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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Section 194N places the obligation to deduct tax at source on the banking company making a cash payment, not on the customer withdrawing cash. Failure to deduct attracts the statutory consequence under section 271C against the person responsible for deduction. A bank cannot impose a lien on a customer's current account for an alleged TDS liability without statutory authority or a direction from the income-tax authorities. The lien was directed to be released and account operations permitted after the customer furnished income-tax returns for the relevant three consecutive years, without limiting lawful action by tax authorities.
Section 194N places the obligation to deduct tax at source on the banking company making a cash payment, not on the customer withdrawing cash. Failure to deduct attracts the statutory consequence under section 271C against the person responsible for deduction. A bank cannot impose a lien on a customer's current account for an alleged TDS liability without statutory authority or a direction from the income-tax authorities. The lien was directed to be released and account operations permitted after the customer furnished income-tax returns for the relevant three consecutive years, without limiting lawful action by tax authorities.
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