Category: Articles

S. 14A: Exempt Income Versus Expenses For Exempt Income

CA Jyoti Gupta has considered the question whether disallowance u/s 14A can be made in a case where exempt income is earned from stock-in-trade and strategic investments in the context of the recent judgement of the Supreme Court in Maxopp Investment Ltd vs. CIT 91 taxmann.com 154 (SC)

S. 271(1)(c) Penalty | Judgement Of Bombay High Court In Shanti Ramanand Sagar Explained

In Shanti Ramanand Sagar vs. CIT (2018) 402 ITR 245, the Bombay High Court has upheld the levy of penalty u/s 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. Advocate Rahul Hakani has explained the judgement in

Tax Emergency – Tax Bharo Ya Jail Bharo

CA Prarthana Jalan points out that the department’s aggressive action in launching prosecution even for trivial offenses is creating panic amongst taxpayers and leading to a state of “Tax Emergency”. She advises that the department should use the weapon of prosecution sparingly and only against habitual offenders and not as a tool to terrorize taxpayers

Finance Bill 2018: Tax Implications Of Conversion Of Stock-In-Trade Into Capital Asset

Advocate Rahul Hakani has analyzed the proposed amendments by the Finance Bill 2018 to sections 2(24), 2(42A), 28 and 49 to tax the notional gains arising on conversion of stock-in-trade into capital asset. He has explained precisely the nuances of the amendments and also identified the controversies that will arise therefrom

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Finance Bill 2018: Taxability Of Long Term Capital Gains

Advocate V. P. Gupta has explained the salient amendments proposed in the Finance Bill 2018 relating to the taxability of long-term capital gains. He has pointed out that some provisions are anomalous and may lead to prolonged litigation. He has offered suggestions on how the provisions should be reworded so as to make the law clear and unambiguous

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Finance Bill 2018 – Deemed Dividend and Distribution Tax

Advocate Rahul Sarda has analyzed the amendments proposed by the Finance Bill 2018 to sections 2(22), 115-O and 115-R of the Income-tax Act, 1961 with regard to the taxation of dividends and the levy of dividend distribution tax. He has explained how these amendments will widen the tax base on the pretext of ‘ease of collecting taxes’

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Finance Bill 2018 – International Tax Amendments

Advocate Sunil Moti Lala and CA Tushar Hathiramani have analyzed the amendments proposed in the Finance Bill 2018 relating to “business connection”. They have explained the precise scope of the proposed amendments and also highlighted the controversies that are likely to arise therefrom. The relevant judgements on the issue have also been cited

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Deemed Service Of Notice U/s 143(2) On Assessee – Judgment In Case Of Dharam Narain (SC) Needs Reconsideration

In ITO vs. Dharam Narain, the Supreme Court has held that if the assessee is not available to take service of the s. 143(2) notice, service on the authorized representative is sufficient to draw inference of deemed service of notice on the assessee. It was also held that the fact that the authorized representative is disowned by the assessee is irrelevant. CA Dev Kumar Kothari has carefully analyzed the judgement. He argues that the judgement is wrong and requires reconsideration. He has made good his assertion by giving detailed reasons

Deadly Deadlines

CA Yash V. Rajpurohit has compiled a list of all important due dates in March 2018, and the statutory obligations which require to be complied with within the said deadline. The checklist will help taxpayers and professionals ensure that they do not miss out on any obligation which may attract penal consequences

Digest Of 2000 Important Judgments On Transfer Pricing, International Tax And Domestic Tax (Jan To Dec 2017)

Advocate Sunil Moti Lala, assisted by CA Tushar Hathiramani, has prepared a compilation of 2000 important judgments on transfer pricing (1,200 cases), International Tax (109 cases) and Domestic Tax (691 cases) reported in the period from January to December 2017. The author has meticulously and systematically classified the judgments into various categories to enable ease of reference. The appeal numbers in most cases have been provided so as to enable the judgements to be retrieved from the website of the respective Court or Tribunal. 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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