Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted.
For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted.
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