Month: June 2020

Dr. Justice D. Y. Chandrachud addressed a webinar organized by the NALSAR University of Law in which he explained in detail the concept of “virtual courts“. He highlighted the problems facing the implementation of the concept and the possible solutions. Snehal Kanzarkar, a law student, has prepared a summary of the views expressed by the ld. Judge in the webinar

CA Rohit Kapoor has considered the important question whether the issue of a notice under section 143(2) of the Income-tax Act, 1961 is a mandatory or a directory requirement and whether its non-issue is a curable defect or renders the entire assessment void. He has also examined whether the participation by the assessee in the assessment proceedings can save the assessment order under section 292BB of the Act. All the important judgements on the subject have been referred to

Advocate Shashi Bekal has systematically summarized the three major Covid-19 reforms ushered in by the Government by way of extension of due dates, reduction in rates and disbursement of tax refunds. He has explained the scope of these reforms and provided a link to the relevant notification, press releases etc. He has pointed out that there are some proposals which have so far not received legislative sanction, which is causing confusion amongst taxpayers and tax professionals. He has requested the Government to address these issues as soon as possible

The taxability of capital gains arising from Joint Development Agreements (JDAs) has been a subject matter of ongoing controversy. Section 45(5A) was inserted in the Income-tax Act, 1961 to incorporate special provisions for the taxability of these agreements. Advocate Rano Jain, a former Member of the ITAT, has explained the nuances of the entire law on the topic in a succinct and clear manner

Advocate Dharan V. Gandhi has deliberated on the interesting topic of what is “arbitrariness” in a legislation and the extent to which it can make a legislation vulnerable to challenge under Article 14 of the Constitution. He has referred to several provisions in the Income-tax Act, 1961, such as sections 50CA, 56(2)(x), Rule 11UA, 194N, and explained why they suffer from the vice of arbitrariness and stand a risk of being declared invalid

Justice (Retd) Harsha N. Devani, the former Judge of the Gujarat High Court, delivered a talk recently under the auspices of the AIFTP, in which she explained in detail the interplay between the Income-tax Act, 1961, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Prevention of Money Laundering Act, 2002, The Prohibition of Benami Property Transactions Act, 1988 and other allied laws. A transcript of the presentation together with the recording of the video is available

CA (Dr) Vardhaman Jain has dealt with the sensitive topic of the alleged “Trust Deficit” between the Income-tax Department and the taxpayers based on the recent interaction between Sadhguru Jaggi Vasudeo and Shri Pramod Chandra Mody, the Chairman of the CBDT. The learned author has provided his own insights into what has led to the deficit and has offered valuable suggestions on what the two parties can do to bridge the same. He has also dilated on the role that professionals can play in the process

Advocate Gaurav Jain has raised convincing arguments on the controversial question whether undisclosed income or undisclosed assets earned/acquired prior to the assessment year 2016-17 are covered by The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. He has explained why, on a plain interpretation of the statutory provisions, the Act cannot be regarded as being retrospective or retroactive in operation. He has argued that if a contrary view is taken, the Act would fall foul of Article 20(1) of the Constitution

Advocate Kapil Goel has dealt with the various legal and procedural aspects of reopening of assessments under sections 147 and 148 of the Income-tax Act, 1961. He has referred to all the important judgements on the principles of natural justice and explained how its non-observance by the AO can prove fatal to the reassessment. He has also prepared a check-list of the manner in which taxpayers should respond to a reopening notice. Practical suggestions regarding the correspondence with the Department have also been offered

Advocate Sameer Bhatia has conducted an in-depth study of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and explained its provisions. He has also explained the interplay between this Act and the Income-tax Act and the similarity and differences in their provisions. He has also dealt with the important question whether the said Act can be regarded as being discriminatory in nature