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REASSESSMENT IN THE CALENDAR YEAR 2021: VALIDITY OF NOTICES – TWO SET OF LAWS & THREE TIME ZONES
By Mr. Shashi Bekal, Advocate: The Article aims at resolving the ambiguities and queries on applicability of law and period of limitations on a Notice issued under section 148 of the Income-tax Act, 1961(Act). On account of a Nationwide lock down in March 2020, The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2020) 422 ITR (St) 116… Read More ...
Issues in taxability of enhanced compensation/ interest thereon- rural Vs. urban agricultural land
By RANO JAIN: This write up has been made with an intention to address all the issues relating to taxability of compensation/ additional compensation and interest thereon at one place. In practice, it is seen that while the law is very clear on these issues about their taxability. However, there being multiple issues involved, at times the arguments… Read More ...
Tax incidence on distribution of assets in case of liquidation of a company
By Rano Jain : There have always been some issues arising regarding the taxability in the event of liquidation of a company, of distribution of assets to its shareholders, both in the hands of the company as well as the shareholders. Though the Income Tax Act provides specific provisions with regard to taxability of such incidents, a common perception… Read More ...
10(23C) vs 12A – Anomalies in Law, Comparative Analysis and Practical Doubts – Immediate attention required
By CA Naresh Kumar Kabra: In this article, the ld. author has covered various unresolved issues w.r.t 10(23C) and 12A. The Article addresses core confusions around filing of Form 10A by 10(23C) approved Institutions and demands remedial action or clarifications for all the issues. Also, an attempt has been made to notice the undue hardship to the Charitable Institutions, which… Read More ...
Beyond Covid-2019
By CA Gopal Nathani: The UN report on human cost of disaster is of a concern to each and every citizen of India who had a fundamental right under Article 21 of the Constitution of right to protection of life. Covid-19 has been so tragic for those who lost lives in their family only because of our unpreparedness and… Read More ...
Impact of Significant Economic Presence (SEP) on Indian businesses
By CA Vidhan Surana and CA Satish Jethvani: By CA Vidhan Surana and CA Satish Jethvani: Recently, CBDT had notified threshold limit to determine Significant Economic Presence. In light of said notification, we have analysed the term Significant Economic Presence and how it expanded the scope of “business connection” as defined in Section 9(1)(i) of the Act and how it is going to… Read More ...
Locus Standi
By Vinayak Patkar, Advocate: Hon’ble High Court at Bombay in the Writ Petition No. (L) 5172 of 2021 decided on February 26, 2021, filed by The Goods and Service Tax Practitioners’ Association of Maharashtra (GSTPAM), has questioned the locus standi of associations filing writ petitions to extend the date of returns etc. The Association had filed the petition for… Read More ...
Cryptocurrency and its Likely Tax Treatment in India
By Arati Sathe and Aditya Ajgaonkar, Advocates: Cryptocurrencies remain a hot topic of discussion several years after they were dismissed as a ‘bubble’ by various pundits across the world. Though there is no law that prohibits the buying and selling of cryptocurrencies in India, the same is not considered legal tender and the Government of India is rather circumspect in respect of… Read More ...
Accountability Of Officers
By Smt. Prem Lata Bansal, Sr. Advocate, New Delhi: Accountability is an essential part of a healthy law enforcement agency. Like any organization, every law enforcement agency needs a strong healthy work culture to operate effectively. Constitution & Accountability Constitution of Republic of The Philippines, in Article XI states that “Public office is a public trust hence, public officers must, at all times, be… Read More ...
POWER OF PRESIDENT ITAT TO TRANSFER AN APPEAL FROM ONE BENCH TO ANOTHER OUTSIDE THE HEADQUARTERS IN A DIFFERENT STATE!
By Advocate Parveen Kumar Bansal (Former ITAT Vice President) and CA Gaurav Bansal: Advocate Parveen Kumar Bansal (Former ITAT Vice President) and CA Gaurav Bansal have analysed the judgement of the Hon'ble Bombay High Court which pertains to the transfer of cases from Bangalore ITAT to Mumbai ITAT Read More ...