Dismissing the petition the Court held that failure on the part of the petitioner to deduct tax at source on interest on foreign currency loan guarantee was misleading. Accordingly the notice for reassessment was held to be valid. (AY.2007-08)
Cairn India Ltd. v. Dy. DIT (IT) (No. 1) (2021) 439 ITR 224 (Mad.) (HC)
S. 147 : Reassessment-With in four years-Failure to deduct tax at source-Foreign currency loan guarantee-Reassessment notice was held to be valid. [S. 148, Art. 226]