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...
Where TDS is tendered by cheque to the authorised bank within the prescribed due date and the cheque is honoured without dishonour, payment relates back to the date of tender. The Tribunal relied on the bank acknowledgment, draft challans and bank letter to find that the cheque was presented on time, and that realisation on the next working day was only because the intervening day was a holiday. On that basis, there was no default in deposit of TDS and no liability to interest under section 201(1A); the interest levy was deleted and the connected appeal followed the same result.
Where TDS is tendered by cheque to the authorised bank within the prescribed due date and the cheque is honoured without dishonour, payment relates back to the date of tender. The Tribunal relied on the bank acknowledgment, draft challans and bank letter to find that the cheque was presented on time, and that realisation on the next working day was only because the intervening day was a holiday. On that basis, there was no default in deposit of TDS and no liability to interest under section 201(1A); the interest levy was deleted and the connected appeal followed the same result.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
