TDS not applicable on payment of lease financial amounts to lease financial companies

CIT Vs Texas Instruments India Pvt. Ltd. (Karnataka High Court) Conclusion: Neither Section 194-C nor 194-I of the Act would be applicable to the lease financing of motor vehicles; thus there could have been no disallowance on the ground that there was no tax deduction at source made by the Assessee. Held:  Assessee had claimed deduction under Section 80JJ(AA) for the Assessment Year 2008-2009 in respect of employment of new workmen for the said year. Assessee had also sought for deduction in computing the income chargeable under the head “profits and gains of business or profession”, as ...