The ITAT Mumbai held that u/s 194LBC, TDS is not applicable to ...

TDS: payments made to the 'Originator' as Excess Interest Spread are not subject to TDS u/s 194LBC.

Case Laws Income Tax

May 28, 2024

The ITAT Mumbai held that u/s 194LBC, TDS is not applicable to payments made by a securitization trust to the Originator as Excess Interest Spread (EIS). The tribunal found that the Originator does not qualify as an investor of the trust nor does the payment constitute income from the trust investment. The FAA determined that the Originator is not a holder of securitized debt instruments, thus not an investor. The tribunal rejected the AO's argument that the Assignment Deed is a securitized debt instrument. It clarified the distinction between the Originator, the trust, and the PTC holders. The decision was supported by precedent cases. The appeal was dismissed.

View Source

← Previous Next →

The ITAT Mumbai held that u/s 194LBC, TDS is not applicable to ...

TDS: payments made to the 'Originator' as Excess Interest Spread are not subject to TDS u/s 194LBC.

Case Laws Income Tax

May 28, 2024

You may also like:

The assessee was in default u/s 201(1) for non-deduction of TDS u/s 194LBC on the Excess Interest Spread (EIS) paid to the Originator. The CIT(A) held that since the...

TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

TDS u/s 194C - Non deduction of TDS on payments to shipping companies and CFS Agents - Addition u/s 40(a)(ia) - payments made by the assessee to shipping companies/CFS...

Claim of refund of excess interest paid - The payment of excess interest was due to clerical error or due to mistake as to rate of interest applicable, the unjust...

TDS on interest paid on compensation - requirement of spreading it over the number of period for which the payment was made - the matter reffered to the Larger bench of...

Short payment of Service tax or not - provisional payment of service tax - It is an admitted fact that when the payment is made on provisional basis the amount sometime...

Excess utilisation of cenvat credit - Whether the appellant is liable to pay interest and penalty on account of alleged excess utilisation of cenvat credit - The demand...

Suo-moto adjustment of excess service tax paid - If the assessee has made excess payment, the same can be adjusted towards the liability for subsequent months. The...

Refund of excess service tax paid - time limitation - In the present case, the refund arises out of excess payment. The excess payment can be ascertained only when the...

TDS u/s 195 - Interest u/s 201(1A) - Purchase of property from non-resident - On behalf of NRI, the Payment made to GPA Holder / bank - Payments made to both the parties...

Issue of clarification on contentious TDS issues on payments made by Television channels, Broadcasters and Newspapers

The case involves TDS issues u/s 194A, 194H, and 194J concerning surplus interest retained by NBFCs. The assessee, a bank, purchased loans from NBFCs with a tripartite...

Refund alongwith interest - Recovery of interest from the erring officers - the interest of 6% would be payable up to the date when the amount was credited in the...

Tax free payments - TDS liability born by the assessee - the TDS, as exigible on payments, is grossed up, and payment made accordingly - deduction on account of tax...

Quick Updates: