https://www.taxtmi.com/caselaws?id=761906 ITAT Mumbai held that a broker acting as intermediary on NSEL platform was not liable for TDS u/s 194A on commodity transaction profits treated as interest income. The tribunal found that the assessee merely facilitated transactions between clients and NSEL, earning only brokerage income which was properly taxed. Since the broker was not responsible for paying interest to clients but only acted as intermediary, Section 194A provisions could not be invoked. SEBI order confirmed primary responsibility lay with NSEL, not brokers. Revenue's appeal was dismissed, upholding CIT(A)'s decision exempting the assessee from TDS obligations. en-us Mon, 18 Nov 2024 00:00:00 +0530 Fri, 23 May 2025 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761906 ITAT Mumbai held that a broker acting as intermediary on NSEL platform was not liable for TDS u/s 194A on commodity transaction profits treated as interest income. The tribunal found that the assessee merely facilitated transactions between clients and NSEL, earning only brokerage income which was properly taxed. Since the broker was not responsible for paying interest to clients but only acted as intermediary, Section 194A provisions could not be invoked. SEBI order confirmed primary responsibility lay with NSEL, not brokers. Revenue's appeal was dismissed, upholding CIT(A)'s decision exempting the assessee from TDS obligations. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761906