Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Reasonable cause under section 273B excused failures to deduct tax from rent paid to a Government-owned company and to collect tax on construction scrap. ITAT accepted the payer's bona fide belief that the Government-owned payee was a Government instrumentality not subject to tax deduction at source, treating that belief as reasonable cause; the rent-related penalty was deleted. ITAT also accepted the bona fide understanding that scrap arising from construction activities, including cutting and moulding materials, was not scrap covered by the tax-collection provisions because construction was not treated as manufacturing. The related tax-collection penalty was likewise deleted.
Reasonable cause under section 273B excused failures to deduct tax from rent paid to a Government-owned company and to collect tax on construction scrap. ITAT accepted the payer's bona fide belief that the Government-owned payee was a Government instrumentality not subject to tax deduction at source, treating that belief as reasonable cause; the rent-related penalty was deleted. ITAT also accepted the bona fide understanding that scrap arising from construction activities, including cutting and moulding materials, was not scrap covered by the tax-collection provisions because construction was not treated as manufacturing. The related tax-collection penalty was likewise deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
