Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Penalty under section 270A was challenged where the assessee produced challan evidence of TDS deduction but Form 26AS did not show credit because the deductor had not filed the requisite return. The Tribunal accepted the challan and subsequent filing by the deductor which caused the TDS to appear in Form 26AS; the assessing officer had not undertaken independent verification and the department did not contest the factual developments. Because the tax credit was established and no demand survived, the penalty under section 270A was deleted and the appeal allowed.
Penalty under section 270A was challenged where the assessee produced challan evidence of TDS deduction but Form 26AS did not show credit because the deductor had not filed the requisite return. The Tribunal accepted the challan and subsequent filing by the deductor which caused the TDS to appear in Form 26AS; the assessing officer had not undertaken independent verification and the department did not contest the factual developments. Because the tax credit was established and no demand survived, the penalty under section 270A was deleted and the appeal allowed.
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