Assessee maintained separate books of accounts and furnished ...

Infra Project Deduction Allowed, Expenses Disallowances Deleted, TDS Exemption on Petty Commissions Valid, Vivad se Vishwas Refund Eligible.

Case Laws Income Tax

September 28, 2024

Assessee maintained separate books of accounts and furnished audited financial statements for each eligible infrastructure project, fulfilling conditions for deduction u/s 80IA. CIT(A) rightly allowed deduction, following precedent. Unverified credit balances cannot be added as payments were made through cheques and reflected in books. Ad hoc disallowances of expenses and wages deleted by CIT(A) based on Tribunal decisions. TDS u/s 194H not deducted on petty commission payments below Rs. 5,000, rightly deleted by CIT(A). Assessee opted for Vivad se Vishwas Scheme, paid identified tax, eligible for refund. Cross-objection withdrawn with liberty to restore if dispute not settled under scheme. No interference warranted in CIT(A)'s well-reasoned order.

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Assessee maintained separate books of accounts and furnished ...

Infra Project Deduction Allowed, Expenses Disallowances Deleted, TDS Exemption on Petty Commissions Valid, Vivad se Vishwas Refund Eligible.

Case Laws Income Tax

September 28, 2024

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