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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

INTRODUCTION:

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.

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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

INTRODUCTION

 “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.

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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:

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An Analysis Of The Supreme Court’s Judgement In Maxopp Investment 402 ITR 640 On S. 14A/ Rule 8D

Vipul Joshi

In Maxopp Investment Ltd v/s CIT 402 ITR 640 (SC), the Supreme Court has laid down important law on the interpretation of section 14A and Rule 8D. Advocate Vipul Joshi has conducted a detailed study of the judgement in juxtaposition with the earlier judgements of the apex court in Godrej & Boyce Mfg. Co. Ltd v/s DCIT 394 ITR 449 (SC)] and CIT v/s. Essar Teleholdings Ltd 401 ITR 445 (SC) and explained its precise implications

THE DECISION IN CASE OF MAXOPP INVESTMENT LTD.
[ON SECTION 14A]
An Analysis
VIPUL B. JOSHI
ADVOCATE
{Note: The underline and the bold font, whenever used, are for emphasis purpose only}

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Admissions & Retractions In Income-tax Proceedings With Reference To Survey, Search And Seizure

Advocate Narayan Jain has explained the entire law and procedure relating to admissions and retractions in income-tax proceedings. He has explained the extent to which the admissions are binding on the taxpayers. He has also explained the procedure by which taxpayers can retract from their admissions. All the important case laws on the subject have been referred to with a succinct commentary on their applicability

1.0 Introduction:

As in judicial proceedings in Courts, the issues in the income-tax proceedings are also decided on the basis of evidences which include both oral and documentary evidences. Oral evidences, include statements which are made before the income-tax authorities in relation to matter of inquiry, Search and Survey proceedings and may also include examination of the assessee or related parties.

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Section 92CE – Secondary Adjustments In Transfer Pricing: An Analysis And Emerging Issues

CA Piyush Bafna

CA Piyush Bafna has conducted a systematic and thorough analysis of the newly introduced section 92CE of the Income-tax Act. The author has explained the circumstances in which the TPO is entitled to make secondary adjustment for the difference between the ALP price and actual price of an international transaction. He has also raised issues which are not answered with clarity in the provision and which may lead to controversy between the taxpayer and the department

Introduction –

The Finance Act, 2017 has introduced a new section ‘92CE – Secondary adjustments in certain cases’ w.e.f. 01-04-2018. Prior to insertion of this section, Department did try to make secondary adjustments for difference between the ALP price and actual price of international transaction. Few examples are. Vodafone’s/Shell companies cases, few AMP cases etc.

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Salient Features Of Prohibition Of Benami Property Transactions Act As Amended In 2016

Narayan-P-Jain-Dilip-Loyalka

Advocate Narayan Jain and FCA Dilip Loyalka have explained the salient features of the Prohibition of Benami Property Transactions Act as amended in 2016. The precise manner in which the Act identifies benami transactions has been pinpointed. The consequences that will befall persons caught with benami property and the statutory remedies available to them have also been highlighted

Benami Transactions (Prohibition) Act, 1988 was introduced as an Act of the Parliament in 1988 to prohibits certain types of financial transactions. The 1988 Act had come into force on 5th September, 1988. Although benami transactions were declared illegal due to enactment of the said Act, the Act had limited success in curbing them. Updated versions were therefore passed in 2011 and 2016, seeking to more comprehensively and effectively enforce the prohibitions.

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A Comprehensive Guide To The law Of Reopening Of Assessments Under Sections 147 To 153 Of The Income-tax Act, 1961 (Updated: 2018)

Advocate Ajay Singh has conducted a meticulous assessment of the entire law in sections 147 to 153 of the Income-tax Act relating to the reopening of assessments. He has explained the entire procedure in a systematic manner and also cited all the important judgements on the issue. The Guide is an imperative read for all taxpayers and professionals. The law is updated as of September 2018

The scope and effect of a reopening of assessment is still shrouded in mystery even after various judgments of the Supreme Court and High courts. Reassessment is one of the distinguishing weapons in the armoury of the Department, empowers the Assessing Officer to assess, reassess or recompute income, turnover etc, which has escaped assessment. A number of intricate issues crop up during the reassessment proceedings. Inspite of various guidelines laid down by courts, dept constantly prefer to disobey the same leading to quashing of the notice. It seems dept claim as a matter of right to reopen the assessments without appreciating the real intend or purpose behind enacting such provision. Assessment orders are not a scrap of paper which can be overturned by reopening the assessment in casual manner. Finality to assessment must be recognized as matter of principle and reopening should be an exception. Similarly we see assessment are completed merely based on information received from various investigation department without application of mind by the Assessing officer . Some of the issues are been dealt with here under:

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Attempts By CBDT To Destroy The Independence Of CIT (Appeals)

CA Paras Dawar has taken strong exception to the CBDT castigating CsIT(A) for giving relief to taxpayers “on legal grounds“. He has also condemned the CBDT’s offer of “incentives” to CsIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the CBDT has crossed the ‘lakshman rekha’ by compromising a fair and unbiased trial promised by our Constitution

Introduction

Independence of appellate authorities is the foundation for free and fair judicial process. An unbiased mind is a pre-requisite for impartial adjudication by any judicial / quasi-judicial authority. The adjudication of appeals under Income Tax Act, 1961 (‘Act’) are no different. The appellate authorities under the Act comprise of Commissioner Appeals at the first step of the appellate ladder, followed by Income Tax Appellate Tribunal, the High Court and finally the Supreme Court. 

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Section 234F Needs Urgent Review And Withdrawal

Advocate Narayan Jain has argued that the newly inserted section 234F, which levies a fee for late filing of return, is harsh, oppressive, unreasonable and arbitrary. He has pointed out that so-called “fee” is really a “penalty” in disguise and that it results in a violation of the principles of natural justice. He has given convincing reasons in support of his contention

1. INTRODUCTION :

Section 234F, inserted through the Finance Act, 2017 with effect from assessment year 2018-19 is being debated and has been recently challenged in Madras High the constitutionality of Section 234F of the Income Tax Act, 1961, which prescribes a fee for delay in filing IT Returns. Let us analyse various dimensions and see whether imposition of Late Fee under section 234F is justified or not.

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