Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Medical reimbursement up to Rs. 15,000 per employee per annum was held not liable to Fringe Benefit Tax in the employer's hands because a tax charge must rest on clear charging language and cannot be imposed by implication. The Court followed the Karnataka High Court's view that the amount exempt in the employee's hands under the relevant income-tax provision is not subject to FBT, while any reimbursement above that limit may attract tax. The assessment orders levying FBT on reimbursements up to the threshold were set aside.
Medical reimbursement up to Rs. 15,000 per employee per annum was held not liable to Fringe Benefit Tax in the employer's hands because a tax charge must rest on clear charging language and cannot be imposed by implication. The Court followed the Karnataka High Court's view that the amount exempt in the employee's hands under the relevant income-tax provision is not subject to FBT, while any reimbursement above that limit may attract tax. The assessment orders levying FBT on reimbursements up to the threshold were set aside.
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