Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The Income Tax Appellate Tribunal ruled that non-deduction of...
Non-deduction of TDS on directors' fees & transaction charges not liable for penalty. Payments to directors allowed. Bona fide belief on transaction charges.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The Income Tax Appellate Tribunal ruled that non-deduction of TDS on directors' fees and transaction charges u/s 194J was not liable for penalty u/s 271C. It accepted the assessee's contention that payments to directors on account of sitting fees were allowable. Regarding transaction charges, the assessee had a bona fide belief that they were not covered u/s 194J(1)(ba), as there is no such head. Consequently, non-deduction of TDS was not justified for imposing penalty. The assessee's appeal was allowed.
The Income Tax Appellate Tribunal ruled that non-deduction of TDS on directors' fees and transaction charges u/s 194J was not liable for penalty u/s 271C. It accepted the assessee's contention that payments to directors on account of sitting fees were allowable. Regarding transaction charges, the assessee had a bona fide belief that they were not covered u/s 194J(1)(ba), as there is no such head. Consequently, non-deduction of TDS was not justified for imposing penalty. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
