Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The ITAT held that the assessee is entitled to credit for TDS deducted on the sale consideration of property registered in the name of the assessee's wife, as the income from the sale was declared and accepted in the assessee's return. The tribunal emphasized that Section 199 read with Rule 37BA(2) treats TDS paid as tax payment on behalf of the owner whose income is charged to tax. Non-compliance with procedural aspects under Rule 37BA by the wife does not preclude the assessee from claiming TDS credit. Additionally, since the wife did not claim the TDS credit in her return, the credit rightfully belongs to the assessee. The AO was directed to grant the TDS credit to the assessee, allowing the appeal.
The ITAT held that the assessee is entitled to credit for TDS deducted on the sale consideration of property registered in the name of the assessee's wife, as the income from the sale was declared and accepted in the assessee's return. The tribunal emphasized that Section 199 read with Rule 37BA(2) treats TDS paid as tax payment on behalf of the owner whose income is charged to tax. Non-compliance with procedural aspects under Rule 37BA by the wife does not preclude the assessee from claiming TDS credit. Additionally, since the wife did not claim the TDS credit in her return, the credit rightfully belongs to the assessee. The AO was directed to grant the TDS credit to the assessee, allowing the appeal.
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