Current Issue

In the High Courts: Part A

• Sections 37 and 43B of ITA 1961 – Business expenditure – Deduction only on actual payment – Nomination charges levied by State Government emanating fr...
• Section 10(23C)(iiiab) of ITA, 1961 – Educational institution – Exemption u/s. 10(23C)(iiiab) – Condition precedent – Assessee must be wholly or subst...
• Section 80-IB(10) of ITA, 1961 – Housing project – Special deduction u/s. 80-IB(10) – No condition in section as it stood at relevant time restricting...
• Section 4 of ITA, 1961 – Income – Capital or revenue – Sale of shares upon open offer letter – Additional consideration paid in terms of letter of ope...

Past Issues

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President's Message

As I sit to write this last communication, my thoughts race back a year in time when I took over the mantle as the President of this esteemed Society. In the acceptance speech, I had defined the theme of the annual plan for the BCAS Year 2018-2019 to be that of aligning its priorities to members' expectations, which broadly revolved around four key sub-sets -

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Tribunal News : PART A

• Section 54 – Condition of not owning more than a residential house on the date of transfer of the original asset would mean absolute ownership and doe...
• Section 143 – Assessment order passed in the name and status of the HUF where the notice was issued in the name and status of an individual is invalid...
• Section 143 r.w.s. 148 – Failure to issue notice u/s. 143(2) of the Act after the assessee files the return of income renders the re-assessment order ...
• Section 154 – Non-consideration of decision of Jurisdictional High Court or of the Supreme Court can be termed as ?mistake apparent from the record' w...

Tribunal News : PART C

• Section 91 of the Act – Credit for state taxes paid in USA can be availed u/s. 91 of the Act Section 91 of the Act – A ‘resident but not ordinarily r...
• Article 5 of India-UAE DTAA – Section 9 of the Act – Grouting activity carried out by the assessee for companies in oil and gas industry did not const...
• Articles 2, 11 and 12 of India-UAE DTAA – Education cess is in the nature of an additional surcharge – As Articles 11 and 12 restrict taxability and h...

Tribunal News : PART B

• Section 50C(2) – By virtue of section 23A(1)(i) being incorporated with necessary modifications in section 50C, the correctness of a DVO’s report can ...
• Section 54A – Acquisition of an apartment under a builder-buyer agreement wherein the builder gets construction done in a phased manner and the paymen...
• Section 145 – The project completion method is one of the recognised methods of accounting and as the assessee has consistently been following such re...