Home Highlights July 2014 Year 2014 This

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1. TDS u/s 194A OR 194C - short deduction of TDS - compensation paid by the assessee for breach of contract u/s.40(a)(ia) - If at all there is shortfall in TDS deducted by...

2. TDS u/s 195 - addition u/s 40(a)(i) - Since, there was clear law by the decision of Hon'ble Supreme Court, the assessee has made payment without deducting tax at source....

3. Short deduction of taxes - Credit to the assessee for TDS deducted denied - the assessee has deducted and deposited TDS within time, but due to a technical error in CPC...

4. TDS u/s 192 - failure to deduct TDS on the perquisite value of accommodation - though Ld. CIT(A) has fallen in error in holding that assessee falls in status of Central...

5. Additions towards Unsecured loans and interest paid thereon u/s 68 & 69C - in respect of interest paid, TDS was deducted u/s 194A - in respect of payment of interest to...

6. Addition u/s 68 - Unsecured Loans - onus to proof - Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent...

7. TDS u/s 40 (a)(ia) - TDS on interest to outgoing partner of the partnership firm - As per provisions of section 40(a)(ia) even if assessee debited expenditure, but same...

8. Disallowance of Professional fees paid to non-residents - Non deduction of TDS u/s 195 - the assessee cannot be expected to deduct TDS on payment made to non-residents...

9. Valuation - inclusion of TDS amount remitted by the appellant - the expenditure towards TDS are met by the assessee. So, when such TDS is not received from the...

10. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

11. Addition u/s 69C - CIT(A) deleted the addition - in order to invoke the provisions of sec. 69C, should give a categorical finding that the assessee has incurred any...

12. Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS...

13. Denial of TDS credit - employer of the assessee has not deposited TDS after deducting the same from the salary paid to the assessee - Based on this precedent, the...

14. Addition u/s 56 (2)(viib) - Valuation of shares - Faire Market Value (FMV) - the assessee has himself filed a valuation certificate before AO and accepted fair market...

15. Mismatch of credit of TDS due to non-payment of TDS - benefit of tax deducted at source by the employer - Non deposit of TDS by the employer - Reference of Section 205...