| 2016-TII-INSTANT-ALL-294 | 01 March 2016 |
BUDGET ANALYSIS 2016 CASE LAW ANZ GRINDLAYS BANK Vs DCIT : DELHI HIGH COURT (Dated: March 1, 2016) Income tax - Sections 40(a)(iii), 192, 221, 271C, 276B & Circular No 685 of 1994. Keywords - expat employees - head office expenses - secondment of employees - TDS - perquisites - penalty. Whether even if the assessee has complied with the conditions of Sec 40 and deposited tax with interest, an absence of a provision similar to the proviso to sub-clause (i) of clause (a) of Sec 40 disentitles the assessee from claiming deduction - NO: HC Whether in cases where the assessments stand concluded, the assessee would lose the right to claim deduction of the expenses incurred on account of its failure to have deposited TDS - YES: HC Assessee's appeal allowed |
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