Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
HC allowed the writ petition, setting aside the respondent's order rejecting the petitioner's application to rectify Form-3 under the Direct Tax Vivad Se Vishwas Act, 2020. The court interpreted Sections 2(j), 2(o), and 3 of the Act, determining that the petitioner is liable to pay only half the calculated tax amount. The court also clarified that if the petitioner had paid excess tax under the Income Tax Act, 1961, they would be entitled to a refund without interest, subject to the provisions of Section 7 of the Act.
HC allowed the writ petition, setting aside the respondent's order rejecting the petitioner's application to rectify Form-3 under the Direct Tax Vivad Se Vishwas Act, 2020. The court interpreted Sections 2(j), 2(o), and 3 of the Act, determining that the petitioner is liable to pay only half the calculated tax amount. The court also clarified that if the petitioner had paid excess tax under the Income Tax Act, 1961, they would be entitled to a refund without interest, subject to the provisions of Section 7 of the Act.
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