Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
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Section 276CC contains a statutory exception to prosecution for failure to furnish an income-tax return where tax payable on regular assessment, after reducing advance tax and tax deducted at source, does not exceed the prescribed threshold. The notes state that an accepted return showing a refund entitlement after TDS credit indicates no revenue loss and may bring the taxpayer within that exception. They further note that failure by the sanctioning authority to consider TDS can render prosecution unwarranted and an abuse of process, supporting quashing of the complaint.
Section 276CC contains a statutory exception to prosecution for failure to furnish an income-tax return where tax payable on regular assessment, after reducing advance tax and tax deducted at source, does not exceed the prescribed threshold. The notes state that an accepted return showing a refund entitlement after TDS credit indicates no revenue loss and may bring the taxpayer within that exception. They further note that failure by the sanctioning authority to consider TDS can render prosecution unwarranted and an abuse of process, supporting quashing of the complaint.
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TaxTMI 
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