2 Archive - 24 November 2022

"24 November 2022" Archive - Page 3

RBI FAQs on ATM/White Label ATM

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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Posted Under: Fema / RBI |

Payment and Settlement Systems Act, 2007 – FAQ

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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Posted Under: Fema / RBI |

No Prohibition for appearance in representing different Company, in separate proceedings u/s 7 IBC: NCLAT

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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Posted Under: Fema / RBI | |

Salary by head office to expatriate employees working in Indian branch is allowable deduction

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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Addition of investment in India by tax resident of UAE unsustainable in terms of Indo-UAE treaty

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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Cash Withdrawal Facility at Point of Sale (PoS) Terminals- FAQs

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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Posted Under: Fema / RBI |

All about Debit Cards, Credit Cards, electronic Cards & Prepaid Cards

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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Posted Under: Fema / RBI |

Investment in gold duly reflected in books of accounts cannot be added as unexplained

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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Amount of bogus donation not deductible u/s 35(1)(ii)

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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Reopening of assessment based on approval granted in routine/ casual manner is untenable

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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