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2012 (9) TMI 298 - SCH - Income Tax
Non deduction of TDS - commission or brokerage to the persons carrying on the business as stamp vendors - Held that - As satisfying with the decisions taken in assessee's own case in 2002 (6) TMI 32 - GUJARAT HIGH COURT that 0.50% to 4% discount given to the Stamp Vendors is for purchasing the stamps in bulk quantity and the said discount is in the nature of cash discount, thus concluding that the impugned transaction is a sale and consequently, Section 194H has no application - in favour of assessee.
The Supreme Court ruled that discounts given to stamp vendors are in the nature of cash discounts for bulk purchases, making the transaction a sale. Therefore, Section 194H of the Income Tax Act, 1961, does not apply. The civil appeal by the Department was dismissed with no costs.
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