agricultural lands

It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. This is also reflected in the decided cases. It seems that the issue gets complicated with the increase of TDS coverage. It will be inter.. Full Article

When the assessee-company, a builder and developer of lands, resorted to cash borrowing in violation of section 269SS only because of the advantage which the ready cash back-up would give to it in negotiating the purchase of agricultural lands for development, penalty under section 271D would not be leviable on the facts and in the circumstances of the case. Full Article