https://www.taxtmi.com/caselaws?id=60938 The Tribunal allowed both appeals, setting aside the CIT(A)'s orders. It held that the transaction fell within the valid and binding Circular No. 681, recognizing the assessee's bona fide belief and no revenue loss due to the contractor paying the taxes. The default was deemed technical, and no interest under section 201(1A) was chargeable. This decision was case-specific and not a general precedent. en-us Fri, 15 May 1998 00:00:00 +0530 Sat, 08 Jan 2011 16:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60938 The Tribunal allowed both appeals, setting aside the CIT(A)'s orders. It held that the transaction fell within the valid and binding Circular No. 681, recognizing the assessee's bona fide belief and no revenue loss due to the contractor paying the taxes. The default was deemed technical, and no interest under section 201(1A) was chargeable. This decision was case-specific and not a general precedent. Case-Laws Income Tax Fri, 15 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60938