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Latest judgements uploaded (See all)
Late Padmaben Zinabhai Trivedi v. ITO
Gujarat High Court : S.147 : Reassessment-After the expiry of four years- Reference to DVO – Fair Market Value as on 1-4-1981 – Amendment to section 55A(a) prospective – Reassessment invalid- The Court left open the question regarding the validity of a notice issued in the name of a deceased person. [S. 45, 48, 55A, 148, Art. 226] The… Read More ...
Pr. CIT v. Macleods Pharmaceuticals Ltd.
Bombay High Court: S. 80IB : Industrial undertakings-Special category States-Research & Development (R&D) expenditure-Allocation of R&D expenses to eligible manufacturing units-No allocation permissible in the absence of direct nexus between R&D activity and eligible units – Revenue's appeal dismissed. [S. 35(2AB), 80IC, 260A] The assessee claimed weighted deduction under section 35(2AB) in respect of R&D expenditure incurred by… Read More ...
Sherlyn Dias (Mrs.) (Legal Heir of Late Mrs. Dorothy Lawrence Pereira) v. ITO
Mumbai Tribunal : S. 45 : Capital gains-Income from other sources-Transfer of Development Rights-Compensation received under a redevelopment agreement is assessable as Capital Gains and not as Income from Other Sources. Exemption under section 54EC is allowable. [S. 2(14), 2(47), 54EC, 56, 50C & 147] The assessee, a co-owner of a property, entered into a Development Agreement with… Read More ...
Latest articles published (See all)
Variable Capital Company – United Arab Emirates (UAE) Corporate Tax
By Sujeet S. Karkala, Advocate (Dr. Sarhan Almuaini Law Firm & Legal Consultants): I. Introduction The UAE's introduction of a corporate tax regime, effective from 1 June 2023, was a calculated structural reform aimed at changing the country's policy and positioning itself as a global hub. By introducing various investment structures, including the recent introduction of Variable Capital Company (VCC) by the Dubai International Financial Center (DIFC), and… Read More ...
Preserving the Legacy of Tax Jurisprudence: Law of Repeal & Savings – in Focus Income-Tax Act, 2025
By Aseem Chawla, Senior Advocate: 1. Introduction The Legislature has introduced the Income-Tax Act, 2025 (“2025 Act”), which has the effect of repealing the Income-Tax Act, 1961 (“1961 Act”). The transition from the 1961 Act to the 2025 Act is regulated by Section 536 of the 2025 Act, which is encapsulated under the "Repeal and Savings" Chapter and is a… Read More ...
Landmark Supreme Court Judgments Relevant to day-to-day Tax Practice under the Income-tax Act, 2025 and Income-tax Act, 1961
By Neelam Jadhav, Advocate: Introduction: - As per section 536(2) (j) of the Income-tax Act, 2025, circulars, notifications, instructions, approvals, etc., issued under the 1961 Act will remain valid as long as they do not conflict with the provisions of the 2025 Act. Accordingly, the case laws under the Income-tax Act, 1961, pertaining to the interpretation of provisions will… Read More ...