Friday, 28 February 2014

High Court irked at abuse of law to settle personal vendetta between top-level IRS officers

Pradyot K. Misra vs. ACIT (Delhi High Court)

The respondents have to act in accordance with law and not under any pressure. The AO, being a responsible officer should not be party or pressurised by someone to personal vendetta. Being statutory officers they have to act independently and in accordance with law

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Interest on Foreign Currency Loan & Corresponding Forex Loss for Strategic Share Acquisition Held Deductible as Revenue Expenditure

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