discretion

The commerce ministry has proposed measures to make it easier for developers to exit special economic zones (SEZs) that have been struggling with a contraction in global demand for goods produced at the tax-free enclaves. Specific provisions for the de-notification of SEZs have been been put up for public comments till Thursday, after which they would be formally notified. Full Article

It’s not going to be easy for small and unlisted companies to issue employees stock options schemes (ESOPs) as per the latest Central Board of Direct Taxes (CBDT) rules for valuation of perquisites. The valuation rules for calculating the fair market value of shares allotted to employees is substantially the same as compared to the fringe benefit tax (FBT) regime. “Employers once again have to obtain a valuation from a Category 1 merchant banker to determine the fair.. Full Article

Corruption is part and parcel of our life. A common person is faced with this problem, almost every time he approaches Public authorities for any permission, exemption or for any other public benefit. There are numerous allegations against public authorities for corruption with respect to functions like permission for building a residential accommodation, opening up a restaurant or any other commercial activity, Full Article

SUMMARY OF CASE LAW The principle of mutuality as enunciated by the Courts in various cases is applicable to a situation where the income of the mutual concern is the contributions received from its contributors.  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Yum! Restaurants (Marketing) Pvt. , Ltd.  v. [...] Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article

CIT vs. Dodsal Ltd (Bombay High Court) - It is not possible to accept the submission of the Revenue that once the AO comes to the conclusion that there is a breach of the mandate of Section 158BFA(1), then the penalty has to be mandatory imposed. The terminology of section 158BFA makes it clear that the AO has a discretion in the matter of levy of penalty. Full Article

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are no.. Full Article