Revision u/s 263 by CIT - since the assessee failed to deduct ...

Income Tax Commissioner Revises Assessment: A.O. Failed to Disallow Interest and Misclassified STDR u/s 54EC.

April 6, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - since the assessee failed to deduct tax, the A.O was required to make disallowance of interest u/s 40(a)(ia) of the Act on account of non-deduction of TDS. A.O also did not notice that STDR with SBI is not a long term specified asset within the meaning of sec. 54EC of the Act and allowed the claim of the assessee without going through the facts. Therefore, the order passed by the A.O is erroneous and prejudicial to the interest of revenue. - AT

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Revision u/s 263 by CIT - since the assessee failed to deduct ...

Income Tax Commissioner Revises Assessment: A.O. Failed to Disallow Interest and Misclassified STDR u/s 54EC.

April 6, 2022

Case Laws Income Tax AT

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