Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Levy of interest u/s 234A and 234B - defaults in furnishing return of income - The Case and situation pertains to situations where the original assessment is set aside during appellate proceedings for fresh assessment. In such cases, there is contention between the Revenue and the assessee regarding whether the subsequent assessment should be considered the regular assessment or if it is still the first assessment. - Since the existing precedents failed to address the changed legal scenario and legislative amendments, the Tribunal deemed it necessary to reexamine the computation of interest under sections 234A and 234B. - Therefore, the Tribunal decided to remand the issue back to the ld. CIT(A) for fresh consideration, allowing both parties to present their arguments and considering all relevant decisions.
Levy of interest u/s 234A and 234B - defaults in furnishing return of income - The Case and situation pertains to situations where the original assessment is set aside during appellate proceedings for fresh assessment. In such cases, there is contention between the Revenue and the assessee regarding whether the subsequent assessment should be considered the regular assessment or if it is still the first assessment. - Since the existing precedents failed to address the changed legal scenario and legislative amendments, the Tribunal deemed it necessary to reexamine the computation of interest under sections 234A and 234B. - Therefore, the Tribunal decided to remand the issue back to the ld. CIT(A) for fresh consideration, allowing both parties to present their arguments and considering all relevant decisions.
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