In the High Courts: Part A

• Business expenditure – Section 37 of ITA, 1961 – General principles – Assessee carrying on iron ore business – Agreement with State Government to cons...
• Export – Deduction u/s 80HHC of ITA, 1961 – Computation of profits for purposes of section 80HHC – Interest on fixed deposit in bank – Bank had unilat...
• Penalty – Concealment of income – section 271(1)(c) of ITA, 1961 – Income-tax survey showing undisclosed income – Amount offered in survey and include...
• Refund – Sections 237 and 143 of ITA, 1961 – Disability pension of retired army personnel – Exempt by CBDT Circular – Tax paid by mistake – Claim for ...

Past Issues

President's Message

Wishing you and your loved ones a very Happy, Healthy and Prosperous New Year!

It's New Year, friends! As the New Year stands before us, it's another 366 days of opportunities and reasons to be happy. It's like a new chapter waiting to be written in the book called LIFE.

Tribunal News : PART A

• Sections 47 r.w.s. 2(47), 271(1)(c) – Entire material facts relating to computation of total income having been disclosed by the assessee before the A...
• Sections 200A, 234E – Prior to amendment of section 200A, with effect from 1st June, 2015, late fee leviable u/s 234E for default in furnishing TDS st...
• Section 37 – Lease rent paid for taking on lease infrastructure assets under a finance lease, which lease deed provided that the assessee would purcha...
• Sections 37, 263 – Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed ...

Tribunal News : PART C

• Section 9 of the Act – Indian subsidiary hired facility of Indian parent to develop technology and transferred it to BVI sister subsidiary at nominal ...
• Article 13 of India-Netherlands DTAA – Section 160(1)(iv) of the Act – Benefit under DTAA is available to an assessee acting as trustee (i.e., a repre...
• Article 25 of India-USA DTAA, Article 23 of India-Canada DTAA and similar provisions in various other DTAAs – If a DTAA provides for credit of foreign...

Tribunal News : PART B

• Section 80AC – The condition imposed u/s 80AC of the Act is mandatory – Accordingly, upon non-fulfilment of condition of section 80AC, the assessee wo...
• Section 271(1)(c) – Assessee cannot be accused of either furnishing inaccurate particulars of income or concealing income in a case where facts are on...