Calcutta High Court’s Landmark Interim Order in Petition Challenging Constitutional Validity of Section 194N of the Income Tax Act

CALCUTTA HIGH COURT

Calcutta High Court passes landmark interim order in petition challenging constitutional validity of Section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from banking company. Petitioner submitted that Section 194N of the said Act is beyond the legislative competence of the Parliament

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