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of ITAT determined that a Securitisation Trust was not required to deduct TDS under section 194LBC on Excess Interest Spread (EIS) payment to the originator. The tribunal found that the EIS payment was not an investment return but a surplus distribution per waterfall mechanism. The payment did not meet the conditions of section 194LBC, specifically regarding investment characterization. Consequently, the tribunal deleted the tax liability and interest levied under sections 201(1) and 201(1A), allowing the assessee's appeal and ruling that no TDS was mandatory in this securitization transaction.
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