Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
TDS credit on rental income from jointly owned property is ordinarily governed by section 199 and rule 37BA, which provide credit to the deductee and require prescribed declarations and reporting for transfer to another person assessable on the income. Where the entire TDS was deducted and reported against one co-owner's PAN, no transfer declaration was furnished, and the other co-owners neither claimed credit nor objected to that co-owner's claim, the entire credit should be allowed to that co-owner. Procedural requirements cannot permit the Revenue to retain TDS where no other person seeks the unclaimed credit.
TDS credit on rental income from jointly owned property is ordinarily governed by section 199 and rule 37BA, which provide credit to the deductee and require prescribed declarations and reporting for transfer to another person assessable on the income. Where the entire TDS was deducted and reported against one co-owner's PAN, no transfer declaration was furnished, and the other co-owners neither claimed credit nor objected to that co-owner's claim, the entire credit should be allowed to that co-owner. Procedural requirements cannot permit the Revenue to retain TDS where no other person seeks the unclaimed credit.
Note: It is a system-generated summary and is for quick reference only.
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