Would amendment to tax firm both for notional gain amp; excess payment to partner withstand the test of judicial scrutiny?

The provisions of income-tax law are subjected to amendments year after year and the changes are fascinating but at times discouraging. Some of the amendments are intended to refine or fine tune the legal provisions besides nullifying some of the legal decisions. The Finance Act, 2021 is no exception to the regular feature of being controversial with regard to some changes and the legislature being supreme, the taxpayers and professionals have to either abide by it or challenge the same by knoThe provisions of income-tax law are subjected to amendments year after year and the changes are fascinating but at times discouraging. Some of the amendments are intended to refine or fine tune the legal provisions besides nullifying some of the legal decisions. The Finance Act, 2021 is no exception to the regular feature of being controversial with regard to some changes and the legislature being supreme, the taxpayers and professionals have to either abide by it or challenge the same by knotaxmann.com Latest ArticlesRead More

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