Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
The NCLAT held that a direction requiring the liquidator to submit a simpliciter income and expenditure account was only an enabling, interlocutory step and did not decide the refund claim on merits. Refund of TDS deducted on fixed-deposit interest, and the legality of such deduction in liquidation, fall within the domain of the Income Tax Authorities, because the I&B Code contains no provision empowering the Adjudicating Authority to order such refund. The appeal was therefore premature and not maintainable at this stage. Questions based on Section 140 of the Income Tax Act and any claimed exemption were left open for decision by the competent tax authority.
The NCLAT held that a direction requiring the liquidator to submit a simpliciter income and expenditure account was only an enabling, interlocutory step and did not decide the refund claim on merits. Refund of TDS deducted on fixed-deposit interest, and the legality of such deduction in liquidation, fall within the domain of the Income Tax Authorities, because the I&B Code contains no provision empowering the Adjudicating Authority to order such refund. The appeal was therefore premature and not maintainable at this stage. Questions based on Section 140 of the Income Tax Act and any claimed exemption were left open for decision by the competent tax authority.
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