https://www.taxtmi.com/caselaws?id=428239 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's order under Section 263. It was held that Section 41(1) did not apply to the outstanding share application money as it did not meet the necessary conditions. Additionally, the non-deduction of TDS on interest payment to PSIDC was deemed valid as the interest was part of a one-time settlement and exempt from TDS under Section 194A. The Tribunal emphasized that the assessment was not erroneous or prejudicial to the Revenue's interest, allowing the appeal filed by the assessee. en-us Fri, 23 Sep 2022 00:00:00 +0530 Tue, 27 Sep 2022 07:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428239 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's order under Section 263. It was held that Section 41(1) did not apply to the outstanding share application money as it did not meet the necessary conditions. Additionally, the non-deduction of TDS on interest payment to PSIDC was deemed valid as the interest was part of a one-time settlement and exempt from TDS under Section 194A. The Tribunal emphasized that the assessment was not erroneous or prejudicial to the Revenue's interest, allowing the appeal filed by the assessee. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428239