Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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Denial of TDS credit - Credit deferred to next year - To rest the adjudication, it suffice to voice that, the combined reading of Section 199(3) r.w. Rule 37BA(3) makes the position of law clear that, credit for TDS is available in the year in which the income is reported and as a corollary, credit of TDS (deducted therefrom) cannot be deferred to some other assessment year. In the instant case, the Revenue proposed to allow the credit in the subsequent AY 2021-22 i.e. when the TDS is shown to have been credited in the form 26AS. - Credit allowed - AT
Denial of TDS credit - Credit deferred to next year - To rest the adjudication, it suffice to voice that, the combined reading of Section 199(3) r.w. Rule 37BA(3) makes the position of law clear that, credit for TDS is available in the year in which the income is reported and as a corollary, credit of TDS (deducted therefrom) cannot be deferred to some other assessment year. In the instant case, the Revenue proposed to allow the credit in the subsequent AY 2021-22 i.e. when the TDS is shown to have been credited in the form 26AS. - Credit allowed - AT
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