In the High Courts: Part A

• Appellate Tribunal – Powers of (scope of order) – Section 254 r/w/s/ 144 of ITA, 1961 – Where remand made by Tribunal to A.O. was a complete and whole...
• Assessment – Notice u/s 143(2) of ITA, 1961 – Limitation – Date of filing of original return u/s 139(1) has to be considered for purpose of computing ...
• Business expenditure – Disallowance u/s 40(a)(ia) of ITA, 1961 – Payments liable to deduction of tax at source – Charges paid by assessee to banks for...
• Capital gains – Unexplained investment – Sections 50C and 69 of ITA, 1961 – Sale of immovable property – Difference between stamp value and value show...

Past Issues

President's Message

In my message for the previous month, I had reached out to you, inviting suggestions for initiatives which you would like BCAS to carry out. I am overwhelmed by the response. I'm sure your feedback will go a long way in improving our Society; we will try to implement the maximum possible suggestions.

Tribunal News : PART A

• Section 68 r/w/s 194J – Merely because an amount is reflected in Form 26AS, it cannot be brought to tax in the hands of the assessee where an error wa...
• Section 56 r/w Rule 11UA – Fair Market Value of shares on the basis of the valuation of various assets cannot be rejected where it has been demonstrat...
• Sections 11, 12, 139, 148 – A failure on the part of the Trust to file its return of income u/s 139(4A) cannot lead to withdrawal of exemption under s...
• Section 147, Explanation 3 & Section 154 – The powers conferred on the A.O. by Explanation 3 to section 147 cannot be extended to section 154 – Any di...

Tribunal News : PART C

• Article 11 of India-Mauritius DTAA; sections 4, 92 of the Act – As per Article 11(1), interest can be taxed only if twin conditions of ‘arising’ (i.e....
• Articles 7, 14 and 23 of India-Spain DTAA – As gains from hedging were covered under Article 7 or 14 (though not taxable under those Articles), Articl...
• Article 12 of India-USA DTAA; Section 9(1)(vi), (vii) of the Act – Payment received by American company for provision of cloud hosting services to Ind...

Tribunal News : PART B

• Section 56(2)(vii)(b) dealing with receipt of immovable property for inadequate consideration will not apply to a case where the agreement for purchas...