Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
TDS u/s 194N - Constitutional validity of TDS on cash withdrawal from Bank exceeding a certain threshold - The High Court upheld the constitutionality of Section 194N, stating that the provision's aim to reduce cash transactions and encourage a transparent and accountable economy is laudable. The Court emphasized that Section 194N, as a machinery provision, does not levy a new tax but provides a mechanism for tax collection on transactions that could potentially escape the tax net. - The Court clarified that the nature of withdrawals and their taxability is a matter for assessment and cannot be predetermined. It rejected the argument that the amounts withdrawn by the cooperative societies did not constitute taxable income.
TDS u/s 194N - Constitutional validity of TDS on cash withdrawal from Bank exceeding a certain threshold - The High Court upheld the constitutionality of Section 194N, stating that the provision's aim to reduce cash transactions and encourage a transparent and accountable economy is laudable. The Court emphasized that Section 194N, as a machinery provision, does not levy a new tax but provides a mechanism for tax collection on transactions that could potentially escape the tax net. - The Court clarified that the nature of withdrawals and their taxability is a matter for assessment and cannot be predetermined. It rejected the argument that the amounts withdrawn by the cooperative societies did not constitute taxable income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
