Supreme Court Directs Madras High Court to Decide on the Validity of Section 40(a)(iib) of the Income Tax Act, 1961
Judiciary
Nov 27, 2020
Atharwa Gauraha
(
Editor: Ekta Joshi
)
11 Shares
On Wednesday (November 25, 2020), the Supreme Court ordered the Madras High Court to rule on the constitutional validity of Section 40(a)(iib) of the Income Tax Act, 1961, which forbids the deduction of royalties, licence fees, etc. in the case of State government undertakings headed by profits and business gains.The judgement was issued in an appeal lodged by Tamil Nadu State Marketing Corporation Limited (TASMAC) by the Division Bench of Justices Ashok Bhushan, R Subhash Reddy, ...
Income Tax Dept Raids 38 Premises of a Leading Commercial Arbitration Lawyer; Seizes Rs. 5.5 Crore Cash [READ PRESS RELEASE]
Legal Insiders
Oct 19, 2020
Pavitra Shetty
(
Editor: Ekta Joshi
)
16 Shares
The Income Tax department on October 14, 2020, raided 38 locations in Delhi and Haryana in connection with charges of alleged tax evasion involving advocate Manoj Kumar Singh, who specializes in commercial arbitration and alternate dispute resolution.Central Board of Direct Taxes (CBDT) that frames policy for the tax department in a statement said that cash amounting to Rs 5.5 crore has been seized during the searches carried out. The Ministry of Finance Press Release issued by Press...
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