Recent Posts

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Discussion / Whether cross gifting concept rescues the assessees from tax implications
« Last post by ASRAO on December 11, 2019, 02:45:37 PM »
There is no prohibition under Income Tax Act upon cross gifting thus it can also be used as measure for cash deposits made during demonetization period.
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Discussion / Conference of NATP(National Association of Tax Professionals
« Last post by Ashish kumar on September 26, 2019, 07:07:29 PM »
Hello friends recently I have visited USA in order to attend conference of NATP, it was a great session, I am fully amazed, observing the respect to the verdicts of Highest Judicial Fora, the lower Judicial officers pay great respect to the observations made by the Apex Body, they completely bow down to the guidelines, irrespective of their personal benefits. When i hung around and took a survey, I found the reason behind this respect and that is the respect to the concept of Rule of Law, Rule of law is a concept developed by AV Diecy in his book Constitution of London way back. All the legal luminaries be the judicial officers and be the practitioners, follow the concept of rule of law. It is not merely in the interest of judicial system, they said, but also in the interest of nation, since FDI in those countries would not come where there is no rule of law. For example the present position of lndia, people think that judgments of ITAT r buried only here in India but I found that each and every judgment be it on penny stock be it on section 68, be it on transfer pricing have been analyzed at length by the in house legal brains of the Foreign players who explore the environment of a state before investing in that state, in fact i got a shock of 440 Volt when I found that are watching the transfer and posting of members at Important stations. One of them shown me the data of last 10 years transfer of posting and also the judgment of Ajay Gandhi. I was surprised to see this minuscule research of the professionals of foreign investors. They openly said why one would invest in such a country where there is no respect of rule of law, as ultimately the investor would suffer and incur losses. Similarly there are so many other things they have shown to me which would when confront to the Govt of India here then a chaotic situation may arise. They really appreciate the ITAT Bar of Bombay which a Committee of Ethics.     
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Why the demand has come for the sake of discussion. Where is the difference between the taxpayer and the department.
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Discussion / Re: SECION 50C IS APPLICABLE TO HOUSING CO OPRATIVE
« Last post by satyanveshi on August 13, 2019, 03:14:47 PM »
Yes it is applicable. As the section 50C speaks of transfer. transfer from one person to another person. Here in the case cited, the transfer is from coperative society to its member. both are distinct and separate persons as per incometax Act. Therefore, sec 50C is applicable.
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Discussion / SECION 50C IS APPLICABLE TO HOUSING CO OPRATIVE
« Last post by advocatenitinsharma on August 02, 2019, 10:32:45 PM »
WEATHER SECTION 50C IS APPLICABLE TO A HOUSING CO OPRATIVE SOCIETY IF SOCIETY ALLOTED LAND TO THEIR MEMBER WITHOUT ANY OBJECT OF EARNING ANY PROFIT? PLEASE  GIVE YOUR VALUABLE OPENION.
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Discussion / Violation of Judicial Discipline in ITAT
« Last post by Ashish kumar on May 08, 2019, 09:30:30 AM »
Recently the undersigned has read two judgments in the case of ULO India, one is in ITA No-5968 of 2010 and one in ITA No 5279 of 2013. Both are of same assessee. In former decision, Bench of ITAT held that assessee dose not have PE in India and in later a Bench of equal strength has held that the assessee have PE in India, the later Bench does not even stop here, it has also held that the view taken by the Earlier Bench is not in accordance with law.
As per the little knowledge of the undersigned, principle of Judicial Discipline demands that decisions of coordinate Bench is binding on the other Bench even if it is incorrect, the law in this regard is settled by the Supreme Court way back in S.I ROOPLAL Vs GOVT Of INdia AIR 2000 SC 594, Union of India Vs Paras Laminate 254 ITR 99 and there are so many other Supreme Court and High Court judgments. In all theses decisions it has been held that if the later Bench feels that the decision of earlier Bench is not correct then the matter shall be referred to larger Bench. And judicial discipline completely debar the coordinate Bench of Equal strength to overrule the decision of earlier bench, but now in these days personal views are above the judicial discipline and hence there is no respect of settled law. I wonder what message will go in International Community about the image of ITAT(a noble institution) where the main presiding officer is retired High Court Judge. All these developments give us sign of anarchy/ lawlessness, which a poor assessee would face in future, and evolution of intellectual corruption. It is not good for an Institution so the Hon'ble President would have to step into and looked into the matter and he should send these types of persons on legal training under the steamed guidance of a High Court Judge. Otherwise no FDI will come in India and new professional will have to fight only cases of share application money in future.
Jai Hind Jai Bharat         
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Discussion / Interview calls for the post of members of ITAT
« Last post by Ashish kumar on May 07, 2019, 09:01:42 PM »
On 6th July 2018, the Ministry of law and Justice issued a Notification, by virtue of which it has invited applications from professionals for the post of ITAT Members. As per this Notification the members who have completed 10 years of profession and have age between 35 to 50 are entitled for the post of member after facing an interview.
In response to this advertisement around 750 applications were received out of which 600 candidates have been shortlisted for interview.
Now on 3rd May a new development has happened that is only 150 candidates have been filtered out of 600. When the undersigned has enquired the things from reliable sources then it is emerge that only those candidates who have completed 20 years of profession and have some reasonable income are being called for interview. And the rest of the professionals have been out rightly rejected. Now my question to the legal luminaries of the Bar, a bar which has been founded by Great Shri Nani Palkhiwala, that is not injustice to those candidates whose candidature has been rejected out rightly without any interview. Whether it is not violation of fundamental rights of the professional who are eligible as per the provisions of Act and Rules of ITAT.
My humble request is that necessary action in this regard may be initiated otherwise days are not far when only revenue side and judicial services side persons would be appointed. And no body aware that under GST, the area where I am practicing, the new provisions have no space for advocates or CA. Similarly slowly and gradually this practice would come under Income Tax Tribunal also and then only God knows what would happen to a poor assessee who visit ITAT in hope of justice. Since I am a Chartered accountant and not possessing much knowledge of law. I don't know where the remedy lies

Thank you and Jai Hind
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Sirs, X a lecturer in University aided college having only  Salary Income ,received salary arrears for past years uploaded his Return of Income(ROI)  for AY18-19 . Though Form 10E was given to institution, and relief was claimed in ROI . However, since Form 10E  was not uploaded in department site properly while filing his ROI, it resulted in  . Intimation and demand for tax and interest . Later,this was rectified by uploading 10E and return reprocessed .Now he has received fresh Intimation demanding the interest as per the original intimation. This appears not to be proper .Please guide (1) whether the fresh demand is proper(2) Is there any case laws /Circulars that can be cited against the demand (3) How the dmenad can be rectified.  Kindly guide       
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Discussion / Appeal to Hon'ble- P- Transfers of lower staff such as Registrar and Clarks
« Last post by brett_lee38 on April 03, 2019, 06:17:28 PM »
I have started practice in 2004, since then I am seeing certain Registrar(s) and Bench clarks are here in Delhi. Now they have developed routes in Delhi and spoiling image of ITAT, from managing cases to removing papers from files and uploading of orders at web site. I dont want to use any harsh language but wanted to make an appeal to the President of ITAT that there has to be transfer policy of these persons in the interest of institution otherwise it will give a wrong message. The post in ITAT is a central post and transfer is inevitable, but no body is bother and looking this side of the picture, every body want to stay in Delhi, Bombay, Madras, Benglore etc. So in the interest of justice every person who has spent five years at one station should be transferred immediately.     
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Discussion / Assessments in the year of the death of the Assessee
« Last post by ASRAO on March 28, 2019, 02:09:30 PM »
In the year of the death section 159 will comes into existence and along with it section 168 comes into existence if property is not distributed to legal heirs
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