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 ...

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 ...

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 ...

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 ...

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 ...

By Arjun Gupta: A tribute to Late Chief Justice(retd.) S.H. Kapadia-narrations of his landmark judgments. Read More ...

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 ...

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 ...