Saturday, August 15, 2015

Settling quantum of tax paid mandatory

The High Court of Bombay has held that where there is some dispute with regard to the amount of tax deducted and amount of tax deposited and/ or delay in deposit and/or the interest payable thereon then the passing of an order under section 201 of the Act before initiating penalty proceedings may be necessary. AO may pass combined order under sections 201 & 221 if the fact and quantum of delayed deposit of TDS is not disputed by the deductor-assessee.

The High Court of Karnataka has held that where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, deduction of section 54F could not be denied merely because the construction of house was not complete in all respects within 3 years of transfer.

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