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Expectations of the Bar from Young Professionals
By Dr. K. Shivaram, Senior Advocate: Introduction : Bombay Chartered Accountants’ Society, The Chamber of Tax Consultants, and the Western India Regional Council of ICAI have organised a two-day seminar on 3rd and 4th November 2023 on the subject of “Art of Representation before Appellate Authorities”. Read More ...
ITAT: Figures of Institution, Disposal and Pendency of Appeals as on 01.10.2023
By admin: The total number of appeals pending in the ITAT as of 01.10.2023 is 33262 (of which 2857 are SMC). The largest pendency is in Delhi (9119) followed by Mumbai (4785), Ahmedabad (2575) and Chennai (1585). Read More ...
Taxation of ESOP/ESOP Trusts under the Income-tax Act, 1961
By Arjun Gupta, Advocate Bombay High Court: The article deals with the SEBI Regulations, provisions under the Income-tax Act, 1961 and a few important judgments of the Supreme Court and other fora on taxation of ESOP's. Read More ...
CHECKMATED II: THE GRAVY TRAIN OF NR WIRES
By ANADI VARMA: EXECUTIVE SUMMARY The decision in CHECKMATE SERVICES P. LTD. [2022] 448 ITR 518 (SC)passed on October 12, 2022 held that payment towards employee's contribution to provident fund after the due date prescribed under the relevant statute is not allowable as deduction under section 36(1)(va) of the Act.The IT department filed a cache of MAs before… Read More ...
CHECKMATED.THE BANDWAGON EFFECT
By ANADI VARMA: (An essay into the rectification petitions to give effect to PF ruling retrospectively.) The present essay is on the issue of rectifying alleged ‘’mistakes apparent from record’’ u/s 254(2) and u/s 154 in wake of Checkmate ruling on s 36(1)(va) primarily in Tribunals across the country.The process and the result are misapplication of law and… Read More ...
Representation in connection with extension of filing/uploading of Form No.10B/10BB for the assessment year 2023-24 – Regarding
By Income Tax Bar, Jalandhar (CA.Jatinder Bhatia, President), (Advocate.Sameer Bhatia, Member (Academic Committee), Advocate.Gulshan, Secretary.: Representation in connection with extension of filing/uploading of Form No.10B/10BB for the assessment year 2023-24 - Regarding Income Tax Bar, Jalandhar. Read More ...
Order under section 148A(d) and notice under section 148 are to be mandatorily passed and issued respectively by NFAC rather than Jurisdictional Assessing Officer – Telangana High Court
By Priyanshi Desai: In Kankanala Ravindra Reddy vs. The Income Tax Officer the Telengana High Court held that re-assessment should be done in a faceless manner rather than being assessed by the Jurisdictional Assessing Officer as has been provided under section 144B and in accordance with the scheme enacted by Central Government under section 151A. Subsequent to the… Read More ...
CAN A TRUST BE TAXED AT MAXIMUM MARGINAL RATE AND WITHOUT ALLOWING EXPENSES?
By CA Anilkumar Shah: The present ITR7 validating rules do not permit the trust to be taxed at normal rates and compels to reflect tax @30%. Without this the ITR7 is not validated. Similarly CPC is taxing the unregistered trusts at MMR without allowing the deduction for expenses incurred. The author has analysed the issue in depth with guiding… Read More ...
Bombay High Court on TOLA, CBDT Instruction and Change of opinion for reassessment scheme under Income-Tax Act, 1961
By Priyanshi Desai: Bombay High Court in a recent judgment in the case of Siemens Financial Services Pvt. Ltd. vs. DCIT and Ors. [W.P. No. 4888 of 2022] had deliberated on following issues under reassessment scheme of Income-tax Act, 1961: 1.Applicability of provisions of TOLA 2.Applicability of CBDT Instruction dated 11.05.2022 3.Change of opinion 4.Sanction of specified authority… Read More ...
Absence of ‘Substantial Question of law’ High Court cannot admit the Appeal
By ABHISHEK ANAND: Hon'ble Supreme Court Vide its order dated 29th August 2023 has passed out a verdict that the procedure adopted by the High Court in the instant case is not in consonance with what is contemplated under Section 260A of the Act and hence, on that short ground alone the impugned judgment is set aside. Read More ...