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“Reassessment Proceedings, Statutory Remedy vs. Writ of Certiorari”
By CA Milind Wadhwani: Income-tax Act, 1961 is a self-contained code which not only provides for the machinery for assessment of income but also, provides for the machinery for appeals against the assessments so finalized which is popularly known as statutory appeals. Apart from the statutory appellate jurisdiction of High Court conferred under Section 260A of the Income Tax… Read More ...
Section 50C: A Step forward in curbing Black Money
By Amit Kumar Gopta: The Fictions in law are created only for some definite purpose and there application must be limited to that purpose only and should not be extended beyond that legitimate field. Also, the fundamental purpose behind introduction of section 50C was to counter the widely prevalent suppression of sale consideration on sale of immovable properties. The… Read More ...
Novel Dynamic Jurisdiction vis-à-vis Judicial Precedents, Propriety & Decorum
By CA Milind Wadhwani: The doctrine of judicial precedents is peculiar to the English system of administration of justice and since we in India have inherited the English system of administration of justice the doctrine of judicial precedents plays an important role in the administration of justice by Courts in India. The faceless schemes were rolled out with concept… Read More ...
IMPORTANT DIRECTIONS OF HON. MP HIGH COURT FOR TRIBUNALS, QUASI JUDICIAL FORA, AUTHORITIES IN M.P. IN WAKE OF SECOND COVID WAVE
By CA Milind Wadhwani: Following the onset of second Covid wave, The Hon. MP High Court took Suo motu cognizance of the extraordinary situation. The Hon. Court observed that considering the spike in Coronavirus cases, situation is not likely to be normal in next few weeks and resumption of normalcy in the State would take some time. The Hon.… Read More ...
Important Legal Terms Employed by Judicial Authorities in Deciding Issues
By CA Milind Wadhwani: In a legal situation especially representing client before authorities, language barriers are the last thing that should be on one's mind. When one has to speak in front of an appellate authority, you should not allow any language issue to be a disadvantage or an obstacle for a good resolution of your case. it is… Read More ...
Section 50C of the Income Tax Act and new Pandora of Litigation
By CA Kanj Goel: Safe Harbor Rule allowing variation of 10% in the sales consideration and stamp duty valuation granting relief to the genuine property buyers and real estate sector to boost the demand for the sector, held to be curative amendment in the nature. Read More ...
Mergers and Acquisitions – Understanding of Basic Concepts.
By CA Shubham Agarwal: The most talked about subject of the day is Mergers & Acquisitions (M&A). In developed economies, corporate Mergers and Acquisition are a regular feature. In Japan, the US and Europe, hundreds of mergers and acquisition take place every year. In India, too, mergers and acquisition have become part of corporate strategy today. Read More ...
Utilisation of Special Economic Zone Re-investment Reserve created u/s 10AA of the Income Tax Act, 1961 (Act).
By Ravikant Pathak: Sub-section (1)(ii) of section 10AA of the Act requires assessee to create "Special Economic Zone Re-investment Reserve" [reserve) which is to be utilized for acquiring machinery or plant and such machinery or plant bought is to be used for business of the assessee. This article discuss the issue as to whether such reserve should be… Read More ...
Equalisation Levy- Explained!
By CA. Satish Jethvani: CA Satish Jethvani has conducted an exhaustive study of the Equalisation Levy as introduced through the Finance Act, 2016, the Finance Act, 2020 and the Finance Act, 2021. He has explained the Equalisation Levy with reference to practical examples. He has also explained the US-India conflict over the Equalisation Levy. Read More ...
Statutory Approval qua Application of Mind – Section 153D of the Income Tax Act, 1961
By Malay Chaturvedi Bcom LLB ,: Sec. 153D of the Act and the heading "prior approval necessary for assessment in cases of search or requisition" under which, Sec. 153D has been provided do not leave an iota of doubt about the very intention of the legislature to make the compliance u/s. 153D a mandatory. There is no dispute that if a… Read More ...