ITO(TDS) v Jet Airways (India) Ltd. [IT APPEAL NOS. 7439, 7440 & 7441 (MUM) OF 2010] dtd 26.06.13 Mumbai ITAT Background: The assessee is a company engaged in the business of aviation. A survey action u/s 133A of the Act was carried out. After survey, proceedings were initialed u/s 201(1)/201(1A) of the Act in connection with the applicability of TDS on amounts retained by the banks in respect of air tickets booked through credit cards. Assessee during the course of proceedings stated that provisions of section 194H of the Act are not applicable on the above mentioned amounts retained by the banks as the amounts retained by the banks is in the nature of discounting in consideration of immediate payment made by the banks to the assessee.