Home Highlights July 2012 Year 2012 This

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1. TDS u/s 192 - non deduction of TDS on Cash medical benefit to employees - treating the assessee as, “assessee in default" - time limit for issue of notice u/s 201 - the...

2. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

3. Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely...

4. Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect...

5. TDS u/s 195 r.w.s. 192 - salary costs of a seconded employee - The employees in their capacity as employees of the assessee had to control and supervise the activities...

6. Not allowing credit of TDS - assessee has submitted that he mistakenly registered itself as ‘local authority’ with the Income Tax department (PAN) and not as...

7. Performance incentive paid to employees - tds - the estimated TDS deducted in a bona fide manner as per the settled legal position cannot be faulted with. - AT

8. TDS u/s 194A OR 194C - short deduction of TDS - compensation paid by the assessee for breach of contract u/s.40(a)(ia) - If at all there is shortfall in TDS deducted by...

9. Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

10. Infringement of trademark - Section 35 of the Act permits anyone to do his business in his own name in a bona fide manner - SC

11. Levy of penalty u/s. 271A(2)(g) - default in compliance of TDS provision - financial crisis - The assessee has demonstrated from the material placed on record that...

12. Delay in deposit made to the employees Provident fund and ESIC - such sums were not credited by the respective assessee to the employees 'accounts in the relevant fund...

13. Not giving credit of the TDS as available in the form 26 AS - Portuguese Civil Code of 1867 which is in force in the State of Goa - the legislative expression “assessee”...

14. Seeking to remove the encumbrance of the attachment in the petitioner's property - specific case of the petitioner is that the petitioner is a bona fide purchaser of the...

15. TP Adjustment - ESOP considered as operating cost by the Ld.AO/TPO - TPO failed to consider the basic fact that, purchase cost of the shares of foreign AE is charged...