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...
Assessee's liability to collect and deposit TCS on scrap was examined on the basis of filed Form 27EQ returns, quarterly acknowledgements and a reconciliation matching scrap sales in TCS returns with audited accounts; the tribunal accepted a detailed quarterly summary showing TCS collected and adjustments (including roll-scrap treated as asset sale and duties/taxes) and held that these documentary reconciliations established collection and deposit of TCS. Operative effect: the assessment officer's imposition of additional TCS liability was found unsustainable and the order levying extra TCS was set aside.
Assessee's liability to collect and deposit TCS on scrap was examined on the basis of filed Form 27EQ returns, quarterly acknowledgements and a reconciliation matching scrap sales in TCS returns with audited accounts; the tribunal accepted a detailed quarterly summary showing TCS collected and adjustments (including roll-scrap treated as asset sale and duties/taxes) and held that these documentary reconciliations established collection and deposit of TCS. Operative effect: the assessment officer's imposition of additional TCS liability was found unsustainable and the order levying extra TCS was set aside.
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