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TDS Not Applicable on Discounts to Pharma Stockists: Mumbai ITAT
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AdvertisementDCIT Vs Wockhardt Ltd. (ITAT Mumbai) The Revenue and the assessee filed appeal and cross-objection, respectively, against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2010-11.
The assessee, a public limited company engaged in the manufacturing and trading of pharmaceutical products, had revised its return declaring total income of Rs.
74,24,76,938.
A survey under Section 133A(2A) of the Income-tax Act was conducted to examine non-deduction of tax at source on payments made during the financial year 2009-10.
Following notices under Sections 201(1) and 201(1A), the A...