In the High Courts: Part A

• Income or capital – Subsidies – Book profit – Computation – Sections 2(24) and 115JB of ITA, 1961 – Receipts and power subsidies granted as incentives...
• Industrial undertaking – Special deduction u/s 80-IA of ITA, 1961 – Computation – Assessee having two manufacturing units – Deduction to be at 30% of ...
• International transactions – Arm’s length price – Section 92B of ITA, 1961 – Acquisition of shares of 100% subsidiary at premium – Alleged shortfall b...
• Reassessment – Settlement of cases – Sections 147, 148, 245C, 245D(4) and 245-I of ITA, 1961 – Order passed by Settlement Commission u/s 245D(4) – Not...

Past Issues

President's Message

Welcome back after a long and exhausting tax audit filing season and the refreshing Diwali break.

As per the 2020 edition of World Bank's Ease of Doing Business ranking, India jumped 14 places to 63 in the overall ranking, riding on the sustained business and economic reforms undertaken by the government over the past several years.

Tribunal News : PART A

• Section 271AAB – Mere disclosure and surrender of income in statement recorded u/s 132(4) would not ipso facto lead to the conclusion that the amount ...
• Section 12AA – At the time of granting of registration u/s 12A, the only requirement is examining the objects of the trust / society and genuineness o...
• Sections 28(ii), 45 – Amount of Rs. 1.75 crores received by assessee towards professional goodwill was not chargeable u/s 28(ii)(a) as no case was mad...

Tribunal News : PART C

• Section 5 of the Act – Article 9 of India-Germany DTAA – Foreign car manufacturing company sold completely built-up cars to Indian company on principa...
• Section 9 of the Act, Article 5 of the India-USA DTAA – Though Indian company was controlled by foreign company, since all economic risks were borne b...
• Section 92C of the Act, Article 11 of India-Germany DTAA – In respect of loans advanced to AE, arm’s length rate of interest should be determined on t...
• Article 13(4) and (5) of India-UAE DTAA – As Article 13(4) covered only gains from ‘share’, gains from ‘unit’ of mutual fund were subject to Article 1...

Tribunal News : PART B

• Section 154 – Denial of deduction u/s 80HHC on sale proceeds of DEPB license, which was contrary to the subsequent decision of the Supreme Court, can ...
• Section 74 – Long-term capital loss on sale of listed equity shares is allowed to be carried forward...