Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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.
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