No sec. 195 TDS Liability On Payer If Payee Not Assessed

Crompton Creaves Ltd Vs. DCIT (ITAT Mumbai) No sec. 195 TDS Liability On Payer If Payee Not Assessed The assessee made a public issue of Global Depository Receipts (GDR) for which it engaged international lead managers like Jardine Fleming, Merrill Lynch etc and paid management and underwriting commission of Rs. 7.68 crores without deducting TDS. The AO & CIT (A) held that the said commission constituted “fees for technical services” and that the assessee ought to have deducted TDS u/s 195. The assessee was held to be in default u/s 201. Before the Tribunal, the assessee argued...