{"id":63364,"date":"2026-07-31T16:44:03","date_gmt":"2026-07-31T11:14:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/sme-pool-series-v-august-2016-v-ito-tds-2025-127-itr-129-mum-trib\/"},"modified":"2026-07-31T16:44:03","modified_gmt":"2026-07-31T11:14:03","slug":"sme-pool-series-v-august-2016-v-ito-tds-2025-127-itr-129-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/sme-pool-series-v-august-2016-v-ito-tds-2025-127-itr-129-mum-trib\/","title":{"rendered":"SME Pool Series v August 2016 v. ITO (TDS) (2025) 127 ITR 129 (Mum.)(Trib.)"},"content":{"rendered":"<p>The assessee, a securitisation trust, paid excess interest spread to the originator after acquisition of a loan portfolio. The originator had not subscribed to pass-through certificates or any other securitised debt instruments issued by the trust and, therefore, was not an &#8220;investor&#8221; within the meaning of sections 115TCA and 194LBC. The Tribunal held that the excess interest spread represented consideration for creation of the loan pool and not income from investment in the securitisation trust. Accordingly, the provisions of section 194LBC were not attracted, and the assessee was not liable to deduct tax at source. (AY. 2017-18 &amp; 2018-19).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 194LBC : Investment in securitisation trust-Deduction of tax at source-Securitisation trust-Excess interest spread paid to originator-Originator not an investor-No liability to deduct tax at source.[S.115TCA, Securities Contracts (Regulation ) Act, 1956, S. 2(h (ie ), Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments ) Regulations, 2008, regln. 2(1)(s)]   <\/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-63364","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gu0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63364","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=63364"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63364\/revisions"}],"predecessor-version":[{"id":63365,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63364\/revisions\/63365"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=63364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=63364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=63364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}