Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
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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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