{"id":62155,"date":"2026-07-18T15:24:26","date_gmt":"2026-07-18T09:54:26","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-syamantaka-ifmr-capital-2017-2025-132-itr-61mum-trib\/"},"modified":"2026-07-18T15:24:26","modified_gmt":"2026-07-18T09:54:26","slug":"ito-v-syamantaka-ifmr-capital-2017-2025-132-itr-61mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-syamantaka-ifmr-capital-2017-2025-132-itr-61mum-trib\/","title":{"rendered":"ITO v. Syamantaka IFMR Capital 2017 (2025) 132 ITR 61(Mum) (Trib.)"},"content":{"rendered":"<p class=\"font-claude-response-body\" style=\"margin: 0in;margin-bottom: .0001pt;text-align: justify;line-height: 150%\"><span lang=\"EN-IN\" style=\"font-family: &#039;Verdana&#039;,sans-serif\">The assessee, a securitisation trust, paid Rs. 8.27 crores as excess interest spread to the originator, S Ltd., without TDS under section 194LBC, and was held a defaulter under section 201(1) by the AO, though the CIT(A) held that the originator could not be regarded as an &#8220;investor&#8221; under section 115TCA. On appeal, the Tribunal held that section 194LBC applies only where the payee is an investor holding a securitised debt instrument, securities or security receipts of the trust, and the payment relates to income from such investment; since the originator was merely the assignor of the loan portfolio and not a holder of any securitised debt instrument, and the deed of assignment could not be regarded as such an instrument, neither condition was satisfied, and the assessee was not liable to TDS. (AY 2018-19)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 194LBC : Deduction of tax at source-Payments to investors in securitisation trust-Excess interest spread paid to originator by assessee, a securitisation trust-Originator not an &#8220;investor&#8221;-Not liable to deduct tax at source. [S. 115TCA, 201(1)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62155","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gav","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=62155"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62155\/revisions"}],"predecessor-version":[{"id":62156,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62155\/revisions\/62156"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}