Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Procedural lapses by third parties should not deprive taxpayers of TDS credit when they have acted in good faith and declared income. Section 205 bars direct tax recovery from deductees if tax was deducted, protecting them from double taxation. Rule 37BA aims to align TDS credit with income's beneficial owner. Denying credit due to third-party errors contradicts this purpose when the assessee rightfully owned and offered the income. Allowing TDS credit avoids revenue loss when tax was deducted and income declared. Substance should prevail over procedural deficiencies not attributable to the taxpayer. Denial of TDS credit solely on procedural grounds is unjustified.
Procedural lapses by third parties should not deprive taxpayers of TDS credit when they have acted in good faith and declared income. Section 205 bars direct tax recovery from deductees if tax was deducted, protecting them from double taxation. Rule 37BA aims to align TDS credit with income's beneficial owner. Denying credit due to third-party errors contradicts this purpose when the assessee rightfully owned and offered the income. Allowing TDS credit avoids revenue loss when tax was deducted and income declared. Substance should prevail over procedural deficiencies not attributable to the taxpayer. Denial of TDS credit solely on procedural grounds is unjustified.
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