Current Issue

In the High Courts: Part A

• Appeal to Commissioner (Appeals) – Powers of Commissioner (Appeals) – Sections 246 and 251 of ITA, 1961 – Commissioner (Appeals) has power to consider...
• Appeal to ITAT – Duty of Tribunal to consider issue on merits – Document not filed due to mistake of counsel for assessee – Dismissal of appeal not ju...
• Business expenditure – Deduction u/s 37 – Company – Discount on employees stock option plan – Deductible...
• Exempt income – Disallowance u/s 14A – Disallowance of expenditure incurred to earn exempt income – No evidence of such expenditure – Failure by A.O. ...

President's Message

It is said that the month of 'March comes in like a lion'. So let me start by congratulating and complimenting our own lions, President CA Nihar Jambusaria and Vice-President CA Debashis Mitra of the Institute of Chartered Accountants of India (ICAI), our alma mater. It is a proud moment of all of us @ BCAS that President Nihar, who is based in Mumbai, was a Core Group member of the BCAS for many years. On behalf of all of us @ BCAS I wish the newly-elected team a successful and impactful tenure and also assure them of BCAS support in their endeavours to strengthen and enhance the image of the profession of chartered accountancy.

Tribunal News : PART A

• Section 45 – In a case where notional income has been received by the assessee as per development agreement and no real income has been received as th...
• Sections 143(2) and 143(3) – Assessment order passed by a jurisdictional officer in a case where the notice u/s 143(2) was not issued by him but by a ...
• Whereas a part of a composite itinerary, the employee of the assessee employer availing LTC has travelled to a foreign sector along with destination i...

Tribunal News : PART C

• Sections 9(1)(vi) and 44BB – As source of income is the place where income-generating activity takes place, hire charges paid under bare-boat charter ...

Tribunal News : PART B

• Sections 45, 48 and 50CA – There is no provision in the Act authorising the A.O. to refer valuation of shares transferred for the purpose of calculati...
• Sections 43CA and 263 – In a case where the A.O. has taken a possible view after inquiring into the matter and appreciating the facts and documents fi...
• Section 14A – Even suo motu disallowance made by an assessee u/s 14A needs to be restricted to the extent of exempt income...