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Binding nature of CBDT instruction- in the context of instruction in consequence of SC decision on reopening under section 148- Judicial view
By RANO JAIN - B.Com. (H), Ll.B., FCA, DISA(ICA) -EX MEMBER INCOME TAX APPELLATE TRIBUBAL: In the midst of controversy arising before numerous High Courts with respect to the validity of notices under section 148 issued by the department between 01.04.2021 to 30.06.2021, Hon’ble Supreme Court in its power under Article 142 of the constitution, gave certain directions to complete the assessment in such cases in its order in the… Read More ...
Time Travel of Avengers Endgame Visualised in Income Tax Act
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: Friends, all of us have seen the Hollywood block buster movie- ‘Avengers Endgame’. In the movie, the Avengers enter the Quantum Realm with the help of Pym Particles, and travel back in time, to prevent Thanos from getting the infinity stones, in order to make good the wrong, which Thanos has done in the past.… Read More ...
Poem on CBDT Instruction: Notices Travelling Back in Time, Triggering Litigation Bells to Chime!!
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: In this Poem, the author has critically examined the underlying presumptions of time travel of reassessment notices, second time reliance on TOLA extensions and the perceived applicability of amended limitation period of section 149 of the Income Tax Act, from backdate, even when the Finance Act, 2021 has not come in force, in the CBDT… Read More ...
Income Represented in the Form of Asset-
By CA Milind Wadhwani DISA(ICAI), FAFD(Cert.), CCCA(Cert.), Research (Ph.D.) Scholar Mobile +91 9826273333 Mail ID: - MILIND.WADHWANI20@GMAIL.COM: One of the Major Defenses available to the assessee u/s. 149 Read More ...
The Curious Case of Missing First Proviso to Section 149 & Miscounting of 3 Years, in CBDT Instruction on SC Judgement
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: This Article tries to highlight certain glaring discrepancies in the CBDT Instruction No. 1/2022 dated 11.5.2022 containing Implementation Guidelines of SC Judgement on Validity of Reassessment Notices, in the UOI vs. Ashish Agarwal Case. A bare perusal of the directions, given in para 6.2 of the said CBDT Instruction, makes it amply clear, that the… Read More ...
ON JUDICIAL DISCIPLINE, PRECEDENTS AND DEPARTURES
By ANADI VARMA: THE ARTICLE DEALS WITH A INTERESTING ASPECT OF ABSTRACT LAW WHERE THE DEBATE OF JUDICIAL PROPRIETY IN APPLYING PRECEDENTS AND DEPARTURES THEREFROM IS A SUBJECT MATTER OF MUCH DISCUSSION AND DEBATE AND DISSENT. Read More ...
New Timelines for Validity of Old 148 Re-Assessments Notices as per SC Judgement & Doctrine of Complete Justice
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: In this Article, the Author has tried to capture all the nuances and practical implications of the Hon'ble Supreme Court judgement on Validity of Old 148 Re-Assessment Notices, and gives a Clear and Unambiguous Picture & Guidance on the New Valid Timelines for Validity of such impugned Re-assessment Notices, in accordance with the directions given… Read More ...
INCOME TAX REASSESSMENT NOTICES UNDER NEW PROVISIONS
By CA. Brijesh Baranwal: Hon’ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021. The present order shall be applicable PAN INDIA and… Read More ...
Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021- “Twist in the Tale”
By CA Milind Wadhwani: Hon. Supreme Court Validates Section 148 Notices issued after 31st March 2021 Read More ...
Deduction of Surcharge and Education Cess to be disallowed u/s. 154 of the Act and made liable for penalty
By Anuj Kisnadwala, Advocate: Sub-section (18) to Section 155 of the Income-tax Act has been introduced vide Finance Act 2022. However, it was not a part of Finance Bill 2022 as it was originally introduced in the Lok Sabha. It was added later when the Finance Bill was passed in Parliament. This sub-section deals with the issue of disallowance… Read More ...