Tag Archives: bank guarantee

Encashment of bank guarantee for non performance allowed as exp. :ITAT Delhi

By | June 5, 2018

Issue involved in this appeal is whether the bank guarantee encashed by the Delhi transport Corporation on the facts submitted above is an allowable expenditure or not or is allowable to the assessee under section 28 of the income tax act or not. Held The above loss because of an event of the bank guarantee… Read More »

Encashment of bank guarantee doesn’t amount to payment of duty: Madras HC

By | October 7, 2016

HIGH COURT OF MADRAS Nizamabad Agro (P.) Ltd. v. Assistant Commissioner of Customs -EODC T.S. SIVAGNANAM, J. W.P. NO. 27525 OF 2016 AUGUST  30, 2016 S. Murugappan for the Petitioner. Rajkumar Jhabakh, Senior Standing Counsel for the Respondent. ORDER 1. Heard Mr.S.Murugappan, learned counsel appearing for the petitioner and Mr.Rajkumar Jhabakh, learned Senior Standing Counsel… Read More »

Now Bank Guarantee can be given in lieu of provisional attachment of property under Income tax act

By | March 6, 2016

Finance Bill 2016 Provision for bank guarantee under section 281B Under the existing provisions of section 281B the Assessing Officer may provisionally attach any property of the assessee  during the pendency of assessment or reassessment proceedings, for a period of six months with the prior approval of the income- tax authorities specified therein, if he is… Read More »