Friday 2 March 2012

Time Limit for issuance of notice u/s 201

Assessee in default - Time limitation - issuance of notice u/s 201 after a period of 4 years - though there is no period of limitation prescribed for exercise of that power, still such a power must be exercised within reasonable time - HC
Commissioner of Income-tax (TDS), Chandigarh Versus H.M.T. Ltd. - High Court

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HC upholds validity of provisions restricting ITC where supplies are taxed under RCM

  This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...