Assessee deducted TDS on share purchase from non-residents, but AO recharacterized it unlawfully. Court upheld assessee's stance.

Assessee deducted TDS on share purchase from non-residents, but AO recharacterized it unlawfully. Court upheld assessee's stance. https://www.taxtmi.com/highlights?id=79837 TDS u/s 195 - default u/s 201(1)/201(1A) - assessee deducted TDS at 10% plus surcharge on consideration paid for purchase of shares from non-resident sellers - TDS Officer re-characterized transaction from 'sale of shares' to 'sale of assets' - HELD: Assessee deducted TDS on payments made for share purchase and deposited it with Government - AO re-characterized nature of transaction in proceedings u/s 201 beyond jurisdiction - Undisputed facts show assessee not an 'assessee in default' - No infirmity in impugned order, upheld against revenue. en-us Mon, 29 Jul 2024 10:03:55 +0530 Mon, 29 Jul 2024 10:03:55 +0530 TaxTMI RSS Generator Assessee deducted TDS on share purchase from non-residents, but AO recharacterized it unlawfully. Court upheld assessee's stance. https://www.taxtmi.com/highlights?id=79837 TDS u/s 195 - default u/s 201(1)/201(1A) - assessee deducted TDS at 10% plus surcharge on consideration paid for purchase of shares from non-resident sellers - TDS Officer re-characterized transaction from 'sale of shares' to 'sale of assets' - HELD: Assessee deducted TDS on payments made for share purchase and deposited it with Government - AO re-characterized nature of transaction in proceedings u/s 201 beyond jurisdiction - Undisputed facts show assessee not an 'assessee in default' - No infirmity in impugned order, upheld against revenue. Highlights Income Tax Mon, 29 Jul 2024 10:03:55 +0530 https://www.taxtmi.com/highlights?id=79837