Sales or Return agreement not covered as ‘works contract’ and hence TDS not deductible u/s 194C

ACIT (OSD) TDS 2(2) Vs Shoppers Stop Limited (ITAT Mumbai) ITAT Mumbai held that payment made under the Sales or Return agreement are not in nature of ‘works contract’ but ‘purchase of goods’ and hence not liable to deduct tax at source under section 194C of the Income Tax Act. Facts- The main grievance of the Revenue is directed against the action of the Ld. CIT(A) in holding that, the payments made by the assessee to several vendors in relation to its procurements from them, consisting of apparels/ clothes/ footwear/ goods manufactured by these vendors, were not in the nature of ‘w...