In the High Courts: Part A

• Appeal to High Court – Territorial jurisdiction – Section 260A of ITA, 1961 and Article 226 of Constitution of India – Company located in Karnataka an...
• Business expenditure – Section 37(1) – Capital or revenue expenditure – Payment made by assessee under agreement to an entity for additional infrastru...
• Capital gains – Sections 2(14), (42A), (47) and 45 – (i) Capital asset – Stock option is a capital asset – Gains on exercising option – Capital gains;...
• Disallowance of expenditure relating to exempt income – Section 14A r/w/r 8D of ITR, 1962 – Condition precedent for disallowance – Proximate relations...

President's Message

The 54th edition of the BCAS Residential Refresher Course (RRC) was a virtual affair this year and yet managed to make a mark with various initiatives, especially the high quality of the programme, the faculty and the participants.

Tribunal News : PART A

• Section 36(1)(iii) – Interest on funds borrowed for acquisition of land held as inventory is allowable u/s 36(1)(iii) – The provisions of Accounting S...
• Section 56(2) – The A.O. was erroneous in mechanically applying the provisions of section 56(2) to the difference between the stamp duty value and the...
• Section 54 – Exemption from capital gains cannot be denied where the assessee sold more than two residential properties and made reinvestment in one r...
• Section 54F – Where possession of flat was taken within period of two years from date of transfer of original asset, assessee was entitled to benefit ...

Tribunal News : PART C

• Article 12(4), Article 14, Article 23(2) of India-Japan DTAA – The words ‘tax deducted in accordance with the provisions’ of Article 23 of DTAA mean t...
• Article 15, India-UAE DTAA – Section 5, section 17(2)(vi) of the Act – ESOP benefit had accrued at the stage of grant when assessee was resident – Sec...

Tribunal News : PART B

• Section 56(2)(vii) – Prize money received in recognition of services to Indian Cricket from BCCI is exempt...
• Third proviso to section 50C(1) – Insertion of the proviso and subsequent enhancement in its limit to 10% is curative in nature to take care of uninte...