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Golden Harvest Scheme Discount ≠ Interest; No TDS U/s 194A, 201 Default Quashed
Case Law Details
- Case Name
- Motor & General Sales Ltd Vs ITO (TDS)-II (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Lucknow
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Motor & General Sales Ltd Vs ITO (TDS)-II (ITAT Lucknow)
Golden Harvest Scheme Discount ≠ Interest; No TDS u/s 194A, 201 Default Quashed
The ITAT, Lucknow Bench, held that discount/compensation given to customers under the Golden Harvest Scheme (GHS) is not “interest”, and therefore no TDS is deductible u/s 194A. Consequently, the assessee—a franchise agent of Tanishq (Titan Industries Ltd.)—cannot be treated as assessee-in-default u/s 201(1)/(1A).
In this case (AY 2012-13), customers deposited monthly instalments for 11 months towards purchase of jewellery, and ...
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