TDS-SEC 194A
This query is : Resolved
19 March 2009
Please explain the case law of CIT v. Century Building Industries P.Ltd (2007) 293 ITR 194 (SC) in detail.My question is why the Company has to deduct the tax on interest?
19 March 2009
In CIT v. Century Building Industries (P) Ltd (2007) 293 ITR 194 (SC) the directors of the company took loan in their individual capacity but it was routed through the company. The loan amounts were taken in the name of the company by cheque and on the same day transferred to the directors' account. The repayment of loan and interest was also routed through the company. The apex court held that since the company had debited the interest amount in its books of account, it must deduct tax at source.
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