Home Highlights November 2015 Year 2015 This

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1. Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS to the Government

2. Denial of credit of TDS - whether the assessee is liable for deposit/payment of the TDS already deducted by the vendee, but not deposited or be given credit of the same?...

3. Levy of late filing fee u/s. 234E - Due to certain technical error committed (incorrect interchanging of PAN numbers of buyer and seller in online filing of Statement...

4. The High Court quashed the impugned orders, holding that Section 206AA, mandating 20% TDS rate for invalid PAN, was not applicable. The vendor had linked his PAN with...

5. Short deduction of taxes - Credit to the assessee for TDS deducted denied - the assessee has deducted and deposited TDS within time, but due to a technical error in CPC...

6. Denial of credit of TDS - corresponding income has not been offered to tax - TDS belongs of assessee or HUF - Revenue’s contention that the assessee instead of claiming...

7. Assessee failed to substantiate the difference between purchases shown in its Profit and Loss Account and TCS reflected in Form 26AS. Sample bills showed invoices raised...

8. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

9. Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...

10. Applicbility of 269SS on temporary advances given by sister concerns - When it is the case of providing temporary accommodation to one sister concern to another sister...

11. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

12. The Assessee claimed TDS credit on salary, but the employer did not reflect the TDS in Form 26AS or provide Form 16. The Assessee contended that even if the employer...

13. Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

14. Denial of TDS credit - TDS is not reflected in Form No. 26AS of the assessee - Credit of TDS which was not deductible - We find from updated Form 26AS of the assessee,...

15. Reimbursement of salary expenses of employees to the sister concern, who were deputed by the sister concern to the assessee does not require deduction of tax at source.