Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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The Income Tax Appellate Tribunal held that the assessee was not an "assessee in default" for non-deduction of tax deducted at source (TDS) u/s 194A on interest paid on loans from group entities. The payments were in the nature of reimbursement and not liable for TDS deduction. The assessee borrowed funds from banks through its group entities and reimbursed the interest cost to them. Since the group entities were not in the lending business and the assessee enjoyed the credit facility through them, the interest payment was a reimbursement. Consequently, the assessee was under no statutory obligation to deduct TDS u/s 194A, and the interest payable for failure to deduct TDS u/s 201(1A) did not arise.
The Income Tax Appellate Tribunal held that the assessee was not an "assessee in default" for non-deduction of tax deducted at source (TDS) u/s 194A on interest paid on loans from group entities. The payments were in the nature of reimbursement and not liable for TDS deduction. The assessee borrowed funds from banks through its group entities and reimbursed the interest cost to them. Since the group entities were not in the lending business and the assessee enjoyed the credit facility through them, the interest payment was a reimbursement. Consequently, the assessee was under no statutory obligation to deduct TDS u/s 194A, and the interest payable for failure to deduct TDS u/s 201(1A) did not arise.
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