SFIS credit is a capital receipt
SFIS scheme provides duty credit scrips equivalent to 10 per cent. of foreign exchange earned during a year to service…
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Directors of NCLT lead companies held accountable for tax arrears of companies ......Read More
Yesterday's Revised return capping – a statutory handicap ......Read More
Yesterday's Revised return capping – a statutory handicap ......Read More
Retain print outs of e-proceedings response acknowledgment as a safeguard
In the faceless mechanism it is always advisable to keep print-out of e-proceedings response acknowledgment from the Department against any…
......Read MoreClaims during assessment proceedings r protected from penalty
Any claim for the loss made by way of letter during the course of assessment proceeding would not yield to…
......Read MoreDHC declined to admit Challenge to s. 148A(d) order but left a remedy to approach Statutory forums
In [2022] 20 ITR-OL 406 (Del) the Court declined to entertain the petition challenging 148A(d) order on the ground that no assessment…
......Read MorePayments for training not liable to withholding
The Tribunal in [2022] 99 ITR (Trib) 607 (ITAT[Bang]) held that training expenses remain out of the purview of definition of “fee for…
......Read MoreWhether Delhi High Court overstepping law by granting immunity from penalty etc., u/s 270AA
Section 270AA is specific to immunity from imposition of penalty and prosecution. Under ss.(1) the assessee would make application to…
......Read MoreWhether it is fair to tax retirement benefits!!
The income tax law in the country provide for different treatment of tax on retirement benefits such as leave encashment,…
......Read MoreJurisdiction/notice defect
The High Court in [2022] 447 ITR 743 (Bom) reiterated that even if there was an order recording satisfaction for imposing penalty…
......Read MoreTax audit celings in mixed bag of receipts from business and profession
The Court in [2022] 20 ITR-OL 488 (Bom) held that the celing of 1 cr and 50 lacs for business and…
......Read MoreSoftware expenditure, whether revenue or capital
Bengaluru is considered as the Silicon Valley of India which consumes bulk of the software purchases. The Karnataka high court…
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