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Documents citing Asst Cit 5(3)(2), Mumbai vs Xtp Design Furniture Ltd, Mumbai on 18 May, 2018

Eximcorp India (P) Ltd. , Kolkata vs Acit,Cir-5(2),Kolkata. , Kolkata on 5 August, 2024

(ii) Similarly, the Hon'ble ITAT Panaji Bench in the case of Asstt. CIT vs. Indian Furniture products Ltd. [2015] 53 taxmann.com 440 (Panaji - Trib.) held that usance charges paid to non-resident on import purchase by the assessee would be considered as interest and liable to TDS. In this case, the assessee was engaged in manufacturing of wooden doors, frames, furniture etc. and trading in timber. It paid usance charges on import purchases. It was held by the Hon'ble ITAT that usance charges are interest within the provisions of section 2(28A) and income had accrued in India. Therefore, section 195 was clearly applicable and the assessee had committed default by not deducting TDS.
Income Tax Appellate Tribunal - Kolkata Cites 23 - Cited by 0 - Full Document

Eximcorp India Private Limited. , ... vs Acit,Cir-5(2),Kolkata. , Kolkata on 5 August, 2024

(ii) Similarly, the Hon'ble ITAT Panaji Bench in the case of Asstt. CIT vs. Indian Furniture products Ltd. [2015] 53 taxmann.com 440 (Panaji - Trib.) held that usance charges paid to non-resident on import purchase by the assessee would be considered as interest and liable to TDS. In this case, the assessee was engaged in manufacturing of wooden doors, frames, furniture etc. and trading in timber. It paid usance charges on import purchases. It was held by the Hon'ble ITAT that usance charges are interest within the provisions of section 2(28A) and income had accrued in India. Therefore, section 195 was clearly applicable and the assessee had committed default by not deducting TDS.
Income Tax Appellate Tribunal - Kolkata Cites 23 - Cited by 0 - Full Document
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