Year: 2015

CA Dr Arpit Haldia has conducted a masterful analysis of the entire law relating to the levy of penalty with particular emphasis on whether “mens rea” is an essential ingredient and whether “bonafide belief” can save the offender from penalty …

Levy Of Penalty And Factors Affecting Levy Of Penalty Including Nature Of Offense, Mens Rea And Bona Fide Belief Read More »

Shri. Akhilesh Kumar Sah, Advocate, has carefully analyzed numerous judicial pronouncements on the allowability of expenditure under section 37(1) of the Income-tax Act, 1961 and has explained the propositions arising from them

Hon’ble Shri Sadananda Gowda, the Minister for Law & Justice, has assured that reforms will be ushered in to remove “legal dead wood” in the form of obsolete laws. He has also stated that reforms will be made in the fields concerning the “dignity, majesty and global reputation” of the judiciary so that its independence is always preserved and it is kept in high esteem

Shri. K. C. Singhal, former Vice President of the ITAT, has carefully analyzed the judgement of the Delhi High Court in Chryscapital Investment Advisors (India) (P) Ltd vs. CIT [2015] 56 417 (Delhi) and explained the law relating to the selection of comparables in the context of section 92C and Rule 10B

In the light of the judgement of the ITAT Pune in Serum Institute, Chirag Wadhwa argues that the approach of the department that even foreign entities entitled to the benefit of the DTAA should be subjected to a higher rate of TDS u/s 206AA for failure to quote the PAN is impractical and hinders the process of an effective and efficient taxation regime. He urges the department to take a holistic approach of the matter and ensure that while the noble object of detecting tax evasion is achieved, taxpayers are not put to unnecessary harassment

The author expresses dismay over the fact that though a Special Bench was constituted to resolve an important controversy, the controversy is far from over. Worse, there appears to be no quick resolution in sight in view of the conflicting High Court judgements on the issue. She pleads for the adoption of a quick dispute resolution process to deal with such issues

The Entire Law On Taxation of Undisclosed Foreign Income and Assets CA P. N. Shah The author, an eminent Chartered Accountant, has meticulously analyzed the provisions of The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 and explained …

The Entire Law On Taxation of Undisclosed Foreign Income and Assets Read More »

Finance Bill 2015: Critique Of Proposed Amendment To S. 2(15) Shri M. A. Bakshi, Vice President (Retd), ITAT The author argues with conviction that the proposed amendment to section 2(15) of the Income-tax Act will have the unintended consequence of …

Finance Bill 2015: Critique Of Proposed Amendment To Charities Law In S. 2(15) Read More »

Eminent Jurist Harish Salve is a staunch critic of the Collegium system of appointment of Judges. Justice Katju’s recent controversial comments on Katrina “Sheila Ki Jawani” Kaif and Shazia “More beautiful than Kiran Bedi” Ilmi have raised Harish Salve’s hackles and he cites it as an example of the ills of the present system

The law under sections 2(24)(xii) r.w.s. 56(2)(vii) of the Income-tax Act, 1961 relating to taxation of gifts has several nuances and complications. The author has conducted a detailed study of the subject and explained all the implications of the law with utmost clarity