Articles

Recently, reversing the decision of the Special Bench of the ITAT in the case of Topman Exports v. ITO [2010] 124 ITD 1 (Mum.), the Bombay High Court in the case of CIT v. Kalpataru Colours & Chemicals [2010] 192 Taxman 435 denied the deduction under section 80HHC regarding consideration on transfer of DEPB giving rise to a controversy regarding allowability of deduction under section…

Introduction 1. Finance Act, 2013 has inserted Explanation 2 to section 132B which reads as under:-“For the removal of doubts, it is thereby declared that the ‘existing liability’ does not include advance tax payable in accordance with the provision of Part C of Chapter XVII”.Section 132B of the Income-tax Act prescribes the provisions regarding the application of seized assets,…