Dividend Distribution Tax not chargeable on dividend paid to International Finance Corporation

Polycab India Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that dividend paid to International Finance Corporation is exempt from Dividend Distribution Tax chargeable under section 115-O of the Income Tax Act. Accordingly, appeals of assessee allowed. Facts- The sole issue involved is whether ld. AO is justified in claiming the refund in respect of dividend distribution tax paid u/s.115-O(1) on dividend paid to international finance corporation which has the immunity under the Income Tax Act by virtue of Section 9 of Article VI of the International Finance Corporation Act (IFC), 1958. Conclu...