Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
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Interim judicial directions governing LTC/LFC reimbursements can suspend an employer's operative TDS obligation where they expressly treat the payments as non-income for withholding purposes and place eventual tax liability on employees if the challenge fails. The Tribunal followed a Kerala High Court decision concerning the same assessee and stated that the bank could not be treated as having defaulted on a subsisting deduction obligation while the Madras High Court's directions remained operative. Accordingly, the article reports that the orders deeming the bank an assessee in default and imposing consequential tax and interest were quashed, and the related TDS demands were annulled.
Interim judicial directions governing LTC/LFC reimbursements can suspend an employer's operative TDS obligation where they expressly treat the payments as non-income for withholding purposes and place eventual tax liability on employees if the challenge fails. The Tribunal followed a Kerala High Court decision concerning the same assessee and stated that the bank could not be treated as having defaulted on a subsisting deduction obligation while the Madras High Court's directions remained operative. Accordingly, the article reports that the orders deeming the bank an assessee in default and imposing consequential tax and interest were quashed, and the related TDS demands were annulled.
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