By S. N. Inamdar, Senior Counsel: HUF i.e., Hindu Undivided Family is a concept peculiar to members who follows Hindu religion. The relationship arises from status and not from a contract. It is the natural state of any Hindu family. In Tumki Sah Vs. CIT 212 ITR 632, the S.C. laid down that HUF once assessed as HUF continues to be… Read More ...

By Shashi Bekal, Advocate, Mumbai: Most of the amendments pertaining to penalty and prosecution relate to rationalising of provisions and consequential amendments. The proposed amendments seem to well drafted and with a clear intention to make the statute water tight. The proposed amendment pertaining to recovery i.e., section 179 of the Act widens the scope of tax dues to even… Read More ...

By Ajay R. Singh, Advocate, Mumbai: The scope and effect of the new provision is yet to be tested before Courts and Tribunal, however within 1 year of bringing the new scheme for reassessment the government had to bring again clarification, insertion of new explanation, proviso, sub sections etc. Inspite of various guidelines laid down by courts while dealing with the… Read More ...

By S. N. Divatia, Advocate, Ahmedabad: After examining the proposed amendment of Finance Bill 2022 relating to the public charitable trust or institutions, it appears that the object of bringing consistency, ensuing effective implementation and rationalization, have been achieved to a large extent and the beneficial provisions to tax the income arising on account of violations, would go a long way… Read More ...

By CA. Pradip Kapasi, Mumbai: Proposing changes or complete reversal of the amendments and the schemes, within a short period of less than a year, clearly conveys the lack of homework by the Minister and her advisor. It’s beyond comprehension that how large scale provisions introduced with a lot of fanfare ignoring the apprehensions of the tax payers and their… Read More ...

By ANADI VARMA: This is an issue of some debate between the income tax department and the tax payer.It is regarding the attempted utilization of tax audit report in form 3CD by both sides to prove their contention.The article attempts an understanding of TAR in terms of its evidentiary value.This aspect is in sharp focus due to a… Read More ...

By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: This article outlines the probable trade and tax implications of the Russian invasion of Ukraine, in India and tries to explain each and everything which one should know about this scary geo-political development in the world. Read More ...

By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: Can GAAR Override DTAA? This article tries to find a plausible, logical and well-reasoned answer to this complicated question, analysing the applicable provisions of the Constitution of India, the Income Tax Act, legal precedents in India, though not exactly on this question, and of-course, the recent judgement of the hon’ble Supreme Court of Canada on… Read More ...

By ANADI VARMA: The Finance Bill 2022 proposes to add an Explanation to s 37(1).Yet another case of haste making waste beckons us. Attempting to do via legislating what was clearly in favour of revenue by multiple court decisions and ironically acknowledged in the Memorandum itself.And when it piggybacks on a special bench reference ignoring the larger body… Read More ...

By Sameer Bhatia, Advocate: The Income Tax Act, 1961 statutorily empowers the tribunal to rectify its order passed within the extended meaning of section 254(1) provided the mistake is alleged to be apparent from record. The word apparent from record inherently weighs any possibility to extract mistake which is apparent from record and which in the understanding of the… Read More ...