Tuesday, April 13, 2021
On 5th February 2020, the Honourable Finance Minister of India, Mrs. Nirmala Sitharaman introduced The Direct Tax Vivad se Vishwas Bill, 2020 in the Parliament. After introduction of the Bill, a notice for moving amendments to the provisions of the Bill has been proposed to the Parliament on 14th...
Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok Sabha on 5th February, 2020. Expectations are that the new scheme will work better than...
The Direct Tax Vivad se Vishwas Bill, 2020 (the scheme), tabled in Parliament on February 5, 2020, proposes an amnesty scheme for litigations pending as on January 31, 2020, before any of the appellate forums. The scheme seeks to meet two major objectives: 1 Reduce time and efforts spent over long...
The Direct Tax Vivad se Vishwas Bill, 2020 (the scheme), tabled in Parliament on February 5, 2020, proposes an amnesty scheme for litigation pending as on 31.01.2020, before any of the appellate forums. Under the scheme, a taxpayer can settle a litigation by paying the tax on the disputed...
According to the Finance Minister, at present there are as many as 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court and hence the Bill in the name of Vivad se Vishwas was proposed in the Budget 2020 which in...
No Opportunity of Cross-Examination under Income Tax Litigations In law, cross-examination is the interrogation of a witness called by one’s opponent. Section 138 of the Indian Evidence Act 1872 provides that a witness will be first examined in chief, and then if the adverse party deems fit, cross-examined and if...
In many instances, there are allegations from Income Tax Department that the tax payer has made BOGUS PURCHASES in order to reduce the Income Tax Liability although the assessee has furnished the invoices which is even supported by payment through A/C Payee cheque. In some instance due to unorganized...
When PM Modi announced that Rs with the denomination of 500/- and 1000/- would cease to be the legal tender from 9th of Nov, the whole country was stunned. This decision caused sensation in the whole country. What we have today at the end this period is evidence about...
Authority for Advance Ruling (AAR Tamilnadu) pronounced in case of M/s. Sanghvi Movers Ltd. that full ITC cannot be availed by registered branch office for the services procured from HO where payments are netted off against the receivables and full payment is not made. Facts...
If the whole world is looking upto India as their prospective market, then how can our Indian economy crash?Is the slow down of economy man-made or natural ? During Demonetisation , I had tried to explain the concept of “Velocity of Money” through an...