Assessee-Bank Held in Default for Failing to Deduct Tax on LFC Involving Foreign Travel Issue Whether an employer-bank can be treated as an “assessee in default” under Section 201, and held liable for consequential interest under Section 201(1A), for failing to deduct Tax Deducted at Source (TDS) under Section 192 on Leave Fare Concession (LFC)… Read More »

Tribunal Cannot Rectify Order Based on Subsequent Supreme Court Decision or Accept Belated Revenue Applications Issue Whether the Income Tax Appellate Tribunal (ITAT) can exercise its rectificatory jurisdiction under Section 254(2) to amend its earlier order based on a subsequent Supreme Court judgment, and whether the ITAT possesses the statutory power to condone a delay… Read More »

Unexplained Investment Addition Under Section 69 Deleted as Transaction Pertained to Preceding Financial Year Issue Whether the Assessing Officer (AO) was justified in making an addition under Section 69, read with Section 115BBE, for the Assessment Year (AY) 2016-17 based solely on departmental database information, when the underlying property transaction and payment actually occurred in… Read More »