Category: Articles

In CIT vs. Shriram Ownership Trust (2020) (122 155), the Madras High Court has held that a Respondent in an appeal filed u/s 260A of the Act is not entitled to challenge an adverse finding by the Tribunal. Advocate Sukhsagar Syal has explained the implications of the judgement and argued that it requires reconsideration. He has also offered practical suggestions on what litigants should do to safeguard their interests

The CBDT has issued a clarificatory circular no. 36 or 2016 dt. 25-10-2016 for exempting capital gain on acquisition of non-agricultural lands by the Government. CA Anilkumar Shah has studied the Circular and the law on the subject and explained various important issues arising therefrom

CA Anilkumar Shah has earlier explained the law relating to the taxation of donations to the corpus of a trust which is not registered under sections 12A/AA of the Income-tax Act, 1961. He has now answered queries on the effect of clause (x) to S. 56(2) of the Act on the taxability of corpus donations and also for donations from one trust to the other. A pdf version of the article is available for download

Advocate Shashi Bekal has appreciated the efforts of the CBDT in issuing Circular No. 21 of 2020 and clarifying the several doubts that tax professionals and taxpayers had with regard to The Direct Tax Vivad Se Vishwas Act, 2020. The ld. author has explained the salient points of the Circular in a succinct manner. He has suggested that the CBDT may consider appointing a Centralised Nodal Officer in each city to speedily resolve any incremental difficulties that may arise

CA Mohit Gupta has pointed out that the Income-tax department usually relies on the extrapolation principle in search assessments to make arbitrary additions even for years where no incriminating material has been unearthed. He has considered whether the Department is justified in doing so and explained the entire law on the subject with reference to leading judicial precedents

Advocate Shashi Bekal has explained the salient features of the amendments proposed by the Atmanirbhar Bharat Package 3.0 to the Income-tax Act, 1961 to provide relief to Real Estate Developers and home buyers. He has also considered whether the restrictive nature of the proposed incentive makes it ultra vires the Constitution

CA Sujay Ajgaonkar has systematically set out the details of the stimulus package (Atmanirbhar 3.0) unveiled by the Finance Minister a few days ago. He has detailed how these stimulus measures will boost Employment and revive the Economy

The All India Federation of Tax Practitioners (AIFTP) (West Zone) organized a virtual National tax conference where one of the subjects for discussion was,“Admission and Retraction in Income-tax survey and search, and relevancy of electronic evidence”  The session was chaired by Dr. K. Shivaram, Senior Advocate, and the paper was presented by Advocate Narayan Jain, Kolkata.  For the benefit of the tax professionals a brief summary is prepared by Advocate Shashi Bekal

The All India Federation of Tax Practitioners (AIFTP Western zone) had organized a Webinar on June 14, 2020 on the subject of “Principles of Natural justice as applicable to Tax proceedings and Writs in taxation”. The speaker was Advocate Mr. Manish J.Shah, Ahmedabad and Chairman was Dr K. Shivaram, Senior Advocate, Mumbai. For the benefit of the readers, a brief summary of the proceedings has been prepared by Advocate Shashi Bekal

Advocate Aditya Ajgaonkar has described the Faceless Assessment Scheme & the Faceless Appeal Scheme as a big tax reform and game-changer because they seek to streamline, and bring greater transparency and accountability into, the tax administration. He has, however, cautioned that the non-grant of a personal hearing via video conference as a default choice vested in the assessee may be a violation of the principles of natural justice and may put the schemes into jeopardy. He has given convincing reasons for his views