Wednesday, February 10, 2021

ITAT directed bank to furnish details to prove that its customers paid tax on interest on which tax wasn’t deducted

INCOME TAX : Where assessee-bank had not deducted TDS on interest paid to customers but Assessing Officer was satisfied that customers had shown interest income in their respective return of income and had remitted tax on it, then assessee should not be treated as an assessee-in-default

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000196564/itat-directed-bank-to-furnish-details-to-prove-that-its-customers-paid-tax-on-interest-on-which-tax-wasn’t-deducted.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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