Author: editor

Benami Transactions: Analysis Of Latest Judgement Of The Supreme Court In P. Leelavathi vs. V. Shankarnarayana Rao

In P. Leelavathi vs. V. Shankarnarayana Rao the Supreme Court has set the guidelines and paved the roadmap to be followed by the lower courts and authorities while dealing with the issue of Benami properties under the new law. Advocates Ashwani Taneja & Renu Taneja have analyzed the judgement in meticulous detail and explained all of its salient features

Analysis Of Judgement Of Appellate Tribunal In Manpreet Estates LLP On Prohibition Of Benami Property Transactions Act

Advocate Ashwani Taneja has analyzed the recent judgement of the Appellate Tribunal for Benami Transactions in Akashdeep, IO vs. Manpreet Estates LLP and identified the important principles of law emanating from it. The judgement provides important clarity as to the burden of proof and the role of the Evidence Act as well as the principles of general law concerning benami transactions

Contribution By Charitable Trusts – Current Legal Status In Maharashtra

CA Anilkumar Shah has explained whether the collection by the Charity Commissioner of contribution on surplus from Charitable Trusts in the state of Maharashtra is legal or not in the light of the statutory provisions and the judgement of the Supreme Court in State of Maharashtra vs. The Salvation Army 1975 AIR 846

Stay Of Demand Under The Income-tax Act

Advocate V. P. Gupta has systematically analyzed the statutory provisions and Instructions issued by the CBDT on the issue of stay of demand and explained how the Courts have interpreted the same. He also clearly spelt out the rights and

Analysis Of Recent Important Decisions (With Video & Pdf File)

CA Rajan Vora delivered a presentation recently at the BCAS on recent important decisions in which he has analyzed several judgements and explained their nuances. A video of the presentation is available. The presentation is also available for download in pdf format

Essential Prerequisite For Invoking Section 14A: Satisfaction Of AO

CA Ashish Chadha has analyzed all the recent judgements of the Supreme Court and the High Courts on the topic of how the AO should record his satisfaction before making disallowance u/s 14A of the Income-tax Act, 1961 read with Rule 8D. The author has explained the salient points of the important judgements, some conflicting with each other, in a succinct manner

Detailed Analysis Of Banning Of Unregulated Deposit Schemes Ordinance, 2019

CA Paras Dawar has conducted a detailed analysis of ‘The Banning of Unregulated Deposit Schemes Ordinance, 2019‘ and explained all of its nuances. He has cautioned that while the Ordinance is well-intentioned, some of its provisions are vaguely worded and can have draconian consequences on legitimate business transactions

Conversion Of Company Into An LLP – Whether Amounts To Transfer U/s 2(47) Giving Rise To Capital Gain?

Shri. S. N. Inamdar, Senior Advocate, has dealt with the controversial topic of whether the conversion of a company into an LLP results in a “transfer” of capital assets and gives rise to capital gains. He has argued that the judgement of the ITAT in ACIT vs. Celerity Power LLP 174 ITD 433 (Mum) is wrong and requires reconsideration. He has made good his submission with a detailed analysis of the statutory provisions and judgements of the High Courts

CIT(A)’s Power to Enhance the Assessment – Too Wide but “Too Narrow”

CA Sunil Maloo has pointed out that while the CIT(A)’s powers are wide and co-terminus with that of the AO, there are also restrictions on the exercise of those powers. He has explained the law on the subject with reference to important judgements

Do Surgical Strike, Not Tax Terrorism, For Collection Of Tax

CA Prarthana Jalan has taken umbrage at the fact that the income-tax department is, in defiance of the law, resorting to “tax terrorism” of innocent taxpayers over frivolous issues with a view to increase collection and meet their own targets. She has pleaded that the department should focus its energies on the big tax evaders and do “surgical strike” upon them rather than harassing innocent taxpayers

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