Subscribe To Our Free Newsletter:

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


The Hon’ble President of India, on the aid and advice of the Union Government, on February 21, 2019 has promulgated ‘The Banning of Unregulated Deposit Schemes Ordinance, 2019’ (hereinafter referred to as ‘Ordinance’). While the Union Government called it a landmark law that will help fighting the menace of illicit deposits and Ponzi schemes which loot hard earned money of public, the Ordinance has received a lukewarm reception from the professional community which feels that the law has gone far beyond its mandate and would gravely impact legitimate business transactions.

Read more ›

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

1. Income Tax Appellate Tribunal, Mumbai Bench-J, in the case of ACIT vs. Celerity Power LLP 174 ITD 433/197 TTJ 45 (Mum) has passed an order dated November 16, 2018 in which Hon. Tribunal has held that the conversion of the company into LLP gives rise to capital gains as there were transfers of capital assets.

Read more ›

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

1. CIT(A) is the first Appellate Authority under the Income Tax Act, 1961 to whom the Assessee can approach if he is aggrieved by the Order of the Assessing Officer. The CIT(A) shall dispose the appeal so filed by exercising his powers u/s 251 of the Act, which reads as under: –

Read more ›

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



Income Tax Officers- high


Income Tax Officers- HIGH


Income Tax Officers- HIGH


Read more ›

How To Be A Good Advocate & Fulfill Expectations Of Courts & Clients: Tax Judge Justice Akil Kureshi Explains

Hon’ble Mr. Justice Akil Kureshi, the presiding judge of the Tax Bench in the Bombay High Court, has delivered a lecture on the subject of “What does a judge expect from Junior Advocates” in which he has offered several valuable insights.

The lecture is an inspiration to all young lawyers who desire to excel in the profession.

Read more ›

Relevance of Benami Act To The Income-tax Act (With Video Explanation)

Advocate Ashwani Taneja has explained the relevance of the Benami Act and how far the menace of additions under sections 68 and 69 to 69D of the Income-tax Act, 1961 can continue to haunt under the regime of new Benami Law. The learned author has also explained the law in the embedded video

Fundamental Theme

The most complex question which most of us face now-a-days, is if any assets such as share capital, loans, gifts, gold/jewellery, cash, immovable property or an investment/expenditure in any other form is discovered by any investigative agency; then would the same be subject to provisions under section 68 to 69D of the Income-tax Act or would these be attached as benami property by the authorities under the Benami law?

Read more ›

Digest Of 2000 Important Judgments On Transfer Pricing, International Tax And Domestic Tax (Jan To June 2018)

Advocate Sunil Moti Lala (assisted by CA Bhavya Sundesha) has prepared a Digest of 2000 important judgments on Transfer Pricing (605 cases), International Tax (130 cases) and Domestic Tax (1265 cases) pronounced in the period January 2018 to June 2018. 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

The Digest comprises of all the important judgements dealing with transfer pricing, international taxes and domestic taxation laws. A brief head note is given for each case. The Digests for the earlier periods are available here

Read more ›

Ancestral Property Concept – Fading Away | तथा वडिलोपार्जित-संपत्ती संकल्पनेचे विलोपन

Advocate Dinkar Parasharam Bhave has explained the entire law relating to ‘Ancestral Property’ in Hindu Law. He has made extensive reference to all the statutory provisions and the important judgements on the point. He has argued that the impact of the law is such that the concept of “joint family property” may soon be relegated to the history of Hindu Personal Law


Under generally approved and accepted sense, the term “ancestral property” means any property inherited up to four generations (including the holder of the property) of male lineage from the father or father’s father or father’s father’s father i.e. father, grandfather, great grandfather. In other words, property inherited from mother, grandmother, uncle and even brother is not an ancestral property. The essential feature of the ancestral property is that if the person inheriting it has sons, grandsons or great-grandsons, they become jointly owners-coparceners with him, and have equal share with the person inheriting. They become entitled to it due to their birth, unlike other forms of inheritance, where inheritance opens only on the death of the owner.

Read more ›

Unsettling The Settled? Analysis Of The 5-Judge Constitutional Bench’s Decision In CC v. Dilip Kumar (2018) 9 SCC 1 On Rules Of Interpretation

Advocate Harsh Kapadia

Advocate Harsh M. Kapadia has dealt with the important question whether after the judgement of the Constitutional Bench in Dilip Kumar (2018) 9 SCC 1, the law laid down in Vegetable Products 88 ITR 192 (SC) that where there is ambiguity in a taxing provision, the benefit of the doubt should go to the taxpayer is overruled. The author has made out a convincing case that beneficial exemption provisions are not affected by the judgement and that they continue to deserve a liberal interpretation so as to advance the object of the legislature


 “If two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted.” These famous words of Justice K.S. Hegde (as His Lordship then was) in the decision of the Hon’ble Supreme Court in the case of CIT v. Vegetable Products Ltd. [1973] 88 ITR 192 are probably the first words a professional, stepping into the world of taxation, would have embraced. This legal principle has been around for over decades and is a well-accepted rule of construction.

Read more ›

Tagged with: ,

Very Short Notice Is Not Fair But Used As A New Tool To Harass Assessees And Tax Professionals

CA Dev Kumar Kothari has alleged that the Department is behaving in a high-handed manner by issuing statutory notices at a late stage and threatening taxpayers with penalty for non-compliance. He argues that this is not only creating harassment for the taxpayers and professionals but also reflects inefficiencies in the working of the department. He has offered suggestions on how the department can streamline its affairs and achieve its objectives in an efficient manner

Reasonable clear notice:

Reasonable time for preparation of case by taxpayer must be kept in mind while issuing any notice. While fixing time interval between date of notice and date of hearing at least the following factors must be considered by the authority issuing the notice:

Read more ›


If you are a tax professional, you must sign up for our free newsletter. Why? Because we keep you informed about the latest developments in the world of tax. We focus only on the most important must-read judgements & articles that will impact your day-to-day professional work. You can see a chronological listing of all our postings on twitter & facebook

IMPORTANT: After signing up & clicking on the confirmation mail, send a test/ blank mail to Why? Because it is the easiest way to add our email address to your address/ contacts book and ensure that our Newsletter does not get sent to the Spam/ Junk folder