https://www.taxtmi.com/caselaws?id=327181 A CBDT instruction issued for administrative allocation of low-income cases does not curtail assessment jurisdiction otherwise vested under the Act, and a jurisdictional objection not raised before the Assessing Officer within time is barred. Section 68 requires proper verification of loan credits; where affidavits and bank records exist but the lender and intermediary are not examined, further factual inquiry may be necessary, while unsupported cash credits remain vulnerable to addition. Section 40(a)(ia) applies to non-deduction or non-payment of deductible tax, but not to bona fide short deduction under a different TDS head; disallowance was therefore sustained for non-deduction and deleted for short deduction. en-us Wed, 30 Mar 2016 00:00:00 +0530 Mon, 02 May 2016 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327181 A CBDT instruction issued for administrative allocation of low-income cases does not curtail assessment jurisdiction otherwise vested under the Act, and a jurisdictional objection not raised before the Assessing Officer within time is barred. Section 68 requires proper verification of loan credits; where affidavits and bank records exist but the lender and intermediary are not examined, further factual inquiry may be necessary, while unsupported cash credits remain vulnerable to addition. Section 40(a)(ia) applies to non-deduction or non-payment of deductible tax, but not to bona fide short deduction under a different TDS head; disallowance was therefore sustained for non-deduction and deleted for short deduction. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327181