Job Vacancy: [ACCA_Profs] Imp Verdict On Disallowance U/s 37(1) Of Unlawful Expenditure + Article On Validity Of Levy Of TDS On Cash Withdrawals U/s 194N

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The following important updates are available at itatonline.org:

Medley Pharmaceuticals Ltd vs. CIT (ITAT Mumbai)

The disallowance under the Explanation to 37(1) of "freebies" to doctors by relying on CBDT Circular No. 5 dated 01.08.2012 & the IMC (Professional Conduct, Etiquettes & Ethics) Regulation, 2002 is not justified. The code of conduct prescribed by the Medical Council is applicable only to medical practitioners/ doctors registered with the MCI and does not apply to pharmaceutical companies & the healthcare sector in any manner. The CBDT has no power to extend the scope of the MCI regulation to pharmaceutical companies without any enabling provision either under the Income tax Act or the Indian Medical Regulations (Imp judgements referred/ distinguished)

We are of the considered view that the circulars which are issued by the CBDT must confirm to the tax laws and though are meant for the purpose of giving administrative relief or for clarifying the provisions of law, but the same cannot impose a burden on the assessee, leave alone creating a new burden by enlarging the scope of a regulation issued under a different act so as to impose any kind of hardship or liability on the assessee

Ruminating Upon The Constitutionality Of Section 194N Of The Income-tax Act, 1961

Advocate Aditya Ajgaonkar has vehemently argued that section 194N of the Income-tax Act, 1961, which creates an obligation to deduct tax at source at the time of withdrawal of cash, violates Articles 21, 265 and 300A of the Constitution. He has put forth his arguments in a logical and persuasive manner and has made extensive reference to several landmark judgements

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals

FAQs On Slump Sale Under The Income-tax Act, 1961

CA Vinay V. Kawdia has explained the entire law, relating to the taxation of a slump sale under sections 2(42C) and 50B of the Income-tax Act, 1961, in the format of a FAQ. He has answered all conceivable questions and also referred to all the important judgements on the subject. The implications under the GST have also been briefly referred to

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