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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 ...
Powers to requisition books of account, etc. under Section 132A of the Income-tax Act, 1961
By Ram Dutt Sharma: In this article, I have explained the entire law on provisions of section 132A of the Income-tax Act, 1961 in a simple and clear manner. The power to requisition books of account, other documents and assets taken into custody by any officer or authority under any other law for the time being in force is… Read More ...
NEW COMPLIANCES FOR NGOs UNDER FCRA – FOREIGN CONTRIBUTION(REGULATION) AMENDMENT ACT 2020
By CA. RAJESH B. MANGLA: The Foreign Contribution (Regulation) Amendment Bill, 2020 has brought in certain changes which will have to be adhered to by the New as well as Existing Organisations, NGOs which are or will be registered under the FCRA Act henceforth. These amendments are in the nature of either amendments to the existing sections or by addition… Read More ...
Canons of Exchange of Information
By Piyush Baid: Attempt by the author to highlight Exchange of Information mechanisms under International Taxation Frameworks. Primarly deals with top level overviews of the following along with some case laws. The Bilateral treaty network as modified by the MLI with article 26 modelled under the OECD/UN frameworks being the sought-after provision for EOI The Tax Information Exchange… Read More ...
Analysis of sections 147, 148, 148A, 149 and 151 of the Income Tax Act, 1961 (Act) as substituted vide Finance Act, 2021
By CA Ravikant Pathak: Vide Finance Act, 2021, provisions related to re-assessment have been substituted. In case of search also, now the assessment will be done in section 148/147 of the Act. In this article, the author has tried to explain the implication of substitution of re-assessment provisions and also how the judicial pronouncements rendered while dealing with pre-substituted… Read More ...
Section 271AAB: Penalty where search has been initiated
By Advocate Amit Kumar Gupta: The imposition of penalty under section 271AAB(1A), the assessing officer must ensure that the conditions defined should be met with. The intention of the legislature is very clear that the imposition of penalty should link with the undisclosed income and not to be imposed in every case in which search is conducted. The satisfaction recorded… Read More ...
FACELESS ASSESSMENTS OR ALSO MINDLESS ASSESSMENTS
By KIDAMBI VASANTKUMAR, ADVOCATE, HIGH COURT (TS): In this article, I am highlighting the manner in which the NFAC is not only passing orders raising huge demand but is also ignoring the basic principles that are to be followed by an Assessing Authority of following CBDT's instructions which are binding on the Assessing authority and not interpreting the statutory provisions in the… Read More ...