per the requirements under Section 194N of the ...