Delhi HC quashes Reassessment Notices, Rules Interest Income from NCDs not subject to Dividend Tax [Read Order]
The court emphasized that DDT liability lies with the company declaring the dividend, not the recipient, and stressed the need for consistency between reassessment reasons and decisions
In the recent case, the High Court Of Delhi quashed the reassessment notices for assessment year(AY) 2018-19 issued to petitioner. The court held that the interest income from Non-convertible Debentures (NCDs), taxed under Section 194LD of the Income Tax Act,1961 was wrongly reclassified as dividend subject to Dividend Distribution Tax (DDT), which should be paid…
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