Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
The article notes that the ITAT treated a bank as not being an assessee in default for failure to deduct tax at source on Leave Travel Concession reimbursement during the period covered by subsisting Madras High Court interim directions. It records that compliance with that operative judicial direction meant the bank's non-deduction could not attract liability under section 201/201(1A), and the resulting demand was unsustainable. The same approach was applied to the connected appeals on the same controversy.
The article notes that the ITAT treated a bank as not being an assessee in default for failure to deduct tax at source on Leave Travel Concession reimbursement during the period covered by subsisting Madras High Court interim directions. It records that compliance with that operative judicial direction meant the bank's non-deduction could not attract liability under section 201/201(1A), and the resulting demand was unsustainable. The same approach was applied to the connected appeals on the same controversy.
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