implication

In Y. Venugopala Reddy Vs. Commissioner of Income Tax and another, (2003) 263 ITR 30, the Karnataka High Court interpreted the words 'notwithstanding' used in Section 88 of KVSS and has held that a matter which has already been settled cannot be reopened under the scheme and the benefit under the scheme should not be extended to an assessee even with regard to the admitted income. Full Article

It has been brought to the notice of Board that certain dealers are receiving liquid chemicals in bulk in containers and offloading the same at the dealers’ premises or godown into drums of 200ltrs for subsequent marketing of these materials to customers. Doubts have been raised as to whether such activity would amount to manufacture in terms of Chapter Note 10 to Chapter 29. As the said Chapter Note has been amended in 2008 budget, it has been contested that the said .. Full Article