TDS not deductible on interest retained by NBFCs on assets purchased by SBI

State Bank of India Vs DCIT (TDS) (ITAT Mumbai) The case of State Bank of India vs. DCIT (TDS) was brought before the Income Tax Appellate Tribunal (ITAT) Mumbai, with the primary issue revolving around the liability of the assessee, State Bank of India (SBI), to withhold tax at source under sections 194A, 194H, or 194J of the Income Tax Act. Here’s a comprehensive summary of the case: The background of the case reveals that SBI, a bank established under the State Bank of India Act, 1955, engaged in transactions involving the purchase of loans from Non-Banking Financial Companies (NBFCs)...