Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Section 206AA read with Rule 114AAA(3) applied where the seller's PAN was inoperative on the date of property purchase because it was not linked with Aadhaar, so higher TDS was prima facie attracted. However, the Tribunal held that the buyer should not bear higher TDS if evidence shows the seller disclosed the transaction in her return and paid due taxes, following the principle underlying section 40(a)(ia) and section 201(1). The demand was therefore not finally sustained and the matter was remitted for de novo verification of the seller's tax disclosure and payment.
Section 206AA read with Rule 114AAA(3) applied where the seller's PAN was inoperative on the date of property purchase because it was not linked with Aadhaar, so higher TDS was prima facie attracted. However, the Tribunal held that the buyer should not bear higher TDS if evidence shows the seller disclosed the transaction in her return and paid due taxes, following the principle underlying section 40(a)(ia) and section 201(1). The demand was therefore not finally sustained and the matter was remitted for de novo verification of the seller's tax disclosure and payment.
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