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Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
TDS on leave fare concession payments was disputed where the assessee bank had treated the benefit as exempt, but employees had undertaken foreign-leg journeys. Although the substantive exemption under section 10(5) was found against the assessee, the Tribunal held that liability as an assessee in default could not be fastened for the relevant period because binding interim High Court directions governed deduction of tax on LFC payments. Non-deduction in compliance with those judicial orders did not attract the rigours of section 201(1) or consequential interest under section 201(1A), and the subsequent Supreme Court ruling could not retrospectively create that default. The demand and interest were deleted.
TDS on leave fare concession payments was disputed where the assessee bank had treated the benefit as exempt, but employees had undertaken foreign-leg journeys. Although the substantive exemption under section 10(5) was found against the assessee, the Tribunal held that liability as an assessee in default could not be fastened for the relevant period because binding interim High Court directions governed deduction of tax on LFC payments. Non-deduction in compliance with those judicial orders did not attract the rigours of section 201(1) or consequential interest under section 201(1A), and the subsequent Supreme Court ruling could not retrospectively create that default. The demand and interest were deleted.
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