Employee recoveries, input tax credit and notice pay recovery under GST: AAR distinguishes taxable supplies from non-taxable perquisites and penalties...
Liberal construction of sufficient cause justifies condonation of inordinate delay where criminal proceedings and jail confinement explained the defau...
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HC held that under Section 194A of Income Tax Act, 1961, the tax deductor was not liable for immediate penalty when TDS was not deducted from interest/finance charges paid to NBFCs. The AO must first provide an opportunity to the appellant to establish that the tax deductee has paid applicable taxes. The lower appellate authorities' orders were set aside, and the matter was remanded to the AO for fresh consideration, requiring a fair hearing to the appellant and verification of whether the NBFCs incorporated the receipts in their accounts and paid corresponding taxes.
HC held that under Section 194A of Income Tax Act, 1961, the tax deductor was not liable for immediate penalty when TDS was not deducted from interest/finance charges paid to NBFCs. The AO must first provide an opportunity to the appellant to establish that the tax deductee has paid applicable taxes. The lower appellate authorities' orders were set aside, and the matter was remanded to the AO for fresh consideration, requiring a fair hearing to the appellant and verification of whether the NBFCs incorporated the receipts in their accounts and paid corresponding taxes.
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