S.199: Deduction of tax at source – Credit for tax deducted – Sale of jointly owned immovable property – The property was jointly owned, and the capital gain was shared equally between the spouses cannot be the sole reason for disallowing the TDS credit.[ Form No .26AS ]
S. 199: Deduction of tax at source – Credit for tax deducted – Cancellation of agreement – The contract was terminated, the income did not accrue, and the advance was refunded- Entitled to claim a refund of the TDS deducted on the advance paid by the party. [R. 37BA(3), Art. 265 ]
S. 194A: Deduction of tax at source – Interest other than interest on securities – Assessee in default – Reimbursement of interest to Group Company – Not liable to deduct TDS by the Assessee- Levy of interest is deleted . [ S. 201(1), 201(IA )]
S.156A: Modification and revision of notice in certain cases -Demand and recovery – Since the resolution plan has yet to be finalized, remanding the appeal to the AO is necessary- The AO will take the required steps before the NCLT in compliance with s.156A and the IBC provisions. [S. 156 , 178 , Insolvency and Bankruptcy Code, 2016, S. 14 ]
S. 154 : Rectification of mistake -Mistake apparent from the record – Tax deducted at source – Rectification proposing withdrawal of refund of tax deducted at source – Rectification order is not valid .[ S. 143(1) ]
S. 153C : Assessment – Income of any other person – Search –
– Satisfaction note prepared without application of mind and without referring to the incriminating material found during the course of Search – Assessment order is quashed . .[ S. 132 ]
S. 153B : Assessment – Search – Time limit – Assessment of any other person- Satisfaction note was drawn in assessment year 2018 -19 – Order passed beyond period of limitation of six years – Barred by limitation .[ S. 143(3),153C ]
S. 153B: Assessment – Search – Time limit – Limitation to pass the assessment order expired on 31.12.2020- Order passed on 21-4 -2021 is barred by limitation . [ S. 69B , 132 ,153A , 153C ]
S. 153A: Assessment – Search – Addition can not be made in the absence of incriminating material found during the search. [ S. 69A , 69C, 132 ]
S. 153A: Assessment – Search – No addition can be made merely on the basis of statement -On money – Presumption- Addition is deleted .[ S. 132, 153C, 292C ]