Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
