Tribunal Supports Assessee's Rectification Request, Examines Tax Benefits Under Income Tax Act Amendment.

Tribunal Supports Assessee's Rectification Request, Examines Tax Benefits Under Income Tax Act Amendment. https://www.taxtmi.com/highlights?id=76471 Application u/s 154 - benefit of the second proviso to Section 40(a)(ia), introduced by the Finance Act, 2012, with effect from 01.04.2013 - This proviso allows relief if the payee has paid taxes on the receipts, even if the tax deduction at source was not made by the payer. - The Tribunal rules in favor of the assessee, holding that the rectification sought u/s 154 is maintainable. It directs the issue back to the Assessing Officer for consideration on merits regarding the quantum of benefit allowable to the assessee under the second proviso to Section 40(a)(ia) of the Act. en-us Tue, 09 Apr 2024 16:38:39 +0530 Tue, 09 Apr 2024 16:38:39 +0530 TaxTMI RSS Generator Tribunal Supports Assessee's Rectification Request, Examines Tax Benefits Under Income Tax Act Amendment. https://www.taxtmi.com/highlights?id=76471 Application u/s 154 - benefit of the second proviso to Section 40(a)(ia), introduced by the Finance Act, 2012, with effect from 01.04.2013 - This proviso allows relief if the payee has paid taxes on the receipts, even if the tax deduction at source was not made by the payer. - The Tribunal rules in favor of the assessee, holding that the rectification sought u/s 154 is maintainable. It directs the issue back to the Assessing Officer for consideration on merits regarding the quantum of benefit allowable to the assessee under the second proviso to Section 40(a)(ia) of the Act. Highlights Income Tax Tue, 09 Apr 2024 16:38:39 +0530 https://www.taxtmi.com/highlights?id=76471