No TDS on export freight to shipping agent of non-resident

PCIT Vs  Summit India Water Treatment (Gujarat High Court) In the given case, the respondent assessee has filed its return of income for the assessment year 2013-­14. The Principal Commissioner of Income Tax invoked power of revision under Section 263 of the Act, 1961 on the ground that without deducting TDS on the export freight, the assessee company had paid export freight to Inter Ocean Shipping and Logistic Services. According to the CBDT circular No.723 dated 19th September 1995, the Tribunal held that where payment is made to the shipping agents of the non-­resident, ship owner or ch...