Shanti Prime Publication Pvt. Ltd.
Sec. 194C of Income Tax Act, 1961—TDS —Main object in a contract of sale is the transfer of property and delivery of possession of the property, whereas the main object in a contract for work is not the transfer of the property, but it is one for work and labour, in the case of assessee, assessee company had entered into an agreement for bulk sale of advertising space with its' holding company on a principal to principal basis by transfer of rights therein and the assessee under the agreement makes purchase of advertisement space and exercises control over such space with the right to either sell it to other or retain it for itself, thus, it is a transfer of advertising space to the assessee who in turn sells it to others,therefore, aforesaid transaction can not be termed as supply of goods but is a contract for sale not covered under section 194C — Times VPL Limited vs. CIT [2020] 421 ITR 170 (KARN)