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2013 (12) TMI 900 - ITAT CHENNAIValidity of assessment u/s 263 - Held that:- The subscription collected by the assessee is not its income and hence is not taxable in the hands of the assessee - The assessee is only a nodal agency for collecting subscription on behalf of M/s. Sun TV Network Ltd. - The amounts collected by the assessee are credited to the separate account 'Subscription Charges' - The said account is debited at the end of Financial Year when the amounts are paid to M/s. Sun TV Network Ltd. - As the subscription collected by the assessee from various cable operators is not the income of the assessee, the same is not shown in Profit & Loss account - The cable operators are deducting tax at source on the payments of subscription made to assessee - The assessee is remitting the gross amount to M/s. Sun TV Network Ltd., the assessee is entitled to receive credit of the tax deducted at source u/s. 199 of the Act subject to production of TDS Certificates received from respective deductors - Decided in favour of assessee.
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