Month: July 2012

In All Cargo Global vs. DCIT, the Special Bench held that in the case of a completed assessment, the assessment u/s 153A can only be with respect to the undisclosed income or incriminating material discovered in the course of search. The authors argue that this interpretation is not correct and leads to absurdity. They also claim that the Special Bench’s interpretation confers an unintended benefit on the searched person

The law on reopening of assessments u/s 147 of the Income-tax Act is a complicated subject with a multitude of propositions and a plethora of judgements. The author has used his rich experience as a practicing advocate to cull out all the core principles of law and to present them in a simple and straight forward manner. The Guide will prove invaluable to all taxpayers and tax professionals

Noted novelist Chetan Bhagat has launched a scathing and no-holds barred attack on the Government’s policies which he claims have driven away foreign investors and ruined the economy. GAAR is the root cause of all evil, he says, and implores the Prime Minister to “flush it down the toilet” so as to create a business friendly tax regime and restore investor confidence