2025 (4) TMI 44

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....ssee and accordingly, the appeal was heard with the able assistance of Ld. Sr. DR who pleaded for dismissal of the appeal in the light of decision of Hon'ble Apex Court in assessee's own case. 2. Upon perusal of order passed u/s 201(1)/ 201(1A) by Ld. AO on 31- 03-2023, it could be seen that the assessee reimbursed LTC / LFC payments involving foreign LFC to two of its employees for Rs. 7.06 Lacs without deduction of tax at source. The details of the employees have been tabulated at para 6.1 of the order. The Ld. AO held that the said payment was not exempt u/s 10(5) whereas the assessee stated that TDS was not deducted under bona-fide belief that no TDS was required to be deducted against such payments. The Hon'ble High Court of Madras pa....

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....ke, as all the relevant facts were before the Assessee employer and he was therefore, fully in a position to calculate the 'estimated income' of its employees. The contention that there may be a bona fide mistake by the assessee-employer in calculating the 'estimated income' cannot be accepted since all the relevant documents and material were before the assessee- employer at the relevant point of time and the assessee employer therefore ought to have applied his mind and deducted tax at source as it was his statutory duty u/s 192(1) of the Act. The issue thus attained finality in favor of the revenue. 4. At the same time, it could be seen that the impugned payments pertain to LFC granted by assessee bank for the period 15-....