CBDT:Clarifies on seized-cash adjustment, trade-advance taxability u/s. 2(22)(e), TDS applicability on airline’s PSF payment

Jun 12,2017

CBDT clarifies that Explanation 2 to Sec. 132B (debarring adjustment of seized cash against advance tax liability) is prospective  in nature, accepts the view taken by P&H HC in case of  Spaze Towers Pvt. Ltd.; Acknowledges that several Courts have held that seized cash may be adjusted against assessee’s advance tax liability,  accordingly, CBDT clarifies that insertion of  Explanation 2 will&n...

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