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2012 (12) TMI 822 - HC - Income TaxInterest u/s 2(28A) - Discounting charges earned by Singapore Company from Indian parties by discounting bills of exchange and promissory note - Taxability and TDS u/s 195 - Held that:- Confirming the previous ruling of the Tribunal [2009 (10) TMI 70 - ITAT DELHI-B] reported in CIT v. Cargill Global Trading Ltd. [2011 (2) TMI 209 - DELHI HIGH COURT] the definition of 'interest' under section 2(28A) and analyzing the contents of two circulars issued by the CBDT No. 65 dated 02.09.1971 and subsequent one dated 22.03.1993 (Circular No. 647)(sic) that discounting charges did not amount to interest and was not subject to tax - deletion of disallowance u/s 40(a)(i) of the Income-tax Act - no substantial question of law arises.
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