paragraph 5

If the intention of the legislature was that in order to qualify for deduction u/s 10A, every activity should be carried out through electronic means, then the purpose of enacting section 10A would have been totally defeated. The exact language of sub-clause (b) of clause (1) of Explanation 2 is "any customized electronic data". Thus, if the result of the entire exercise of recruitment and training is stored in a. electronic device, then it is not possible to say that it.. Full Article

Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act, 2002 – Urban Co-operative Banks. Full Article

Explanation – 5 to section 32 is clarificatory in nature and hence it will have retrospective operation. Accordingly, the depreciation cannot be taken as `notionally allowed', but only as `actually allowed'. Full Article

SUMMARY OF CASE LAW If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant. Full Article