Stamp duty payment allowed as revenue expenditure The Gujarat High Court held that the amount of stamp duty is allowed as revenue expenditure because the stamp duty paid by the taxpayer during the year was a compulsory statutory levy; would not restrict the profits of the future years; and was an ordinarily revenue expenditure incurred… Read More »
RBI/FMRD/2016-17/31 FMRD Master Direction No. 1/2016-17 July 5, 2016 To, All Authorised Dealers – Category I Banks Madam / Sir, Master Direction – on Risk Management and Inter-Bank Dealings In exercise of the powers conferred by clause (h) of sub-section (2) of section 47 of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999),… Read More »
HELD I am of the view that even though invoices have been destroyed in fire but if invoices have been recorded in the ledger and books of account of the respondent the Cenvat credit cannot be denied. Respondent could not have recorded the invoice in the ledger unless physical invoices were available. It is not… Read More »