Can a statutory provision prevail over Crown debt?
I-T – non-resident assessee earns interest on I-T refund – AO treats it as income from other sources – levies 41% tax – assessee claims benefits under DTAA – Held, assessee is eligible to 15% tax rate under Indo-USA tax treaty: ITAT (See ‘2008-TIOL-607-ITAT-DEL’) Pawar advises farmers to exploit potato exports potential Harshad Mehta case – Banks plead – Special Court scales down tax liability of Mehta and directs Income tax to refund Rs 546 Cr – If banks claim that sum is wrongly included in Mehta’s income, they need to show nexus between decreed amount and amount included in Mehta’s income: Supreme Court (See ‘Breaking News’ + ‘2008-TIOL-224-SC-IT ‘) RBI allows benefits to exporters on overdue export bills (See ‘What’s New’) Notification 39/2001-CE – One who committed breach of the conditions of the Notification is not entitled to blame other party to the transactions: Tribunal allows appeal by majority(See ‘Breaking News’ + ‘2008-TIOL-2013-CESTAT-AHM ‘) Govt to amend Emigration Rule
