An ATM is a computerised machine that provides customers of banks the facility of accessing their accounts for dispensing cash and to carry out other financial & non-financial transactions without the need to visit the bank branch....
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Payment and Settlement Systems Act, 2007 (Updated as on November 22, 2022) Q.1 When did Payment and Settlement Systems Act, 2007 (PSS Act, 2007) came into effect? Ans. The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008. Q.2 What […]...
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Anand Varma Vs Piyush Periwal & Ors. (NCLAT Delhi) -
In present facts of the case, the NCLAT allowed the appeal by expunging all adverse observations made against the Appellant in the impugned Order by observing that appearance for an entity being a separate company which has initiated separate proceeding under Section 7 against different Corporate Debtor and appearance of the Appellant i...
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MUFG Bank Ltd Vs ACIT (ITAT Delhi) -
ITAT Delhi held that that the salary paid by the head office to expatriate employees working in Indian branches is allowable as deduction under section 37 of the Income Tax Act....
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ITO Vs Rajeev Suresh Gehi (ITAT Mumbai) -
ITAT Mumbai held that addition of investment made in India by tax resident of UAE is unsustainable as in terms of Indo UAE tax treaty, the right to tax the income doesnt belong to India....
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Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India....
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Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are four types of cards (a) debit, (b) credit, (c) prepaid, and (d) electronic....
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Vishal Dilip Palani Vs ITO (ITAT Ahmedabad) -
ITAT Ahmedabad held that investment made in gold ornaments was duly recorded in the books of accounts and also reflected in the block of assets. Hence, such investment cannot be stated to be remained unexplained....
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DCIT Vs P.R. Rolling Mills Pvt. Ltd. (ITAT Jaipur) -
ITAT Jaipur held that benefit of deduction under section 35(1)(ii) of the Income Tax Act unavailable on bogus donation on adoption of unfair means....
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Kadir Ahmed Vs ITO (ITAT Delhi) -
ITAT Delhi held that reopening of the assessment u/s 147 of the Income Tax Act based on the approval granted in a routine and casual manner is unsustainable in the eye of law....
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