Applicability of section 194C of IT Act qua film financing arrangement containing provision of recovery of advances/loans with interest

SUMMARY OF CASE LAW Provisions of section 194C do not apply to the film financing arrangement of the kind in question. RELEVANT PARAGRAPH 10. Section 194C relating to `payment to contractors and sub-contractors’ and relevant provisions read as under:- “194C(1)Any person responsibility for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and – (a)………… (b)………… (c)………… (d...