Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for that year, he is entitled to refund of excess amount paid.
A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm’s length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party
Passengers travelling in vehicle cannot be held responsible for contributory negligence of the driver of the vehicle and claim cannot be reduced on the same ground. Rajendra Singh and Ors (Appelant) Vs. National Insurance Company Limited and Ors (Supreme Court)
As a general public we have tendency to save taxes by adopting various tricks and transactions. A lot of black money is generated through transfer of various types of immovable properties. The seller and the purchaser generally mutually agree on a transaction to enter into agreement at a price lower than the Fair Market Value of property to save stamp duty etc.
Goods or articles which are visually attractive catch attention of customers faster than other goods of same quality and make. Visual attraction enhances marketability of the articles. The manufactures of goods and articles to sale their products in the competitive market design their articles such that they become attractive and suit the eyes of customers. […]
We can trace development and use of Trade Marks from the days of industrial revolution. This was the face during which trade and commerce were at the top and world got an environment of good business practices. In industrial revolution era, various products had been developed, various innovations had been made. The industrial exploitation of […]
Section 67(1) of Companies Act, 2013 prohibits buying by a company of its own shares. Thus, unless the transaction is one in which shares are bought (for consideration), Section 67(1) would not apply (since buying contemplates payment by buyer some consideration to the seller). Section 67(1) would not apply if a company holds its own […]
WHAT ARE INTELLECTUAL PROPERTY RIGHTS; Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands, etc. Intellectual Property Rights do not differ from other property rights. They allow their owner to completely benefit from his/her product which was initially an idea that developed and […]
The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness, and reliability of the information provided, author assume no responsibility, therefore.
Tax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax.
