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...
Liability for non-remittance of TDS rests with those responsible for corporate affairs; petitioner may challenge assessment orders as based on the company's erroneous TDS declaration and is entitled to pursue the statutory appellate remedy under Section 260A of the Income Tax Act, which must be followed rather than seeking Article 226 review. The Official Liquidator failed to consider the petitioner's representation; the court directed the Liquidator to consider instituting appeals and placed a temporary bar on precipitative recovery or prosecution until the representation is decided or the appeal period expires.
Liability for non-remittance of TDS rests with those responsible for corporate affairs; petitioner may challenge assessment orders as based on the company's erroneous TDS declaration and is entitled to pursue the statutory appellate remedy under Section 260A of the Income Tax Act, which must be followed rather than seeking Article 226 review. The Official Liquidator failed to consider the petitioner's representation; the court directed the Liquidator to consider instituting appeals and placed a temporary bar on precipitative recovery or prosecution until the representation is decided or the appeal period expires.
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