Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The ITAT allowed the appeal of the assessee and directed the AO to grant credit for TDS, including amounts deducted on maturity of RBI bonds, after verifying claims under Rule 37BA(3)(ii) of the I.T. Rules, 1962. The tribunal noted the assessee had already offered interest on an accrual basis and paid corresponding tax for AYs 2018-19 to 2022-23, having claimed proportionate TDS credits from intermediary deductors. The AO is instructed to verify the TDS receipts, adjust the assessee's computation for AY 2023-24, determine the resultant tax liability or refund, and pass consequential orders in accordance with the tribunal's directions.
The ITAT allowed the appeal of the assessee and directed the AO to grant credit for TDS, including amounts deducted on maturity of RBI bonds, after verifying claims under Rule 37BA(3)(ii) of the I.T. Rules, 1962. The tribunal noted the assessee had already offered interest on an accrual basis and paid corresponding tax for AYs 2018-19 to 2022-23, having claimed proportionate TDS credits from intermediary deductors. The AO is instructed to verify the TDS receipts, adjust the assessee's computation for AY 2023-24, determine the resultant tax liability or refund, and pass consequential orders in accordance with the tribunal's directions.
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