Revenue should respect business wisdom of tax payer: Kapil Goyal at ICAI Jamshedpur webinar

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Jamshedpur, Aug 10: The Jamshedpur branch of Institute of Chartered Accountants of India (ICAI) today organized a webinar for its members on major judicial observations by the Supreme and High Courts on Income Tax Act. The keynote speaker on the occasion was Advocate Kapil Goel of the Supreme and Delhi High Courts. The webinar was presided by Jamshedpur chartered accountant Jagdish Khandelwal.

Kapil Goyal, explaining the major facets of the Income Tax Act provided important references pertaining to cases in the courts.

The Delhi advocate said that in the case pertaining to Shivraj Gupta, the three member judhe bench of the Apex Court had observed, “Revenue should respect and regard the business wisdom of a tax payer in entering into a business contract and should not ordinarily superimpose that business agreement by its own perception.”

Citing another illustration, Advocate Kapil Goyal referred to S Kasi case where the apex court had paid emphasis on the Principle of Comity (respect) of courts amongst themselves and sense of judicial discipline in administration of justice.

Goyal stated, “In the case of Ramnath and Company, the apex court had observed, ‘To interpret tax exemption provisions strictly and benefit of doubt in such exemption to go to the favor of Revenue.’”

Referring to the case of Shree Chowdhary Transport Company, Kapil Goyal quoted the apex court ruling that significantly held that TDS provision in Income Tax was to be complied with strictly with added discipline else adverse implication like expense disallowance that would be put on the tax payer.

Finally, simplifying the various sections of the Income Tax Act, Delhi Advocate Kapil Goyal cited another Supreme Court ruling in the case of Shailendra Swarup where the apex court had emphasized on meaningful right of representation to the affected person in all adjudication proceedings under any statute without which order passed shall be invalid.

Earlier, the Jamshedpur chapter ICAI chairman Sanjay Goyal gave the welcome address. The webinar was coordinated by secretary Sugam Saraiwala. Vote of thanks was offered by Yogesh Sharma. The organizing team comprised chartered accountants Vikas Agrawal, Pankaj Shingri, Siddharth Khandelwal and Binod Saraiwala.

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