Section 2(22)(e) of the Income Tax Act is not attracted on security deposit made in normal course of business. [CIT vs. Creative Dyeing and Printing Pvt. Ltd., 318 ITR 476]. Tax already paid by assessee out of disputed amount at adjudication level would be treated as mandatory pre-deposit for filing appeal. Adjustment of excess Service tax paid cannot be denied for mere non-compliance of procedure. [Jubilant Organosys Ltd. vs. CCE] RBI has reviewed the policy for Foreign Direct Investment (FDI) for railways sector and has now permitted 100% FDI in railway infrastructure sector under automatic route subject to conditions. No municipal / BMC permission required for use of part of premises for professional practice.
Posted on: Thu, 11 Dec 2014 07:16:27 +0000