Concessional LTCG Rate for Non-Residents Overrides Higher TDS Demands

ITO Vs Godrej Agrovet Limited (ITAT Mumbai) Lower TDS @ 11.54% on LTCG of Non-Resident Shareholders Upheld: Mumbai ITAT Dismisses Revenue’s s.201 Appeal The Mumbai Bench of the ITAT dismissed Revenue’s appeal and upheld the order of CIT(A), holding that TDS @ 11.54% on long-term capital gains arising to non-resident individual shareholders from transfer of shares was correct and in accordance with section 112(1)(c)(iii). The case arose from proceedings u/s 201, where the AO treated Godrej Agrovet Limited as an assessee in default for allegedly short-deduction of TDS on remittances made to ...