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2012 (9) TMI 408 - HC - Income TaxNon applicability of section 201(1) r.w.s. 192 - fair estimate of the income of the employee while deducting TDS - Held that:- This Court do not consider it necessary to answer the Reference as to whether the Tribunal was right in fact and in law in holding that section 201(1) r.w.s. 192 was not applicable “in the instant case”. The instant case, however, can be assessed only in the event of the AO making the enquiries that he has been directed to make by the Tribunal. This would include looking into the question whether the employees had already paid the taxes on these amounts. If, for instance, it is found that the taxes were not paid, the further question as to whether the estimates were bona fide or not would arise. This in turn, would depend, inter-alia, upon the extent of the shortfall - as the matter at this stage is academic all the contentions including of law are kept open. - the Reference is returned unanswered.
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