Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Revenue-neutral domestic transfer pricing and mirror transactions justified deletion of related-party adjustments for operation, maintenance and port ...
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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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