Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Requirement of Import Export Code (IEC) number - Non-consideration of the benefits under the Services Export from India Scheme - The proviso does not lay down that the IEC number is essential at the time of rending services of said specified kind. The requirement of IEC number is only for taking benefits under the scheme. Therefore, it is abundant clear that the eligibility criteria of Clause 3.08(f) of the FTP has imposed additional restriction of having IEC number at the time of rendering services which was not intent or purport of the statute - the said condition is against the principal legislation and therefore, it cannot be termed as of mandatory nature for availing benefits under the scheme. - HC
Requirement of Import Export Code (IEC) number - Non-consideration of the benefits under the Services Export from India Scheme - The proviso does not lay down that the IEC number is essential at the time of rending services of said specified kind. The requirement of IEC number is only for taking benefits under the scheme. Therefore, it is abundant clear that the eligibility criteria of Clause 3.08(f) of the FTP has imposed additional restriction of having IEC number at the time of rendering services which was not intent or purport of the statute - the said condition is against the principal legislation and therefore, it cannot be termed as of mandatory nature for availing benefits under the scheme. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
