mandate

Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT authority under the Act as provided U/s 245-F and what is being decided by settlement commission is conclusive providing no remedy of revision/review or appeal to the assessee or revenue, envisaged in S.245-I of the Act. Full Article

None of the two panels that contested in the election of Ahmedabad branch of Institute of Chartered Accountants of India (ICAI) received clear mandate. Both vibrant-8 panel, representing small and medium CA practitioners, and care panel, representing Ernst & Young, PricewaterhouseCoop ers, Delloitte and KPMG, managed to win four seats each out of total eight. Full Article

For enabling the benefit of section 80-IB it has become a condition precedent that housing projects in places other than Delhi and Mumbai should not exceed the built-up area of 1500 sft.; a block of residential unit cannot be construed to be a separate project for purposes of section 80-1B. Full Article

There may be instances where the customer has given a mandate for crediting the interest on Fixed Deposit account to the Savings Bank account and there are no other operations in the Savings Bank account. Some doubts have arisen whether such an account is to be treated as inoperative account after two years. Full Article