Year: 2016

Hon’ble Justice Mr. V. Gopala Gowda of the Supreme Court has articulated the connection between taxation and the economy and how the former can be used as a tool to revolutionize the latter. The learned judge has underlined the critical role that tax professionals play in the entire process of tax levy and collection and has given important pointers on what the professionals are required to do to facilitate the process

Justice Mr. R.K. Agrawal of the Supreme Court grapples with the several problems plaguing the Indian judicial system especially in the field of taxation. He has offered practical suggestions on how some of these problems such as those relating to pendency can be resolved. He has also highlighted the role that tax professionals should play to ensure that the reforms are speedily ushered in. The learned Judge emphasizes that legal professionals owe responsibility to the taxpayers’ community and are duty-bound to extend a helping hand for reduction of litigation and checking its mushrooming tendency

CA Anant N. Pai, an eminent Chartered Accountant, has made the passionate plea that all citizens, and professionals in particular, should be vocal in their support of the Armed Forces. He reminds us that our prosperity and happiness is due to the sacrifices made by the Armed Forces in keeping the enemy at bay. Our support is the fuel that keeps the Forces going, he emphasizes

Advocate Aditya Ajgaonkar lauds the Benami Property (Prohibition) Amendment Act, 2016 for providing a strong institutional framework for fighting the menace of black money. He states that the amendment has comprehensively set out a mechanism not only for fast detection and investigations but also for effective and speedy dispute resolution and prosecution. He has explained all the salient features of the Amendment in a succinct manner

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The Chamber of Tax Consultants organized a seminar on 5th August 2016 which was addressed by senior officials of the Income-tax Department such as Ms. Nishi Singh, Member, CBDT, Mr. Saxsena and Mr. Patwari, both Principal Commissioners of Income-tax. The officials of the department explained important and hitherto unknown aspects of the Income Declaration Scheme. Dr. K. Shivram, Senior Advocate, also furnished his objective views on the Scheme. A power point presentation prepared by Mr. D. C. Patwari, Pr. CIT, which highlights all the important nuances of the Scheme is available for download

Shri Sunil Moti Lala, Advocate has prepared a compilation of 111 Important judgments on transfer pricing (45 cases), International Tax (12 cases) and Domestic Tax (54 cases) reported in August, 2016. The author has meticulously and systematically classified the judgments into various categories to enable ease of reference. A PDF copy of the digest is available for download. He has also given the appeal numbers in all cases so as to enable the judgements to be retrieved from the website of the respective Court or Tribunal. The digest will prove invaluable to all practitioners of taxation law

CA Vinay Kawdia points out that the question as to whether penalty is leviable for additions made pursuant to a search depends on various factors such as the date of initiation of search, the statement given u/s 132(4), whether search was conducted before expiry of due date u/s 139(1) for furnishing the return etc. He adds that the newly inserted section 270A/270AA [Penalty for underreporting and misreporting of income] w.e.f. 01.04.17 is a game changer. He has meticulously analyzed the statutory provisions and the judicial precedents on the subject and explained the entire law in a succinct manner

Shri. Sunil Moti Lala, Advocate, has prepared a compilation of 100 important judgements on transfer pricing (42 cases), international tax (8 cases) and domestic tax (50 cases) reported in July, 2016. The author has meticulously and systematically classified the judgements into various categories to enable ease of reference. A pdf copy of the digest is available for download. He has also given the appeal numbers in all cases so as to enable the judgements to be retrieved from the website of the respective Court or Tribunal. The digest will prove invaluable to all practitioners of taxation law

CA Paras Dawar has meticulously analyzed Rule 128 of the Income-tax Rules, 1962 which provides the procedure for grant of Foreign Tax Credit. He has explained all the important aspects of the said Rule in the simplest possible language and also provided practical examples to illustrate the working of the Rule

Shri. Sunil Moti Lala, Advocate, has prepared a compilation of important judgements on transfer pricing, international tax and domestic tax reported in the period from January to June 2016. The author has meticulously and systematically classified the judgements into various categories to enable ease of reference. A pdf copy of the digest is available for download. The digest will prove invaluable to all practitioners of taxation law


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