In Oerlikon Balzers Coating India (P.) Ltd. v. UOI (2023) 294 Taxman 5 / 333 CTR 337 (Bom.)(HC) dealing with the filing of declaration under Direct Tax Vivad Se Vshwas Act, 2020 the Court held that pendency of miscellaneous application before the Tribunal is also pendency of appeal . Accordingly the assessee may contend that… (read more)

Provision of section 50C is very clear it is not applicable to gift . Section 47 (iii)) also makes it very clear that gift is not transfer . When section 45 is not applicable , provision of section 50C is also not applicable . We are not able to find any reported case laws on… (read more)

Plase explain the meaning of EDC and IDC account m and why it is collected . The expert can answer only on getting the calrification (read more)

Burden is on the assessee to prove that the gold was given as loan . One has to verify what entry is passed by the jeweller in their books of account . One has to decide the issue on facts . (read more)

The assessee should file an appeal before the Tribunal . The assessee may succeed in appeal . Article. 265 of the Constitution of India states that “No tax shall be levied or collected except by authority of law“. The collection of tax has to be also within the frame work of law. The Circular No.… (read more)