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2014 Latest Updates of Income Tax Act section 50B

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  • 2014 Latest Updates of Income Tax Act section 50B

    Section 50B of the Income Tax Act applies only to a “sale” for a “monetary consideration” and not to a case of “exchange” of the undertaking for shares under a section 391/394 scheme of arrangement [Tiger Elevators Pvt. Ltd.].

    Nonpayment of service tax by service provider to government, prima facie, cannot be held a ground for denial of credit at end of service receiver when service receiver has paid entire invoice amount to service provider's.
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