Month: June 2012

The Law On Taxability Of Non-Compete Fees Explained

The question whether fees received for granting a non-compete covenant is a capital receipt or a revenue receipt depends on a bewildering array of circumstances. While there are a plethora of judgements on the point, the principles are not clear. The author has done a commendable job of carefully analyzing the judgements and systematically identifying their core principles in a concise and clear manner

Why The FM’s & CBDT’s Promise Not To Reopen Retro Cases Is Still Illegal

The Q whether the promise made by the FM & the CBDT in Circular dated 29.05.2012 not to reopen completed assessments despite the retrospective amendments is legal has created a major controversy. The author, in the light of the criticism of his earlier view, objectively reconsiders the entire law on the subject and makes out a compelling argument why his earlier view that the promises are unenforceable is correct

Why The FM’s & CBDT’s Promise Not To Reopen Cases Despite Retro Law Is Lawful

The promise made by the FM in Parliament, which is now endorsed in a CBDT Circular dt 29.05.2012, that completed assessments as of 1.4.2012 will not be reopened pursuant to the retrospective amendments made by the Finance Act 2012, has created a controversy. While one view is that these promises are without authority of law & illegal, the author has taken the converse view after reviewing the entire law on the subject

FM’s & CBDT’s Promise Not To Reopen Cases Despite Retro Law Is Illegal

The author argues that the promise made by the Finance Minister in Parliament, which is now endorsed in a CBDT Circular dated 29.05.2012, that completed assessments as of 1.4.2012 will not be reopened pursuant to the retrospective amendments made by the Finance Act 2012, is without authority of law & illegal. The author makes good his contention by reference to several landmark cases

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