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Law and procedure for Release of seized assets under Income Tax Act
By CA VINAY V. KAWDIA: Search and seizure is undoubtedly a serious invasion on the rights of citizens, therefore the revenue authorities are expected to be abundantly cautious while conducting a search. The scope of provisions related to search and seizure is very wide ranging from authorization of valid search -issue of search warrant to completion of search assessments and… Read More ...
DOCTRINE OF MERGER AND I.T.PROCEEDINGS
By ANADI VARMA : The decision of hon’ble S.C. in V. SENTHUR AND ANOTHER vs M. VIJAYAKUMAR, IAS, AND ANOTHER in contempt petition no 638 delivered on 1.10.2021[in CIVIL APPEAL NO. 4954 OF 2016 brings issue of doctrine of merger in focus again.The article attempts to collate various views hitherto expressed and judicial decisions with special reference to income… Read More ...
President for the Mother Tribunal: An appeal to appoint the regular President for the Income-tax Appellate Tribunal (ITAT) amongst the eligible Nine Vice-Presidents who have served the Institution for around two decades
By Dr. K. Shivaram, Senior Advocate: The author appeals to the Government to appoint a President for the Income Tax Appellate Tribunal at the earliest. The author emphasizes that there are nine distinguished and eligible Vice-Presidents suitable for the holding the post of the President. Further the author explains how Vice-Presidents, given their experience are better suited for the heading this… Read More ...
FAIRNESS PAYS AND UNFAIRNESS COSTS BOTH TO THE ASSESSEE AS WELL AS REVENUE
By KC Aggarwal: Revenue does not give credit for TDS deducted but not reflected in 26AS and assessee is left to fend for itself by contacting the deductor. Now under IBC 2016, Income Tax Department has to suffer for this high handed and unjust approach Read More ...
CONCEPT OF EVIDENCE AND INCOME TAX ACT
By ANADI VARMA : Issue of’’ evidence’’ has rankled a lot in income tax law.What exactly is evidence,what is the role of Evidence Act in tax law needs a basic understanding.These are some bullet points I was able to gather from my studies.I expect these to be of use specially to new entrants in field of tax litigation without… Read More ...
Admission and Retraction of Statement under Search
By Amit Kumar Gupta: A statement given under section 132(4) may be retracted depending on the facts and circumstances of the case. It is settled law that the statement recorded during the course of search including confession may be a best piece of evidence, but that by itself would not be conclusive evidence unless such statement is further supported… Read More ...
THE INCOME TAX APPELLATE TRIBUNAL – MR. PATIL CALLS FOR A JUDICIAL AUDIT
By Hon'ble Mr. Justice R.V. Easwar, Former Judge, Delhi High Court and former President, Income Tax Appellate Tribunal: Hon'ble Justice R.V. Easwar, Former Judge, Delhi High Court and former President, Income Tax Appellate Tribunal pays his respectful homage to Late Shri V.H. Patil, Advocate Supreme Court by penning down an imaginary conversation with the late Legend. Read More ...
Section 270A – Penalty for under reporting and misreporting of Income
By CA R. V. Shah: Finance Act, 2016 introduced Section 270A which is applicable from assessment year 2017-18 onwards. Tax experts and tax administration were entangled in interpreting the very same legal provisions of Section 271(1) (c) in the backdrop or providing relief from penalty. The Finance Act, 2016 has made a departure from the earlier legal requirements for levy… Read More ...
Income Tax Search and Seizure: Importance of Statement u/s 132(4) of the Income Tax Act’1961, Retraction thereof
By CA. Mohit Gupta: The law is well settled that a warrant of search and seizure under Section 132(1) can only be issued on the basis of some material or information on which the Commissioner/ Director has reason to believe that any person is in possession of money, jewellery or other valuable articles representing wholly or partly income or… Read More ...
All should make their Will and Testament
By Narayan Jain, LL.M., Advocate: A will or testament is a legal document by which a person, the testator, expresses his wishes as to how his property is to be distributed after his death. He also names one or more persons, to act as the executor, to manage the estate until its final distribution. For the devolution of property not… Read More ...