No TDS Deduction on Transaction of Assigning Loans by NBFC: ITAT rules in Favour of SBI [Read Order]

While allowing the appeal, the ITAT set aside the findings of the CIT(A) and stated that the levy of tax under Section 201(1) and the levy of interest under Section 201(1A) for non-deduction of TDS under Sections 194J and 194H are not sustainable.
ITAT - income tax rules - ITAT rules - SBI rules - Assigning loans by NBFC - TAXSCAN

In a ruling in favour of the State Bank of India ( SBI ), the Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no deduction of deduct tax at source (TDS) can be made on transactions related to the assignment of loans by non-banking financial companies ( NBFC ). State…

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