DDT cannot be demanded from recipient of interest income: Delhi HC

Genpact Luxembourg S.A.R.L. Vs ACIT (Delhi High Court) Delhi High Court held that Dividend Distribution Tax (DDT) is liable to be paid by the company which declares, distributes or pays the same. Petitioner, herein, has received interest income from Non-convertible debentures and accordingly cannot be subject to DDT. Facts- On perusal of the information available with the Department, it appeared that interest income derived from Non-convertible Debentures floated by Genpact India Private Limited had not been appropriately offered to tax due to mischaracterization of income. The petitioner was ...