Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The Direct Tax Vivad se Vishwas Scheme, 2024 (DTVSV Scheme) provides for resolution of pending income tax litigation. Key clarifications are: Appeals pending as on 22.07.2024, even if subsequently disposed, are eligible. Cases with prosecution instituted before declaration filing are ineligible. Set-aside appeals to ITAT/CIT(A)/DRP are eligible. Credit for taxes paid against disputed demands is available. For deductees availing the scheme, deductors are relieved from liability except interest and can claim expense deduction. The scheme applies to the full dispute, not partial issues. The designated authority can rectify patent errors. Foreign entities can file through representative assessees. Secondary adjustment u/s 92CE applies for transfer pricing cases after settling primary adjustments.
The Direct Tax Vivad se Vishwas Scheme, 2024 (DTVSV Scheme) provides for resolution of pending income tax litigation. Key clarifications are: Appeals pending as on 22.07.2024, even if subsequently disposed, are eligible. Cases with prosecution instituted before declaration filing are ineligible. Set-aside appeals to ITAT/CIT(A)/DRP are eligible. Credit for taxes paid against disputed demands is available. For deductees availing the scheme, deductors are relieved from liability except interest and can claim expense deduction. The scheme applies to the full dispute, not partial issues. The designated authority can rectify patent errors. Foreign entities can file through representative assessees. Secondary adjustment u/s 92CE applies for transfer pricing cases after settling primary adjustments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
