Payment by Builder/ Developer for Compensation/Damages to Allottees is not Interest u/s 2(28) of Income Tax Act, No TDS: ITAT [Read Order]

By Ipsita Das - On October 16, 2023 4:30 pm - 2 mins read

Payment - Builder - Developer for Compensation - Damages to Allottees - Interest - Income Tax Act - TDS - ITAT - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held the compensation/damages paid by the assessee to its allottees cannot be tagged as interest under Section 2(28A) of the Income Tax Act,1961 and therefore, TDS (Tax Deducted at Source) provision of Section 194A of the Income Tax Act was not applicable. The assessee in this…

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