The ITAT, Chennai in Konda Srinivasaiyer v. The Principal Commissioner of Income Tax-1 [ITA No.: 290/Chny/2022 dated January 4, 2023] has upheld the order passed by the Revenue Department setting aside the Assessment order passed under Section 143(3) of the Income Tax Act, 1961 (“the IT Act”) verifying the turnover discount claimed as expenses, on the ground that the assessee failed to comply with Tax Deducted at Source (“TDS”) provisions. Held that, the Assessment order passed by the Assessing Officer (“AO”) is erroneous and prejudicial to the interest of the revenue.
Source a2ztaxcorp
Latest Posts in "India"
- GST on Hotel Rooms ≤ Rs 7,500: 5% Rate, No ITC for Hotels or Business Travellers
- GSTN Releases Key FAQs on GSTR 9/9C Filing for Financial Year 2024-25
- Supreme Court: VAT Credit Cannot Be Denied Due to Supplier’s Tax Default
- Trickiest countries in which to achieve compliance
- India announces changes in the Invoice Management System