https://www.taxtmi.com/caselaws?id=328315 The ITAT Mumbai ruled in favor of the assessee, holding that the assessee could not be treated as an "assessee in default" for not deducting tax at source under Section 196C of the IT Act for the assessment year 2011-2012. The ITAT found that the conditions under Section 196C were not met as the FCCBs issued were zero percent bonds with a premium on maturity, not interest, and the terms of the bonds made it difficult to identify the recipient of the premium. Previous decisions and the reversal of the TDS entry supported the assessee's position, leading to the appeal being allowed on 27/05/2016. en-us Fri, 27 May 2016 00:00:00 +0530 Wed, 01 Jun 2016 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328315 The ITAT Mumbai ruled in favor of the assessee, holding that the assessee could not be treated as an "assessee in default" for not deducting tax at source under Section 196C of the IT Act for the assessment year 2011-2012. The ITAT found that the conditions under Section 196C were not met as the FCCBs issued were zero percent bonds with a premium on maturity, not interest, and the terms of the bonds made it difficult to identify the recipient of the premium. Previous decisions and the reversal of the TDS entry supported the assessee's position, leading to the appeal being allowed on 27/05/2016. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328315