Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT allowed the appeal of the anonymized assessee engaged in wholesale and retail trade, directing full grant of TDS credit as reflected in Form 26AS for both assessment years in dispute. It held that restriction of TDS credit by the AO and its affirmation by the CIT(A) on the basis of turnover discrepancies, without properly accounting for sales returns and the mechanism of TDS deduction under s.194O, was unsustainable. ITAT found that TDS had been correctly deducted by e-commerce operators on gross sales and that the assessee's turnover, after considering sales returns, reconciled with Form 26AS. Consequently, the order of the CIT(A) was set aside and the AO was mandated to allow complete TDS credit.
ITAT allowed the appeal of the anonymized assessee engaged in wholesale and retail trade, directing full grant of TDS credit as reflected in Form 26AS for both assessment years in dispute. It held that restriction of TDS credit by the AO and its affirmation by the CIT(A) on the basis of turnover discrepancies, without properly accounting for sales returns and the mechanism of TDS deduction under s.194O, was unsustainable. ITAT found that TDS had been correctly deducted by e-commerce operators on gross sales and that the assessee's turnover, after considering sales returns, reconciled with Form 26AS. Consequently, the order of the CIT(A) was set aside and the AO was mandated to allow complete TDS credit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
