Category: Articles

Sh. Krishna Mohan Prasad, the Pr. DGIT, has argued with conviction that the Department should accept the orders of the CsIT(A) which are in favour of the taxpayer and not file appeals against them. He has explained that if the Government is reconciled to trusting taxpayers and accepting 99% of the returns without any scrutiny, there is no reason why a judicial decision given in favour of the taxpayer by a senior official of the Department should not be accepted

Firoze B. Andiyarujina, Senior Advocate and Sashank Dundu, Advocate, have provided a masterful explanation of the precise manner in which e-assessment will work in practice. The authors have referred to all the statutory provisions and circulars issued by the CBDT. They have also identified several issues and controversies that are likely to arise during e-assessment and provided a clear-cut explanation for each of these

Snehal Kanzarkar and Sara Jain, both 5th year law students at MNLU Mumbai, have examined the extent of coverage of e-commerce transactions under the Income-tax and GST and explained the various advantages and disadvantages of the respective legislation. The authors have also offered valuable suggestions on how the present law and practices can be made to be in consonance with the prevailing international standards so as to achieve better compliance and and prevent tax evasion, especially by non-resident enterprises

CA Pratik Sandbhor has dealt with the important questions (i) whether unabsorbed depreciation can be set off against any head of income and (ii) whether unabsorbed depreciation can be carried forward in perpetuity. He has answered the questions with reference to the statutory provisions, Circulars issued by the CBDT and the judgements on the point

In Circular No. 29 dated 02.10.2019, the CBDT has expressed the view that the tax credit of MAT paid by a domestic company exercising option under the newly inserted Section 115BAA of the Act shall not be available on the ground that the charging provisions of Section 115JB are itself not applicable to such a company. CA S. Venkatraman has examined the correctness of this view in the light of several judgements of the Supreme Court and opined that the stand of the CBDT is not correct and requires reconsideration

Firoze B. Andiyarujina, Senior Advocate and Sashank Dundu, Advocate, have conducted a detailed analysis of Circular dated 09.09.2019 issued by the CBDT on the subject of identification and processing of cases for prosecution of offenses under Direct Tax laws. The learned authors have raised important issues regarding the setting of the “collegium” and the concept of a “habitual defaulter“. They have also questioned whether the “administrative approval” by the collegium can be challenged by the alleged offender. The authors have also offered valuable suggestions on how the objective of the CBDT, to spare spare occasional defaulters from harassment, can be better achieved

CA Ashish Chadha has provided a lucid commentary on the issue of whether a resident is entitled to claim credit for the foreign tax paid by him against the tax payable in the contracting state. The author has analyzed the judgements of the foreign courts on the subject and explained them in the context of the Indian law and judgements of Indian courts

CA Piyush Bafna has explained the nuances of the E-assessment Scheme, 2019. He has opined that the scheme will impart greater transparency and accountability by eliminating the interface between the Assessing Officer and the assessee and by effectively utilizing the resources through team-based assessment. However, he has also pointed that there are several issues that may prove contentious. He has offered suggestions and requested the Government to issue a clarification and streamline the processes

CAs Dr. Raj K. Agarwal and Somil Agarwal have studied the provisions of The Banning of Unregulated Deposit Scheme Act 2019 and pointed out that there is widespread confusion as to whether the taking of all deposits and loans is banned. The authors have dealt with the issue and provided a clear-cut explanation with reference to the statutory provisions

Advocates Neelam Jadhav & Sashank Dundu of KSA Legal Chambers have prepared a wiki guide on the law under section 14A and Rule 8D relating to disallowance of expenditure incurred for earning tax-free income. The authors have identified in a systematic manner the various controversies which have arisen and also provided ciatations of all important judgements. The authors have assured that the Wiki Guide will be updated on a regular basis so that taxpayers and professionals have access to the updated law at all times. A pdf version of the Guide is also available for download


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