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2011 (8) TMI 449 - HC - Income TaxInterest u/s 2(28A) - TDS - Appellant paid commission to Globe International for utilizing its unspent credit facilities for import clearly comes within the definition of interest under Section 2 (28A) as it is a debt incurred by the appellant, which includes an obligation to pay fee or other charges in respect of the unspent credit facility of the Globe International - It appears that the appellant in its book described the amount as interest paid to Globe International and the said Globe International also confirmed the same before the Assessing Officer - Therefore, find no substance in the contention of assessee that they had no obligation to deduct TDS from the amount paid to Globe International in terms of Section 194A of the Act - Decided in favour of Revenue.
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