In the High Courts: Part A

• Section 37 (1) – Business expenditure – Rule of consistency – Expenditure claimed and allowed against professional income in earlier years and subsequ...
• Section 37 (1) and 41 (1) – A. Business expenditure – Allowability of (Illegal payment) – Where assessee had purchased oil from Iraq and payments wer...
• Business income or long-term capital gain – Income from shares and securities held for period beyond 12 months – Investments whether made from borrowe...
• Section 80P(1), (2)(a)(i) – Co-operative society – Co-operative bank – Deduction u/s. 80P(1), (2)(a)(i) – Income from sale of goods for public distrib...

Past Issues

President's Messege

Fifty years, six hundred editions and countless impact points it is. As BCAJ crosses one more milestone of completing its Golden Jubilee, my thoughts are full of pride. Starting with humble beginnings in 1969 with a 40 page bulletin priced at an annual subscription of Rs. 18/- and covering only direct taxes,

Tribunal News : PART A

• Section 56(2)(vii)(b) – Agricultural land falls within the definition of immovable property and covered within the scope of section 56(2)(vii)(b) irre...
• CBDT Circulars – CBDT Circular No. 3 of 2018 dated 11th July, 2018 which specifies the revised monetary limits for filing appeal by the department bef...
• Section 23 – Assessee is entitled to claim benefit u/s. 23(1)(c) if assessee intended to let out property and took efforts in letting out of property ...
• Section 54F r.w.s 50 – Deeming fiction of section 50 cannot be extended to the deduction allowable u/s. 54F and therefore, assessee is entitled for de...

Tribunal News : PART C

• Article 23(3), India-Thailand DTAA – credit of tax that would have been payable on dividend paid by Thai subsidiary in Thailand, but for the exemption...
• Article 12 and Protocol to India-Belgium DTAA; Article 12, India-Portugal DTAA - due to MFN Clause in Protocol to India-Belgium DTAA, scope of FTS was...
• Articles 5, 7 of India-Italy DTAA; Section 9 of IT Act – Where liaison office was involved in strategic business decision making in India including pr...

Tribunal News : PART B

• Section 56(2)(vii) – Provisions do not apply to rights shares offered on a proportionate basis even if the offer price is less than the FMV of the sha...
• Counsel for Assessee/Revenue: Lalchand Choudhary/Vijay Kumar Soni Section 24(a) - Rental income earned by a co-operative society for letting out the b...