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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 ...
“What’s in a Face?”- A Poetic Tribute to the New Era of faceless
By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: It is often said that a 'Poem' conveys your thoughts in lesser words but with greater conviction and force. Friends, I am sharing my Poetic Tribute to the New Era of Faceless Assessments in my POEM titled, "What's in a Face?" The Poem captures the full life cycle/ metamorphosis of the regime of Faceless Assessments… Read More ...
THE NEW REGIME OF REASSESSMENT PROCEEDINGS UNDER SECTION 148A OF THE INCOME-TAX ACT, 1961: A 20-POINT CHECKLIST FOR REPRESENTATION
By Dr. K. Shivaram, Senior Advocate & Mr. Shashi Bekal, Advocate : The Article aims at providing a detailed guide for advocates, chartered accountants, tax practitioners, tax officials and Taxpayers for addressing the notices issued under the new regime of reassessment proceedings which was introduced vide Finance Act, 2021 (2021) 432 ITR (St) 52 and certain provisions were amended retrospectively vide Finance Act 2022 with effect from… Read More ...
PREPONDERANCE OF PROBABILITIES. HUMAN PROBABILITIES
By ANADI VARMA: Preponderance of Probabilities and Human Probabilities are oft quoted but least understood of the concepts in income tax law.These serve as standard of proof in the tax proceedings.The article is an attempt to concretise the concept and present in a lucid manner the most interesting of the standards of proof.The new entrants in field of… Read More ...
HUF- Whether married daughter continues to be a member of her father’s HUF?
By S. N. Inamdar, Senior Counsel: HUF i.e., Hindu Undivided Family is a concept peculiar to members who follows Hindu religion. The relationship arises from status and not from a contract. It is the natural state of any Hindu family. In Tumki Sah Vs. CIT 212 ITR 632, the S.C. laid down that HUF once assessed as HUF continues to be… Read More ...
Finance Bill, 2022: Amendments Pertaining to Penalty, Prosecution And Recovery of Taxes
By Shashi Bekal, Advocate, Mumbai: Most of the amendments pertaining to penalty and prosecution relate to rationalising of provisions and consequential amendments. The proposed amendments seem to well drafted and with a clear intention to make the statute water tight. The proposed amendment pertaining to recovery i.e., section 179 of the Act widens the scope of tax dues to even… Read More ...
Reopening of Assessment
By Ajay R. Singh, Advocate, Mumbai: The scope and effect of the new provision is yet to be tested before Courts and Tribunal, however within 1 year of bringing the new scheme for reassessment the government had to bring again clarification, insertion of new explanation, proviso, sub sections etc. Inspite of various guidelines laid down by courts while dealing with the… Read More ...