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Standardized Format for Adjournment Applications before Authorities: Ensuring Clarity, Compliance, and Efficiency
By CA Milind Wadhwani: A format for adjournment application before authorities is essential to ensure clarity, consistency, and compliance with legal requirements. It provides a structured framework for presenting the necessary information, including the case title, case citation number, case particulars and grounds for adjournment. By using a standardized format, the application becomes clear, concise, and easy to understand,… Read More ...
ITAT Delhi Quashes Assessment Order Passed without DIN: Emphasizing Compliance with CBDT Circular 19/2019
By CA Milind Wadhwani: In a significant development, the Income Tax Appellate Tribunal (ITAT) in Delhi has recently delivered a noteworthy judgment in the case of Pratap Singh Yadav, wherein it quashed an assessment order that was passed without a Document Identification Number (DIN) in violation of CBDT Circular 19/2019. The ITAT firmly rejected the contention put forth by… Read More ...
Title: D.N SINGH vs. CIT Hon. Supreme Court
By CA Milind Wadhwani: In the present case, the Supreme Court was faced with two principal questions. The first question pertained to whether the assessee could be considered as the 'owner' of the goods in question, and the second question revolved around whether 'bitumen' could be classified as an 'other valuable article' under Section 69A of the Income Tax… Read More ...
Whether DDT is eligible for beneficial DTAA rate
By Surender Bisht and Ashish Chadha: The Special Bench of the Tribunal has recently pronounced a landmark decision on the issue as to whether the DDT imposed under Section 115-O of the Income-tax Act, 1961 ought to be restricted to the dividend withholding tax rate stipulated in the applicable DTAA. The Tribunal has held that DDT is an additional tax levied… Read More ...
NON-COMPETE FEE AND ITS TAX IMPLICATIONS
By S Sankar Ganesh: Non-Compete Fees are described as, in business jargon, certain contracts have a clause that forbids a person or business from going up against another, particularly a former employer or business partner, without paying a charge. In industry jargon, these costs are referred to as non-compete fees. The Income-Tax Act (the "Act") did not include a… Read More ...
PARTNERSHIP FIRMS & LIMITED LIABILITY PARTNERSHIPS: CONTROVERSIAL ISSUES UNDER TAX AND ALLIED LAWS
By Dr. K. Shivaram, Senior Advocate & Mr. Shashi Ashok Bekal, Advocate: Abstract Section 9B and section 45(4) of the Income-tax Act, 1961, (Act) were introduced vide Finance Act, 2021, (2021) 432 ITR (St) 52 albeit there is no reference to the same in the Memorandum explaining the provisions of the Finance Bill, 2021 (2021) 430 ITR 214 (St) nor in the Notes on Clauses (2021) 430… Read More ...
ANALYSIS OF PROVISIONS OF SECTION 45 OF THE INSURANCE ACT, 1938
By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CIAFP,CRMP]: Dear Friends, As you are aware that Insurance is a promise made by an insurance company to the insured to indemnify him from financial loss on occurrence of insured risk/s. An Insurance Policy is a contract between insured and the insurance company and based on the principle of good faith. An insured is required to… Read More ...
NEW REASSESSMENT PROCEDURE: TURF WARS CONTINUE. IMPLICATIONS OF DIVYA CAPITAL AND ANWAR SHEIKH JUDGEMENTS
By ANADI VARMA: A landmark ruling in Divya Capital One (P.) Ltd. v.ACIT [2022] 445 ITR 436 (Delhi) has resulted in the concept of ‘’information’’ in the new reassessment proceedings back to being haunted by ‘’reason to believe’’.The revenue officials ,unable to comprehend and defend a fine concept which was part of the statute for decades and had… Read More ...
Alleged Bogus Political Donations: What’s Next?
By CA Milind Wadhwani: The Income Tax Department has identified the donors who had claimed deductions for the alleged bogus donations made to Registered Unrecognised Political Parties (RUPPs) based on their bank account statements. Notices under section 148A of the Income Tax Act have been issued to the donors, and the reassessment proceedings will be initiated on the beneficiaries. Read More ...
NATURAL JUSTICE AND FISCAL LAWS: A BRIEF CONSPECTUS
By ANADI VARMA: The decision in INDU GOENKA vs.ASSESSMENT UNIT, INCOME TAX DEPARTMENT & Ors. MAT 306 of 2023+ IA NO.CAN 1 OF 2023 DATED16.03.2023 on which I wrote an article a few days back on this esteemed forum ,brings in focus the necessity of a cross sectional study of the concept ,why it is necessary for quasi… Read More ...