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Accrued Interest in Loan Acquisition is Purchase Consideration, No TDS: ITAT Mumbai
Case Law Details
- Case Name
- DCIT Vs Piramal Enterprises Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Piramal Enterprises Limited (ITAT Mumbai)
Accrued Interest in Loan Sale is Purchase Consideration, Not Interest – No Borrower-Lender Relationship, No TDS: ITAT Mumbai
Mumbai ITAT has held that amounts paid for acquisition of loan portfolios including ICDs, NCDs & term loans, comprising principal along with accrued interest, are in the nature of purchase consideration & not “interest” liable for deduction of tax at source u/s 193/194A.
Assessee, a registered NBFC, had acquired loans from Piramal Enterprises Ltd. & Piramal Capital & Housing Finance ...
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