No Sec. 201 default for foreign remittances when payees paid tax: ITAT Mumbai

State Bank of India Vs ACIT (ITAT Mumbai) ITAT, Mumbai: SBI not ‘assessee in default’ for non-deduction of TDS on foreign remittances, as payees discharged tax liability. Facts: The assessee in this case was the State Bank of India (SBI), a public sector undertaking and the largest commercial bank in India. For assessment years 2013-14 to 2018-19, the Assessing Officer (AO) initiated proceedings under sections 201(1) and 201(1A) of the Income-tax Act, 1961. The allegation was that SBI had failed to deduct tax at source (TDS) on certain payments made to foreign entities. The payments were ...