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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 ...
Taxation of Partnership Firms under Income Tax Act : Recent Amendments
By CA. Rajesh Mehta: Taxation of partnership firms has always been a controversial issue specially with reference to taxability of withdrawal of capital over and above the balance by partners at the time of retirement or receipt of money or assets on reconstitution or dissolution of a partnership firm. Partnership and Partner As per Sec 4 of the Partnership… Read More ...
The Course Traversed By Income Tax Law, Post Independence
By Justice R. V. Easwar, (Former Judge, Delhi High Court), Senior Advocate assisted by Advocate Aditya Ajgaonkar: The first seeds of the modern-day system of direct taxation in India, as we know it, were sown by the British. Tax on income was introduced into India by Sir James Wilson and a separate Income Tax Act was passed in the year 1886. This was then replaced by an Act passed in 1918. The… Read More ...
The Course Traversed By Indirect Tax Law Post Independence
By Satyaranjan C Dharmadhikari, Advocate and Retired Judge High Court of Bombay: The dictionary meaning of the word ‘tax’ is a strain or heavy demand, an oppressive or ‘burdensome’ obligation. The dictionary also says ‘tax’ means a call to account. In my humble opinion, we Indians and particularly those who are doing well in life have not understood the fundamental principle of taxing power. The power is… Read More ...