The Gujarat High Court has ruled that there cannot be any income escapement by the assessee if there is no unexplained amount in the bank statement on record. The court observed that the reason given by the assessing officer for alleged escapement of Rs.3,25,00,000/- is not sustainable since there is no unexplained amount in the bank statement on record since …
Revenue maximization can never be the goal of economic policy. India’s dispute with Cairn Energy is the direct consequence of the disastrous retrospective tax amendment law, introduced by the Congress-led United Progressive Alliance government, and accepted by the Narendra Modi regime. The British oil major got a notice from India’s Income Tax department in January 2014, asking for Rs 10,247 …
Vodafone has won the arbitration case against Government of India over Rs 20,000 crore retrospective tax dispute. The Government of India's liability will be restricted to about Rs 75 crore -- Rs 30 crore in cost and another Rs 45 crore in tax refund, sources with direct knowledge of the matter said. Tax authorities had in September 2007 served notice …
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