FCA Prakash Agarwal has analyzed all the recent judgements on the controversial issue as to what is a “shareholder” so as to attract the provisions of section 2(22)(e) of the Income-tax Act relating to taxation of “deemed dividends”. He points out that there is yet no clarity as to whether the expression means a “registered” shareholder or a “beneficial” shareholder. The author has provided his own opinion on the subject as well
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Year: 2018
E-Assessment: Electronic Communication Of Notices Under The Income-tax Act
CA Vinay Kawdia has explained the legal framework for communication of statutory notices and orders in the electronic format and drawn attention to all the relevant circulars and notifications issued by the CBDT. He has also highlighted the practical consequences of the move to communicate electronically and cautioned that it could expose taxpayers to unwanted harassment
GST Act: Power Of Police To Investigate Offenses
Dr. Ashok Saraf, Senior Advocate, has deliberated upon the important question whether the police has power to investigate cognizable offences under the GST Act, 2017 (both Central as well as State) by taking resort to the provisions of section 4(2) …
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Recording Of Satisfaction U/s 147 – SOP By CBDT
The CBDT has prescribed a Standard Operating Procedure (SOP) to be followed by AOs while issuing notices u/s 148 of the Income-tax Act, 1961 for reopening of assessments. The SOP is designed to ensure that the AO addresses issues such as ‘change of opinion’, ‘failure to disclose’ etc so as to make the reopening foolproof and immune to challenge by taxpayers. CA Vinay Kawdia has studied the SOP and suggested changes and additions thereto so as to ensure that the objectives of the CBDT are met
Guide To The Prohibition Of Benami Property Transactions Act
Advocate Dr. P. Daniel has conducted a systematic study of the Prohibition of Benami Property Transactions Act, 1988 as amended in 2016. Apart from referring to all the important statury provisions and judicial pronouncements on the subject, the author has answered FAQs which throw light on the precise legal consequences of the enactment
Penny Stocks: Capital Gains, Law & Practice
Advocate Paras S. Savla has explained the modus operandi used by unscrupulous taxpayers to launder their unaccounted black money with the aid of bogus capital gains from Penny Stocks. He has also explained the relevant statutory provisions and discussed all the important judgements on the point. He has, however, cautioned that all cases of capital gains from penny stocks cannot be branded by the authorities as bogus and offered advice on what precautions taxpayers should take to avoid being wrongly assessed to tax
S. 14A: Exempt Income Versus Expenses For Exempt Income
CA Jyoti Gupta has considered the question whether disallowance u/s 14A can be made in a case where exempt income is earned from stock-in-trade and strategic investments in the context of the recent judgement of the Supreme Court in Maxopp Investment Ltd vs. CIT 91 taxmann.com 154 (SC)
S. 271(1)(c) Penalty | Judgement Of Bombay High Court In Shanti Ramanand Sagar Explained
In Shanti Ramanand Sagar vs. CIT (2018) 402 ITR 245, the Bombay High Court has upheld the levy of penalty u/s 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. Advocate Rahul Hakani has explained the judgement in …
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Tax Emergency – Tax Bharo Ya Jail Bharo
CA Prarthana Jalan points out that the department’s aggressive action in launching prosecution even for trivial offenses is creating panic amongst taxpayers and leading to a state of “Tax Emergency”. She advises that the department should use the weapon of prosecution sparingly and only against habitual offenders and not as a tool to terrorize taxpayers
Finance Bill 2018: Tax Implications Of Conversion Of Stock-In-Trade Into Capital Asset
Advocate Rahul Hakani has analyzed the proposed amendments by the Finance Bill 2018 to sections 2(24), 2(42A), 28 and 49 to tax the notional gains arising on conversion of stock-in-trade into capital asset. He has explained precisely the nuances of the amendments and also identified the controversies that will arise therefrom