https://www.taxtmi.com/caselaws?id=459524 ITAT Mumbai ruled in favor of the assessee regarding TDS obligations on Nostro account maintenance charges paid to overseas banks. The tribunal held that Section 40(a)(i) provisions cannot apply to deemed remittance of Nostro account maintenance charges without TDS deduction. Following precedent in Oman International Bank SAOG, the tribunal confirmed the assessee had no obligation to withhold tax under Section 195. The CIT(A)'s deletion of demands under Sections 201(1) and 201(1A) was upheld, rejecting the department's contention that such charges constitute interest under Section 2(28A). en-us Thu, 20 Jul 2023 00:00:00 +0530 Tue, 17 Dec 2024 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459524 ITAT Mumbai ruled in favor of the assessee regarding TDS obligations on Nostro account maintenance charges paid to overseas banks. The tribunal held that Section 40(a)(i) provisions cannot apply to deemed remittance of Nostro account maintenance charges without TDS deduction. Following precedent in Oman International Bank SAOG, the tribunal confirmed the assessee had no obligation to withhold tax under Section 195. The CIT(A)'s deletion of demands under Sections 201(1) and 201(1A) was upheld, rejecting the department's contention that such charges constitute interest under Section 2(28A). Case-Laws Income Tax Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459524