Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
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Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Delay in filing the first appeal was condonable because the assessees gave an elaborate explanation and acted on professional advice; substantial justice was preferred over a technical objection, so dismissal solely for delay was unsustainable. The note further states that compensation received by BSNL employees under the Voluntary Retirement Scheme, 2019 is retrenchment compensation eligible for exemption as a capital receipt under section 10(10B), and the claim could not be denied merely because it was not made in the return. The contrary appellate findings were set aside and revised computations, verification, and consequential refund were directed.
Delay in filing the first appeal was condonable because the assessees gave an elaborate explanation and acted on professional advice; substantial justice was preferred over a technical objection, so dismissal solely for delay was unsustainable. The note further states that compensation received by BSNL employees under the Voluntary Retirement Scheme, 2019 is retrenchment compensation eligible for exemption as a capital receipt under section 10(10B), and the claim could not be denied merely because it was not made in the return. The contrary appellate findings were set aside and revised computations, verification, and consequential refund were directed.
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