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...
Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing Centre's action of restricting TDS credit to the extent relating to receipts reflected in the return for the impugned assessment year, in line with Section 199 and Rule 37BA. The assessee failed to demonstrate any infirmity in the CIT(A)'s findings regarding the interpretation of law on TDS credit and the fact that TDS was deducted on a portion of income already returned in preceding years. While upholding the CIT(A)'s order confirming the adjustment restricting TDS credit to Rs. 4,07,968/- against Rs. 5,24,600/- claimed, the Appellate Tribunal directed the Assessing Officer to give necessary TDS credit for income returned in the preceding two assessment years, as the gross receipts of Rs. 5,24,60,000/- included receipts already taxed in those years.
Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing Centre's action of restricting TDS credit to the extent relating to receipts reflected in the return for the impugned assessment year, in line with Section 199 and Rule 37BA. The assessee failed to demonstrate any infirmity in the CIT(A)'s findings regarding the interpretation of law on TDS credit and the fact that TDS was deducted on a portion of income already returned in preceding years. While upholding the CIT(A)'s order confirming the adjustment restricting TDS credit to Rs. 4,07,968/- against Rs. 5,24,600/- claimed, the Appellate Tribunal directed the Assessing Officer to give necessary TDS credit for income returned in the preceding two assessment years, as the gross receipts of Rs. 5,24,60,000/- included receipts already taxed in those years.
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