Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
A short-deduction demand on purchase of immovable property was held unsustainable where the seller's PAN was later regularised through Aadhaar linkage within the CBDT circular period, so the higher TDS rate for an inoperative PAN did not apply and the related demand under section 200A had to be deleted. Independently, the proviso to section 201(1) protected the deductor because the seller had filed the return, declared the capital gains, and paid tax on the transaction, so the deductor could not be treated as an assessee-in-default. The Tribunal also noted that similar relief had already been granted in the co-owner's case.
A short-deduction demand on purchase of immovable property was held unsustainable where the seller's PAN was later regularised through Aadhaar linkage within the CBDT circular period, so the higher TDS rate for an inoperative PAN did not apply and the related demand under section 200A had to be deleted. Independently, the proviso to section 201(1) protected the deductor because the seller had filed the return, declared the capital gains, and paid tax on the transaction, so the deductor could not be treated as an assessee-in-default. The Tribunal also noted that similar relief had already been granted in the co-owner's case.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
