Section 201(1)/201(1A) inapplicable if TDS deducted at Correct Rates: ITAT Rajkot

Bharat Sanchar Nigam Ltd. Vs DCIT (ITAT Rajkot) Introduction: In a significant ruling that will interest taxpayers and tax professionals alike, the Income Tax Appellate Tribunal (ITAT) in Rajkot has delivered a judgment in the case of Bharat Sanchar Nigam Ltd. Vs Deputy Commissioner of Income Tax (DCIT). The case revolves around the issue of whether Bharat Sanchar Nigam Limited (BSNL), the appellant, was in default for not deducting Tax Deducted at Source (TDS) on trade discounts given to distributors. This ruling, pertaining to the assessment year 2009-10, clarifies the application of Section...