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
Therefore, we hold that it is a revenue receipt exigible to tax under Section 4 of the Income Tax Act. Section 194-A of the Act has no application for the purpose of this case as it encompasses deduction of the income at the source. However the appellants are entitled to spread over the income for the period for which payment came to be made so as to compute the income for assessing tax for the relevant accounting year.”
Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 […]
Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it cannot be said that the TPA, who is the authority or the person to pay the amount to the hospital, is not required to deduct the tax at source and section 194J is not attracted.
THE key accused of 1992 Stock market scam, Harshad Shantilal Mehta, is no more, but many other accused closely associated with his firms and co-conspirators from PSU banks are very much alive and their sentences given by the Special Court have been confirmed by the Apex Court in its latest ruling. True, Harshad Mehta and […]
The Supreme Court has issued a notice to Moser Baer India Ltd on why it should not be asked to pay income tax to the tune of Rs 2,978 crore.A Bench headed by Justice S H Kapadia sought the reply from the manufacturer of computer-related products, including floppies and compact discs, on the income tax […]
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The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 94(E), dated the 1st March, 2006, and was last amended by notification No. 14/2009-Central Excise, dated the 7th July, 2009 published vide number G.S.R. 472(E), dated the 7th July,
The matter has been examined in the Department and with approval of competent authority, it is informed that the request has been agreed to. Accordingly, import of textile and textile articles made under Custom Notification No.32/97-Cus dated 1.4.1997 shall be exempt from the testing for hazardous dyes as required under the aforementioned provisions.
The cash reward scheme for officers of the Investigating Wing of the Income Tax Department is bad in law and ultra vires the Constitution, the Kolkata Bench of the Central Administrative Tribunal has held.
