Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
The ITAT held that the assessee, a cooperative credit society (not an RBI-licensed bank), was not obliged to deduct tax at source under s.194A(3)(v) on interest paid to members for A.Y. 2014-15 and therefore could not be treated as an "assessee in default" under s.201(1). The Tribunal further concluded that no interest under s.201(1A) was exigible. Even accepting, arguendo, the lower authorities' treatment of the society as a bank, no statutory duty to effect TDS on members' time deposit interest arose prior to 1 June 2015. Consequently, initiation of penalty proceedings under s.271C was held to be erroneous.
The ITAT held that the assessee, a cooperative credit society (not an RBI-licensed bank), was not obliged to deduct tax at source under s.194A(3)(v) on interest paid to members for A.Y. 2014-15 and therefore could not be treated as an "assessee in default" under s.201(1). The Tribunal further concluded that no interest under s.201(1A) was exigible. Even accepting, arguendo, the lower authorities' treatment of the society as a bank, no statutory duty to effect TDS on members' time deposit interest arose prior to 1 June 2015. Consequently, initiation of penalty proceedings under s.271C was held to be erroneous.
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