Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
TDS treatment of commission paid to travel agents is addressed: where agents have already paid income tax on supplementary commission, no further recovery of TDS shortfall is warranted, though interest under the income tax penal provision is to be computed and demanded. The assessing officer is directed to compute and issue a demand notice for interest payable from date of default until agents payment, and may verify whether agents actually paid tax. If any agents remain unpaid, Revenue may recover the TDS shortfall from the payer, but imposition of penalties on the payer is restricted by the protective penalty provision.
TDS treatment of commission paid to travel agents is addressed: where agents have already paid income tax on supplementary commission, no further recovery of TDS shortfall is warranted, though interest under the income tax penal provision is to be computed and demanded. The assessing officer is directed to compute and issue a demand notice for interest payable from date of default until agents payment, and may verify whether agents actually paid tax. If any agents remain unpaid, Revenue may recover the TDS shortfall from the payer, but imposition of penalties on the payer is restricted by the protective penalty provision.
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