Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar till 30th June, 2018.

No Sec. 194H TDS on cash discount given to customers for purchasing goods in bulk

Cash discount given by assessee to its customers for purchasing goods in bulk quantity was in nature of discount in transaction of sale and, therefore, section 194H had no application to said transaction

Expenses claimed by assessee on account of cost incurred by it on repairs of goods which were returned back to it by its customers on account of low quality was directly connected with business activities of assessee and was to be allowed under section 37(1)

Where, during assessment proceedings, no details were furnished by assessee in respect of provision for doubtful debts claimed by it, but fresh details were filed by assessee before Commissioner (Appeals) who admitted same in contravention to provision of rule 46A, matter to be remanded back to Assessing Officer

Refer:[2018] 90 190 (Kolkata - Trib.)

Share This!

No comments:

Post a Comment