Month: July 2013

The authors have carefully studied the recent landmark judgement of the Special Bench in Biocon Ltd on the deductibility of ESOPs in the hands of the employer and identified several important aspects in it. They argue that the Department is wrong in adopting the “double edged sword” stand of taxing ESOPs in the hands of the employee while denying a deduction to the employer

The learned Jurist reminisces about the stellar contribution that the Hyderabad Bench of the Tribunal has made to the cause of justice. Several of its Members have been elevated to higher echelons of the Judiciary; it has attracted the crème de la crème of the profession and it has delivered several landmark judgements. This is made possible due to the stellar quality of the people behind the Bench says the learned Judge

S. 132B was amended by the Finance Act 2013 to provide that the cash seized during a search cannot be adjusted against the liability to pay advance-tax. The authors argue that the said provision, apart from being harsh on the assessees is ill-thought of because it will discourage voluntary disclosure of unaccounted income. They also explain the other implications of the said provision

S. 147 confers wide powers on the AO to reopen completed assessments and bring to tax income which has escaped assessment. However, there are several technical rules that have to complied with by the AO. The authors have carefully studied the entire law on the subject and presented it in a clear and succinct manner so that it can be ensured that the reopening is as per the law

Eminent Jurist Soli Dastur draws upon his rich experience of the past five decades to lay down the duties and accountability of lawyers and how they should deal with several ethical problems and areas of conflict that arise in day-to-day practice. With his usual candour and clarity of expression, he examines the issues threadbare and provides invaluable and authoritative guidance on what they should do in difficult situations so as to keep their professional integrity intact at all times. Though written in the context of lawyers, the article provides guidance to professionals in all fields