FIH India Private Limited Vs DCIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee has written off input Service Tax during the impugned financial year relevant to assessment year 2010-11. But, the dispute is with regard to deductibility of input service tax. The AO has disputed deduction claimed by […]
The Hon’ble Finance Minister has presented to Parliament the Union Budget for the financial year 2021-22. It is the first budget of this new decade and appropriately also a digital one in the backdrop of the unprecedented COVID-19 crisis. Apart from tax proposals, there are many provisions in the Budget which when approved, would take forward our indirect taxes initiatives.
The following categories of the individual products or add-ons or riders of health insurance business offered by General and Health Insurance Companies (hereafter referred as insurers) are permitted to be launched through Use and File Procedure by duly complying with the norms specified in these guidelines.
Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be an […]
From perusal of the order passed by the authorities, it is evident that the authorities have accepted the books of accounts produced by the assessee. The Assessing Officer, in its order, has admitted that the payment of speed money is a trade practice which is followed by the assessee and similar business concerns functioning for speedy completion of their work.
Madras Bar Association Vs Union of India & Anr. (Supreme Court of India) The Supreme Court held that If it is not possible to provide housing to the members of the tribunal, the UOI was directed to pay an amount of Rs. 1.5 lakhs as HRA to the Chairman & Vice-Chairman and Rs. 1.25 lakhs […]
For the first time in the history of India, the Finance Minister presented a paperless Union Budget for FY 2021-22 through a Made in India tablet. The government also launched a Union Budget app for accessing the budget documents, showing that the Indian government is clearly taking various measures to go digital as much as […]
Rule 4(a) of the Re-Export Of Imported Goods (Drawback Of Customs Duties) Rules, 1995 provides for exemption or waiver of the requirement physical verification and cannot form the sole basis for rejection of the claim for drawback of duty under Section 74 of the Act.
As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the compliance functions?
Secretary (DPIIT), Dr. Guruprasad Mohapatra todaysaid that the Union Budget 2021 is aimed at restoring growth in the aftermath of heavy economic losses suffered by the country due to Covid-19 pandemic by enhancing the investment ecosystem in the country.
