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
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