In the High Courts: Part A

• Section 260A – Appeal to High Court – Power of High Court to condone delay in filing appeal – Delay in filing appeal by Revenue – General principles –...
• Bank – Valuation of closing stock – Securities held to maturity – Constitute stock-in-trade – Valuation at lower of cost or market value – Proper – Cl...
• Section 68 – Cash credits – Capital gain or business income – Profits from sale of shares – Genuineness of purchase accepted by Department – Profits f...
• Sections 12AA, 147 and 148 – Charitable Trust – Cancellation of registration – Section 12AA amended in 2004 enabling cancellation of registration is ...

Past Issues

President's Messege

General Elections are just around the corner. The role of elections in ensuring a vibrant democracy and a progressing nation cannot be underplayed. For the incumbent Government, elections present an opportunity to showcase their achievements and also promise a path of continuity of policies.

Tribunal News : PART A

• Section 68 – Bank account of an assessee cannot be held to be ‘books’ of the assessee maintained for any previous year, and therefore, no addition u/s...
• Section 22, 24(4) and 56 – Income earned by assessee from letting out space on terrace for installation of mobile tower/antenna was taxable as 'income...
• Section 54F – Deposit of the amount of capital gains in a separate savings bank account and utilisation thereof for the purposes specified u/s. 54F is...
• Section 154 – What is permissible is merely rectification of an obvious and patent mistake apparent from record and not wholesale review of an earlier...

Tribunal News : PART C

• Article 12 and Article 14 of DTAA – Consultants providing technical consultancy services in the capacity of an advisor and who also bears the risk in ...
• Section 5(2), read with section 9, of the Act – Agency commission received by non resident outside India, for services rendered outside India, is not ...
• Article 13(4)(c), Article 7 of India-UK DTAA – the development and supply of a technical plan or a technical design does not amount to ‘making availab...
• Article 7 of India-Singapore DTAA – No further profit attribution to an Indian agency PE where the commission is paid at arm’s length....

Tribunal News : PART B

• Section 54 – Purchase of residential property is said to have been substantially effected on the date of possession. Accordingly, where assessee had...
• Section 54F – Claim u/s. 54 is admissible in respect of flats allotted by the builder to the assessee under the terms of the Development Agreement as ...
• Section 271(1)(c), 271AAA – In a case where penalty is leviable u/s. 271AAA, penalty initiated and levied u/s. 271(1)(c) is unsustainable in law....