Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Non-deduction of tax on leave fare concession payments made while binding interim directions of the Madras High Court were in force did not render the assessee an assessee in default. The Tribunal held that the statutory TDS obligation could not be enforced in disregard of those judicial directions, and the later Supreme Court ruling on the substantive taxability of the payments could not retrospectively create default liability for that earlier period. The demands under section 201(1) and section 201(1A) were deleted. Once the default demand failed, the consequential penalty under section 271C also could not survive and was deleted.
Non-deduction of tax on leave fare concession payments made while binding interim directions of the Madras High Court were in force did not render the assessee an assessee in default. The Tribunal held that the statutory TDS obligation could not be enforced in disregard of those judicial directions, and the later Supreme Court ruling on the substantive taxability of the payments could not retrospectively create default liability for that earlier period. The demands under section 201(1) and section 201(1A) were deleted. Once the default demand failed, the consequential penalty under section 271C also could not survive and was deleted.
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