Merely because assessee’s had claimed administrative expenditure which was not acceptable to Revenue, that by itself would not attract penalty under Section 271(1)(c) if there was absence of concealment and / or furnishing of inaccurate particulars of income.
Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax.
High Court faulted the Tribunal’s decision of reducing the penalty as a ‘way to bypass the minimum limit’ and the Tribunal was in error in granting the relief, the same does not constitute a mistake apparent from the record so as to enable the Tribunal to revisit its decision
Payment of salaries made to nuns, sisters, priests or fathers for rendering their services as Teachers in schools which receive Grant-in-aid from the State Government under the Grant-in-Aid Schemes and bound by the Canon Law were liable for tax deduction under section 192 as neither Income Tax Department nor State Government had anything to do with the religious character of the Institution, might be Teachers or Nuns or Missionaries and therefore, they could not take a stand for not making the tax deduction at source in view of the Canon Law.
Mandatory Compliance Requirement of filing ACTIVE (Company KYC) form –reg. As you are aware, the Ministry of Corporate Affairs, in its pursuit to improve Corporate Governance and Compliances on the part of the Company after the successful roll out of DIR-3 KYC for Directors/DIN holders, has introduced eform (INC-22A) christened ‘ACTIVE (Active Company Tagging Identities […]
Where there was no dividend income earned during the relevant assessment year, there was no case for disallowing the expenditure relatable to dividend income.
TDS u/s 194H was not applicable to bank guarantee commission as the same did not fall into clause (i) of Explanation to section 194H and exemption was provided under section 194A(2)(iiia) in respect of any payment made to any banking company to which any Banking Regulation applies.
Presumption that investment is made out of interest free funds is possible when Interest free funds is available with the assessee.
Payments made to various artists participating in reality show would fall under section 194C and not under section 194J and there was no infirmity in the action of AO as assessee had rightly deducted TDS u/s 194C.
Since the nature of services rendered by non-resident professional showed that none of the services resulted in making available of any technical knowledge, experience, skill, know, how or process, therefore, professional fee paid to non-residents could not be subjected to TDS under section 195.
