Monday 24 March 2014

Discounting charges on bills of exchange couldn't be termed as 'interest' to trigger sec. 194A TDS

IT : Where assessee had merely discounted sale consideration receivable on sale of goods, it was not a case of debt incurred or moneys borrowed and therefore discounting charges of Bill of Exchange or factoring charges of sale could not be termed as interest and same did not come within purview of section 194A


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