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2023 (7) TMI 240 - HC - Income TaxTDS u/s 194I or 194C - Payment for contract of Charter Hire - assessee is engaged in the business of owning and operating vessels for which they, inter alia, enter into contracts of transport service in the form of charterparties, to wit, contract of carriage of goods - HELD THAT:- We are informed Respondents have granted a certificate for lower deduction of tax at source under Section 194-C of the Act to one of the members of Petitioner No.1 in 2016-17. If that is so, it is clearly contrary to the claim of Respondents that charter hire income is in the nature of rent which is covered under Section 194-I of the Act and not under section 194-C of the Act. Period of limitation for proceedings u/s 201(1) - The period of limitation for proceedings under Section 201(1) of the Act is provided under Section 201(3) of the Act wherein a period of seven years has been prescribed. The said time period has expired and no further proceedings should be commenced or lie. Respondents be directed to clarify that in the abovementioned circumstances, no further proceedings shall be taken out by them against Petitioner no. 1 or its members or their charter party clients for any alleged failure in deducting tax at source for the period being Financial Years 2006-07, 2007-08, 2008-09 and 2009-10.
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