In the High Courts: Part A

• Business expenditure – Section 37(1) of ITA, 1961 – Where assessee company engaged in business of development of real estate had, in ordinary course o...
• Income – Accrual of (time of accrual of income) – Section 5 of ITA, 1961 – Where assessee sold a land during relevant assessment year and as per MOU p...
• Income – Exemption u/s 10(24) of ITA, 1961 – Registered trade union – Amount received on settlement of dispute between company and its workers disburs...
• Income from undisclosed sources – Section 69 of ITA, 1961 – Addition on basis of statement made by partner of assessee u/s 108 of Customs Act, 1962 – ...

Past Issues

President's Message

India continues to witness a spike in new cases of Covid-19 and mounting casualties. The number of active cases is close to 30,000 patients as of date. The silver lining in India's casualty number, however, is our low fatality rate of 3.3%, which is almost as low as South Korea and China.

Tribunal News : PART A

• I - Section 115JB – Provision for leave encashment is not to be added back to the book profit for computation u/s 115JB as it is an ascertained liabil...
• Section 54F – Even after amendment w.e.f. A.Y. 2015-16, investment of long-term capital gain in two bungalows located adjacent to each other and used ...
• Section 64 – Entire loss arising to wife of assessee in the business of Futures and Options (F&O) which business was started by her during the previou...

Tribunal News : PART C

• Article 15(1) of India-Austria DTAA – Sections 6(1), 90(4) of the Act – Notwithstanding section 90(4), submission of TRC is not mandatory to claim DTA...
• Section 9(1)(i) of Act – As appearance of non-resident celebrity for promotional event outside India was for the benefit of the business in India, the...
• Section 9(1)(vii)(b) of Act – On facts, since payments made by assessee to foreign attorneys for registration of IPs abroad were not for services util...

Tribunal News : PART B

• Sections 2(47), 45 – A cancellation of shares consequent to reduction of capital constitutes a ‘transfer’ – Loss arising from the cancellation of shar...
• Section 199/205 – Assessee cannot be made to suffer because of non-deposit of tax deducted with the government by the deductor – Under section 205, th...