Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a belated return on 26.03.2013. The tribunal held that the request was towards self-assessment tax, irrespective of the filing date. Lower authorities overlooked this. The seized deposits were later adjusted against regular tax arrears. The tribunal directed the AO to adjust the deposits towards self-assessment tax from 11.04.2012, recalculating interest u/s 234B. Adjustments made towards regular tax should be reversed.
The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a belated return on 26.03.2013. The tribunal held that the request was towards self-assessment tax, irrespective of the filing date. Lower authorities overlooked this. The seized deposits were later adjusted against regular tax arrears. The tribunal directed the AO to adjust the deposits towards self-assessment tax from 11.04.2012, recalculating interest u/s 234B. Adjustments made towards regular tax should be reversed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
