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Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: This Article outlines how the unsuccessful appeal submissions of revenue authorities are turning into Explanatory Memorandum to the Finance Bills and tries to decode all the budget amendments proposed in the Finance Bill 2022, brought about by the Legislature, primarily, with the sole objective of Overturning some well settled and established judgements of the hon'ble… Read More ...
‘The Curious Case of Missing Elaichi (Cardamom) in my Paan (Betel Leaf)’
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: In a recent Ruling, the hon’ble AAR, Madhya Pradesh, in the case of "Gulab Singh Chauhan", has held that a Pan Shop Seller, is not eligible for the benefit of the ‘Composition Scheme’ under the CGST (GST) Act, by holding that a Pan shop seller also generally makes a product akin to Gutka, by mixing… Read More ...
SECTION 68: SOURCE OF SOURCE. A LAYERED CONTROVERSY.
By ANADI VARMA: One of the most celebrated controversies in income tax has raised its head again.This time in form of a proposed amendment to s 68 of the IT Act 1961.This article is an attempt to demystify the amendment and examine its ramifications and implications,both intended and unintended.Does it solve an old problem or create new vistas… Read More ...
The Tale of ‘Arth’, ‘Shashtri’ and the ‘New TDS on Perks’
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: Read out how two Friends,'Arth' and 'Shastri' decode all the nitti-gritties and practical aspects of the newly proposed section 194R in the Finance Bill 2022, requiring deduction of TDS @ 10% on the value of any benefit or perquisite arising out of any business or profession. Read More ...
A PERSONAL TRIBUTE TO A TRULY BRILLIANT JUDGE – LATE CHIEF JUSTICE (RETD.) SAROSH HOMI KAPADIA
By Arjun Gupta: A tribute to Late Chief Justice(retd.) S.H. Kapadia-narrations of his landmark judgments. Read More ...
Tax Professional Survey
By Sashi Athota: Dear Tax Professional, Many thanks in advance for your time. I am a lawyer educated in the U.S. and admitted to the State Bar of California. Currently, I am doing a PhD at Victoria University of Wellington in New Zealand. For my research, I need to elicit the views of tax professionals in India through… Read More ...
What is Mind? No Matter. What is Matter? Never Mind
By ANADI VARMA: The article analyses the aspect of APPLICATION OF MIND by quasi judicial authorities in their decisions in context of SHARVAH MULTITRADING COMPANY DECISION by Hon'ble Bombay H.C. Read More ...
MATCHING PRINCIPLE AND INCOME TAX LAW
By ANADI VARMA: I.This basic accounting principle has been a huge bone of contention in numerous matters and is an oft misunderstood concept leading to oversimplification and misinterpretation which in turn results in litigation.The article proposes to explain the concept in terms of settled law by numerous SC decisions and is expected to be useful to new entrants… Read More ...
SECTION 144B(1) & THE IVORY TOWER ASSESSMENTS
By ANADI VARMA: HON'BLE Bombay High Court decision in Milestone Brandcom Private Limited In WRIT PETITION (L) NO.28212 OF 2021 decided on 14th December 2021 has brought into focus yet again the inability of AOs to implement s 144B NEW ASSESSMENT PROCEDURE.The article discusses the said judgment,examines some legacy issues annd takes a brief look at what is… Read More ...
SCOPE OF S 254(2). IMPLICATIONS OF RELIANCE TELECOM JUDGMENT ON 3.12.2021
By ANADI VARMA: The decision of the Honourable Supreme Court in the case of Reliance Telecom Limited reported in 133 taxmann.com 41 on 3RD December 2021 bringsin sharp focus,the scope of powers conferred upon the Income Tax Appellate Tribunal under section 254 (2 ).The article attempts to analyse the implications of this significant judgment,the aspect of s 254(2)… Read More ...