TDS liability during the pendency of CIRP proceedings - Whether ...

Case Laws Insolvency and Bankruptcy

February 10, 2021

TDS liability during the pendency of CIRP proceedings - Whether the provisions of u/s 194-IA of the Income Tax Act, 1961 are inconsistent with Section 53 (1) (e) of the Insolvency and Bankruptcy Code, 2016? - For filing of return, the financial statements are required to be annexed but the Code/IBBI (Liquidation Process Regulation 2016) does not assign a duty on the Liquidator to prepare financial statements - the Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act. - Section 53(1)(e) of the Code shall have overriding effect on the provisions of the Section 194 IA of the IT Act. - AT

View Source

← Previous Next →

TDS liability during the pendency of CIRP proceedings - Whether ...

Case Laws Insolvency and Bankruptcy

February 10, 2021

You may also like:

TDS u/s 194B or 194BB - disallowance in respect of payment of stake money u/s 40(a)(ia) -'stake money' is not liable to TDS u/s 194B of the Act. - we also hold that...

TDS u/s 194C - Addition u/s 40(a)(ia) - if assessee complies with the provision of section 194(6), no disallowance u/s. 40(a)(ia) is permissible even though there is...

Income Tax: Section 194-O of the Income Tax Act provides for deduction of tax at source (TDS) at the rate of 1% on the gross amount of sales or services facilitated by...

Addition u/s 40(a)(ia) - non deduction of TDS on expenses relating to rent reimbursed to holding company - there is no lessor and lessee relationship between the holding...

TDS u/s 195 - export commission paid to foreign parties - the payment of commission are made to non-resident overseas agents who have no PE or business activities in...

TDS - payment was made without deducting TDS u/s 194 - Later on TDS amount debited to running account of payee - amount of TDS deposited before filing of return u/s 139...

TDS u/s 194 - Deemed dividend u/s 2(22)(e) - when the loans/advances have been given to a non shareholder, then it is impossible for a payer company to ascertain...

Income Tax: Amendment to section 194-IA of Income Tax Act clarifies that for TDS on transfer of immovable property, the consideration shall be aggregate of amounts paid...

Initiation of proceedings of reassessment - pendency of proceedings under the Act do not exist - after more than 7 years, on the basis of objection of audit para, the...

Dis-allowance u/s 40(a)(ia) - there was no lessor and lessee relationship between the holding company and assessee where the provisions of section 194-I are attracted - AT

The ITAT Ahmedabad, in proceedings u/s 201(1) and 201(1A), found the assessee-in-default for non-deduction of TDS u/s 194IA on property purchases. The assessee failed to...

TDS u/s 194J or 194C - disallowance u/s. 40(a)(ia) - Short deduction of TDS - Carriage Fees/Channel Placement fees - the provisions of section u/s.40(a)(ia) of the Act...

Penalty u/s 271C - non deduction of tds - when the TDS had to be deducted the question whether TDS had to be deducted under Section 194-C or 194-I of the Act was not a...

TDS on hiring charges of tanker - TDS u/s 194C or 194I - Tax is required to be deducted at source from the payments to the carrier in terms of provisions of sec. 194-C...

Framing of an assessment during pendency of CIRP - Pendency of CIRP confers no impediment in framing the assessment. But no recovery proceedings can be initiated for...

Quick Updates: