Until Monday's ruling, an order passed by the AAR was considered final, with the option to appeal being restricted to Supreme Court, that also to a limited extent.
The Income-tax department cannot reopen an assessment on the sole basis of a change in the opinion of its officers, the Bombay High Court has said.
The focus has shifted to premium brands that would bring in a larger profit margin per case, almost 3.3 times more than the regular segment.
The Karnataka HC has said that the Income-tax Appellate Tribunal or ITAT does not have powers to stay the tax demands beyond 365 days.
The Securities Transaction Tax collection so far this fiscal stands at Rs 1,346 crore against Rs 1,550 crore a year ago.
An income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was supported by advice from a chartered accountant.
Advance tax payments by the top 14 brokerage firms for the April-June period fell 13% from a year ago to Rs 97.3 crore.
ITAT said that all management functions cannot be classified as top-level management functions unless they are senior officials with titles such as chairperson.
People with income below taxable limit need not furnish Permanent Account Number, the Karnataka High Court ruled.
The investigation wing of income tax department, Mumbai, which had sent notices to several individuals — including corporate biggies — for holding undisclosed bank accounts with HSBC Geneva.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon