Day: April 11, 2016

No disallowance u/s 40A(2)(b) when payees assessed at maximum rate. Excessive directors remuneration disallowance quashed

In a recent judgment, Ahmedabad ITAT quashed disallowance for excessive directors remuneration stating that section 40A(2)(b) disallowance is not to be invoked when the payees already stand assessed at maximum rate. Case law Details: ITA 857/Ahd/2012 Assessment year 2008-09  ACIT vs. M/s. Patel Alloy Steel Pvt. Ltd Date of Judgment/Order: 08/04/2016 Brief facts …

5 judge Bench of SC recalls its 2013 controversial judgment which quashed National Eligibility Entrance Test as unconstitutional

The Supreme Court recalls its judgment delivered on 28-07-2013 delivered by a three judge Bench which had quashed the National Eligibility Entrance Test as unconstitutional. The judgment was alleged as leaked even before it was pronounced and had created a lot of controversies. A 5-judge Bench headed by Justice Anil …

CPC(TDS) Advisory-Deposit TDS and TDS Defaults Demand for Purchase of Immovable Property (26QB Statement-cum-challan)

CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) The Centralized Processing Cell (TDS) provides important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs …

Custom duty exemption for aircrafts tank fuel is not limited to Indian Airlines but available to all Indian airlines

INSTRUCTION F. No. 528/15/2016-STO (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tariff Unit) Room No. 227-B, North Block New Delhi 8th April, 2016 To All Pr. Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Pr. Chief Commissioners /Chief Commissioners of …