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Dividend Distribution Tax not chargeable on dividend paid to International Finance Corporation
Case Law Details
- Case Name
- Polycab India Limited Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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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 (I...
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