PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Appellate Tribunal held that when interest income was credited to PEL's account by original borrowers, TDS obligations u/ss 193/194A were already fulfilled. The appellant, who later acquired PEL's lending rights, was not required to deduct TDS again on the same interest payments. No lender-borrower relationship existed between appellant and PEL, making appellant not a "person responsible" for TDS under the Act. Payments exceeding principal value of ICDs/NCDs/Term Loans cannot be classified as 'interest' u/s 2(28A)/2(28B). ITAT deleted demand raised u/s 201(1)/201(1A), noting that income characterization can differ between recipient and payer. Appeal allowed.
Appellate Tribunal held that when interest income was credited to PEL's account by original borrowers, TDS obligations u/ss 193/194A were already fulfilled. The appellant, who later acquired PEL's lending rights, was not required to deduct TDS again on the same interest payments. No lender-borrower relationship existed between appellant and PEL, making appellant not a "person responsible" for TDS under the Act. Payments exceeding principal value of ICDs/NCDs/Term Loans cannot be classified as 'interest' u/s 2(28A)/2(28B). ITAT deleted demand raised u/s 201(1)/201(1A), noting that income characterization can differ between recipient and payer. Appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
