Bangalore ITAT, A Bench has in the case of IBM India Private Ltd., v ITO (TDS) held that Tax deduction at source / Tax collection at source [TAS] Provisions are attracted even if the provision is made in the books of account to measure the economic performance of the entity irrespective of whether the exact amount and the payee is determined or not.
Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. […]
Introduction-: 1. Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]
