Advocate S. M. Surana has analyzed the recent judgement of the ITAT in DCIT vs. Hita Land Pvt Ltd which holds that the reduced period of six months for filing rectification applications applies to all rectification applications filed after 1st June 2016 even if the order sought to be rectified was passed before that date. The author has argued with cogent reasons that this view of the Tribunal is wrong and requires reconsideration

Section 254(2) of the Income-tax Act 1961 deals with the powers of the Income Tax Appellate Tribunal for rectification of its order. Section 254(2) before amendment w.e.f. 1-6-2016 read as under:-

"254(2) The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the Assessing Officer."

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In Srinivas Sashidhar Chaganty, the Tribunal has held that the pronouncement of the order, followed by its uploading on the website, constitutes the “passing of the order” for the purposes of determining the limitation period for filing a rectification application. CA Anant N Pai has conducted thorough research into several judgements of the Supreme Court and High Courts and opined that the verdict of the Tribunal requires reconsideration

1. The provisions of section 254 (2) should present interesting challenges to tax practitioners. The earlier provisions, prior to its amendment by Finance Act, 2016 w.e.f. 1-6-2016, read as under –

Section 254 (2) The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the Assessing Officer.

By Finance Act, 2016, the words “four years from the date of the order” were substituted w.e.f. 1-6-2016 by the words “six months from end in which the order was passed”.

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Shri Sunil Moti Lala, Advocate, has prepared a compilation of 133 Important judgments on transfer pricing (76 cases), International Tax (3 cases) and Domestic Tax (54 cases) reported in June 2017. The author has meticulously and systematically classified the judgments into various categories to enable ease of reference. A PDF copy of the digest is available for download. The digest will prove invaluable to all practitioners of taxation law.

The Digest comprises of all the important judgements dealing with transfer pricing, international taxes and domestic taxation laws. A brief head note is given for each case. The Digests for the earlier periods are available here

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Advocate Divesh Chawla has explained the entire law and procedure relating to the Authority For Advance Rulings. He has referred to the numerous controversies that have arisen on the subject and the various judgements that have resolved the controversies. He has highlighted important aspects such as the jurisdiction of the AAR, the binding effect of its rulings, modification and rectification of the ruling etc. The article will prove invaluable for all parties who intend to file proceedings before the AAR

Background
The System of Advance Ruling was introduced in pursuant to World Trade Organisation negotiation on trade facilitation, which required the member states to introduce an advance ruling system to encourage international trade. The Legislature by the Finance Act, 1993, with effect from June 1, 1993, constituted the Authority for Advance Ruling (‘Authority’) by inserted chapter XIX-B, consisting of section 245N to 245V of the Income Tax Act, 1961(‘Act’). The legislative has facilitated the system of Advance Ruling in the field of Direct Taxes as well as in the field of Indirect Taxes (Section 95 to 106 of the Goods and Services Tax Act, 2017).

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Advocate Rahul Sarda has analyzed the provisions of the Goods And Services Tax (GST) and their applicability to professionals such as Advocates, Chartered Accountants, Company Secretaries, Doctors, Architects, Engineers etc. He has not only explained the legal provisions but also dealt with practical issues relating to registration, filing of returns etc

I. Preamble

There are three ideas involved in a profession: organisation, learning, and a spirit of public service. These are essential. The remaining idea, that of gaining a livelihood, is incidental.”
– Roscoe Pound

Professions have traditionally been viewed through this prism of nobility which places them on a pedestal higher than a mere trade or occupation or even business. However, for taxation (whether direct or indirect), there is hardly any distinction between a profession or a business. Under the Income-tax Act, 1961 (IT Act), incomes from business and from profession are taxed similarly and under the same head.

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CA Rajaram Aajgaonkar has analyzed the provisions of the Goods And Services Tax (GST) with specific reference to the Media and Entertainment industry. He has meticulously explained the implications on different categories of taxpayers such as film and TV producers, amusement parks, authors, music composers, photographers, artists etc

The system of Indirect Taxes was developed in India over a period of time. Based on various Central and State Acts, various taxes were levied on manufacture or distribution of goods and services; such as Central Excise, Service Tax, Central Sales tax, State Sales tax, Octroi, LBT, Entertainment tax etc. As is done in many developed countries, India wanted to migrate to one major indirect tax since last many years but due to political reasons, this could not be achieved. Ultimately all the formalities were concluded, including passing of bills and amending the Constitution and Goods and Services Tax (GST) became operational from 1st July, 2017.

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CA Jyoti Gupta has analyzed the recent judgement of the ITAT Special Bench in ACIT Vs. Vireet Investment P. Ltd on the controversial issue whether the disallowance u/s 14A and Rule 8D is required to be adjusted while computing the book profits u/s 115JB and explained its nuances in the light of the judgement of the Bombay High Court in CIT vs. JSW Energy Ltd 60 taxmann.com 303 and other verdicts

Recently, in case of ACIT Vs. Vireet Investment P. Ltd., ITA no. 502/Del/2012 and C.O. No. 68/Del/2014, special bench was formed to discuss the following 2 convoluting issues:

– Disallowance u/s 14A, would also adjust the profits computed u/s 115JB.

– Investments which did not yielded exempt income, are to be considered in calculating disallowance u/s 14A read with rule 8D(iii).

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