Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The High Court considered a case involving non-payment/belated remittance of TDS u/s 276-B of the Income Tax Act. The issue centered on defining "reasonable cause" for the delay in remittance. The Petitioners demonstrated that they promptly remitted the TDS upon receiving fee reimbursements, mostly for students under a government scheme. The Court noted that penalties u/s 271C do not apply for mere belated remittance. Reference was made to Section 201(1A) and Section 276B consequences. Prosecution u/s 276B is subject to Section 278AA, requiring proof of reasonable cause for delay. The Court found the Petitioners' explanation valid, ruling in their favor and negating the need for criminal prosecution.
The High Court considered a case involving non-payment/belated remittance of TDS u/s 276-B of the Income Tax Act. The issue centered on defining "reasonable cause" for the delay in remittance. The Petitioners demonstrated that they promptly remitted the TDS upon receiving fee reimbursements, mostly for students under a government scheme. The Court noted that penalties u/s 271C do not apply for mere belated remittance. Reference was made to Section 201(1A) and Section 276B consequences. Prosecution u/s 276B is subject to Section 278AA, requiring proof of reasonable cause for delay. The Court found the Petitioners' explanation valid, ruling in their favor and negating the need for criminal prosecution.
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