In the High Courts: Part A

• Section 37 of ITA 1961 – Business loss –Embezzlement of cash by director of assessee – Recovery of amount or outcome of pending criminal prosecution a...
• Sections 2(47) and 45(4) of ITA 1961 – Capital gains – Firm – Retirement of partners – Consequential allotment of their shares in assets in firm – Not...
• Section 55A of ITA 1961 – Capital gain – Cost of acquisition – Reference to Valuation Officer – Refusal by AO to make reference to Valuation Officer n...
• Income – Accrual of income – Difference between accrual and receipt – Specified amount retained under contract to ensure there are no defects in execu...

Past Issues

President's Message

It has been just a month since I communicated with you, but the events that have unfolded in the last 30 days make it appear as if a long period of time has elapsed. There have been some major developments (both positive and negative) in the socio-economic and political landscape of our country that would have a significant impact on our future..

Tribunal News : PART A

• Section 69 – No addition u/s 69 could be made in year under consideration in respect of investment in immovable property made in earlier year(s)...
• CBDT circular dated 8th August, 2019 – The relaxation in monetary limits for departmental appeals vide CBDT circular dated 8th August, 2019 shall be a...
• Section 194J, section 40(a)(ia) – Payment made by film exhibitor to distributor is neither royalty nor FTS and is not covered by section 194J and, con...

Tribunal News : PART C

• Article 7, India-Malaysia DTAA; Article 7, India-UK DTAA – Compensation paid for contractual default, being business profit, was not taxable in India ...
• Sections 5, 9, 40(a)(i) and 195 of the Act; Article 7 of India-USA DTAA – As services were rendered outside India and payment was also made outside In...
• Sections 5 and 9 of the Act – As insurance compensation received by foreign parent company from foreign insurer was for protection of its financial in...
• Article 12 of India-UAE DTAA; Article 12 of India-Germany DTAA; Article 12 of India-Singapore DTAA; sections 9 and 195 of the Act – Since hiring of si...

Tribunal News : PART B

• Section 56(2)(vii) – The amount received by the assessee from the HUF, being its member, is a capital receipt in his hands and is not exigible to inco...
• Section 50C – Third proviso to section 50C inserted w.e.f. 1st April, 2019 providing for a safe harbour of 5%, is retrospective in operation and will ...
• Section 254(2) – If the appeal against the order of the Tribunal has already been admitted and a substantial question of law has been framed by the Ho...
• Section 271(1)(c) – Imposition of penalty on account of inadvertent and bona fide error on the part of the assessee would be unwarranted...