Case Law Details
Safex Complex Private Limited Vs Union of India And Ors. (Calcutta High Court)
The Calcutta High Court recently ruled in the case of Safex Complex Private Limited Vs Union of India, concerning the issue of TDS deduction on an unsecured loan for the financial year 2018-19/assessment year 2019-20. The petitioner sought to challenge the order under Section 148A(d) of the Income Tax Act, 1961, but the Court upheld the impugned order.
The central issue revolved around a transaction between the petitioner and M/s Quetzal Exim Private Limited, where the petitioner had taken a loan categorized as an unsecured loan. The Income Tax Authority deducted TDS on this loan.
After considering the presented facts, circumstances, and evidence, including documents produced by the respondent’s counsel, the Court decided not to interfere with the order under Section 148A(d) of the Act. However, it was emphasized that the dismissal of the writ petition would not restrict the petitioner from raising all the concerned points before the assessing officer.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
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