Author: editor

CA Pranshu Singhal has prepared a useful guide in which he has explained the various amendments ushered in by the Finance Act, 2020 to the law on registration of charitable trusts and institutions under the Income Tax Act, 1961. He has highlighted the problems that the entities are likely to face and also offered suggestions on the remedies available. The recent amendments announced by the Finance Minister in the wake of COVID-19 pandemic, as applicable to charitable entities, have been duly referred to by the ld. author

CA Pratik Sandbhor has analyzed the entire law relating to the power of enhancement of an assessment in appellate proceedings under the Income-tax Act, 1961. He has referred to all the issues that arise in the context of enhancement and answered them with clarity and with reference to the judgements on the point. The article will prove invaluable as a ready referencer of the law on the subject

CA Ashish Chadha has explained the provisions of Section 56(2)(x) of the Income-tax Act, 1961 and Rule 11UAC of the Income-tax Rules 1962 (which was inserted vide Notification No. 40/2020 dated 29th June 2020). He has pointed out the Rule provides relief from the levy of income-tax in case of resolution of stressed companies under specific scenarios, where the resolution is either initiated by the Central Government keeping the public interest in mind, i.e. the cases involving oppression and mismanagement, or in special cases like that of Yes Bank

The Finance Act, 2017 has amended section 153A of the Income-tax Act to empower an assessing officer to issue notice to an assessee beyond 6 assessment years but not beyond ten assessment years. CA Rohit Kapoor has dealt with the important question whether the extended period of limitation for reopening assessment could be resorted to for reopening proceedings which were already barred by limitation on the date of the amendment made by the Finance Act 2017 (01-04-2017). He has cited numerous judicial precedents in his analysis

Advocate Ajay Singh has conducted a meticulous assessment of the entire law in sections 147 to 153 of the Income-tax Act relating to the reopening of assessments. He has explained the entire procedure in a systematic manner and also cited all the important judgements on the issue. The Guide is an imperative read for all taxpayers and professionals. The law is updated as of July 2020. A pdf copy of the Guide is available for download

An interaction was recently held between Sadhguru and the Hon’ble Members of the ITAT, senior officials of the Revenue Department and leading tax professionals. There was a lively debate on the various problems facing the Nation and how these problems can be overcome. Advocate Shashi Bekal has summarized the discussions between the various distinguished personalities and highlighted the core points made by them

Advocates Kirit Hakani & Niyati Mankad (Hakani) have exhaustively discussed the Stamp Law prevailing in the State of Maharashtra.The constitutional scheme and important legal provisions of stamp laws have been explained. The ld. authors have also dealt with the amendments brought in the Central Law by the Finance Acts 2019 & 2020 which have brought a new regime for levying stamp duty on securities and cleared confusions and disputes prevailing for many years. The relaxations given by the State Government on account of the COVID-19 pandemic have also been discussed. The law relating to stamp duty on gifts to relatives, as prevailing in Gujarat, Tamil Nadu and Karnataka, have also been explained

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