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2010 (6) TMI 567 - AT - Income TaxTDS - Survey - It is true that in some cases, a trading receipt may contain a fraction of sum as taxable income, but in other cases such as interest, commission, transfer of rights of patents, goodwill or drawings for plant and machinery and such other transactions, it may contain large sum as taxable income under the provisions of the Act - Assessee has to demonstrate his bona fide reason for non-filing of application as prescribed u/s.195(2) of the I.T. Act, 1961, if not established, consequently, the provisions of section 201(1) & 201(1A) shall follow - the consequence of non-deduction as prescribed u/s.40(a)(i) of the I.T. Act, 1961 shall follow if conditions specified in (i) to (iii) are not satisfied - Decided in the favour of the assessee by way of remand
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