1995 (3) TMI 4 - SCH - Income Tax

Order passed by the ITO u/s18(3F) of the Indian Income-Tax Act, 1922 for deduction of tax at source from dividend at a lower rate - once the determination had been made by the Income-tax Officer under section 18(3F) and the respondent company had acted in accordance with it, the respondent company could not be said to be in default under the provisions of section 18(7).

Summary

The Supreme Court upheld the High Court's decision in a case involving the determination of dividend tax under the Indian Income-tax Act, 1922. The respondent company was not considered in default under section 18(7) after following the Income-tax Officer's determination under section 18(3F). The appeals were dismissed, and no costs were awarded. (Case Citation: 1995 (3) TMI 4 - SC)