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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

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