Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Excess TDS becomes refundable where reassessment proceedings initiated under section 148 accept the return and determine nil taxable income. Under section 237, tax paid in excess of tax properly chargeable must be refunded; no outstanding liability remains after such assessment. The refund is consequential to the reassessment rather than a fresh claim beyond its scope. The principle applies even where reassessment proceedings are dropped or culminate without additional taxable income, and the restriction on reopening concluded matters does not bar this consequential relief. Statutory interest on the excess TDS refund follows in accordance with law.
Excess TDS becomes refundable where reassessment proceedings initiated under section 148 accept the return and determine nil taxable income. Under section 237, tax paid in excess of tax properly chargeable must be refunded; no outstanding liability remains after such assessment. The refund is consequential to the reassessment rather than a fresh claim beyond its scope. The principle applies even where reassessment proceedings are dropped or culminate without additional taxable income, and the restriction on reopening concluded matters does not bar this consequential relief. Statutory interest on the excess TDS refund follows in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
