TDS not deducible on Chit Dividend/Discount: SLP dismissed by SC

On 18^th Feb 2013 Supreme Court dismissed the SLP filed by revenue again Hon`ble Delhi high court judgment reported in (2009) 3 TaxCorp (DT) 43917 (DELHI). Hon`ble Delhi high court held that dividend/discount disbursed to the members from their contribution cannot be mistaken for interest income in the hands of the subscribers. TDS U/S 194A NOT DEDUCIBLE

 

S U P R E M E   C O U R T   O F   I N D I A

RECORD OF PROCEEDINGS

 

Petition(s) for Special Leave to Appeal (Civil) CC 7714/2010

 

(From the judgement and order  dated 24/07/2009 in ITA No.44/2008, of

The HIGH COURT OF DELHI AT N. DELHI)

 

C.I.T,DELHI                                       Petitioner(s)

 

VERSUS

 

SAHIB CHITS(DELHI) P.LTD.                         Respondent(s)

 

(With appln(s) for c/delay in filing SLP)

 

Date: 18/02/2013 

 

This Petition was called on for hearing today.

 

CORAM :

        HON'BLE MR. JUSTICE R.M. LODHA

        HON'BLE MR. JUSTICE J. CHELAMESWAR

        HON'BLE MR. JUSTICE MADAN B. LOKUR

 

For Petitioner(s)      

Mr. Arijit Prasad, Adv.

Ms. Anil Katiyar, Adv.

Mr. B.V. Balaram Das, Adv.

 

For Respondent(s)       Mr. K. Parasaran, Sr. Adv. Mr. A. Raghunath,Adv.

 

UPON hearing counsel the Court made the following

                              

O R D E R

 

Delay condoned.

 

The special leave petition is dismissed.