From Published Accounts

Accounting for Coaching Fees

Allied Laws

Part A | Company Law

Would IBC Prevail Over The PMLA?

Prevention Of Market Abuse In The Securities Market

Chamber Research By The Judges Post Conclusion Of Hearing – Whether Justified?

Transfer of Capital Asset to Subsidiary / Holding Company

Glimpses of Supreme Court Rulings

Appeal to Commissioner (Appeals) — Discretion to admit additional evidence — Sufficient cause to accept additional evidence in appellate proceedings — Additional evidence admitted by Commissioner (Appeals) considering assessee’s illiteracy and unawareness of notices due to language problem — Appellate proceedings continuation of assessment proceedings — Commissioner (Appeals) rightly permitted assessee to produce additional evidence in consonance with Rule 46A.

Educational trust — Exemption — Corpus fund — Corpus donations whether for material gains or charitable purpose — Absence of material to establish that corpus donations given for securing admission – Cannot be treated as donations towards charitable purposes — Tribunal not justified in holding assessee ineligible for exemption on corpus fund.

Reassessment — Notice — Jurisdiction — Faceless assessment scheme — Issue of notices by jurisdictional AO — Procedure adopted by the department in contravention of statutorily prescribed procedure u/s. 151A — Office memorandum cannot override mandatory specifications in Scheme — Notices set aside — Department given liberty to proceed in accordance with amended provisions.

Reassessment — Notice — New procedure — Limitation — Bar of limitation — Prescription of new procedure governing initiation of reassessment proceedings from 01-04-2021 — Notice issued beyond the period of limitation of six years in pre-amended provision unsustainable — Order and consequential notice set aside.

Return of income — Charitable purpose — Revised return of income — Delay — Condonation of delay — Genuine hardship — Power to condone delay to be exercised judiciously — Plea that deficit inadvertently not claimed in original return — Excess expenditure incurred in earlier assessment year can be set off against income of subsequent years — Assessee would be entitled to refund if allowed to file revised return — Establishment of genuine hardship — Bona fide reasons to be understood in context of circumstances — Application for condonation of delay to be allowed — Directions accordingly.

Revision — Application for revision u/s. 264 — Power of Commissioner to condone delay — Power should be exercised in a liberal manner — Delay should be condoned where there is sufficient cause for it.

Search and seizure — Survey — Assessment in search cases — Grant of approval by the competent authority — Approval to be granted for each assessment year — Single approval u/s. 153D granted by competent authority for multiple assessment years — Grant of approval cannot be merely ritualistic formality or rubber stamping by authority — Tribunal not erroneous in setting aside assessment order.

TDS — Rent — Transit rent — Payment made by developer or landlord to a tenant who suffered hardship due to dispossession — Transit rent not taxable as revenue receipt — No liability to deduct tax at source.

Section 68: Bogus Purchase — the onus of bringing the purchases by the Assessee under the cloud was on the Revenue.

Section 119(2): Condonation of delay — delay of two days in filing the Return of Income for Assessment Year 2021–22 — Allowed.

The maximum marginal rate is to be computed by taking the maximum rate of income-tax and maximum rate of surcharge applicable in the case of an individual. It is this rate which applies to a private discretionary trust as well. The levy of maximum marginal rate on trust is thus specific anti avoidance rule and therefore, should be given a strict interpretation.

Section 200A before its amendment by the Finance Act, 2015, w.e.f. 1st June, 2015 did not permit levy of fee under section 234E, for delay in filing quarterly statements, while processing the quarterly statements.

Allotment letter issued by developer constitutes an agreement for the purpose of proviso to section 56(2)(vii)(b).

Ss. 194-I, 194C — Where Common Area Maintenance (CAM) charges are for separate and distinguishable services, the applicable rate of TDS is 2 per cent under section 194 C, and not 10 per cent under section 194-I.

S. 10(1) — Where the assessee submitted copies of sales bills for agricultural produce, provided justification for not claiming any expenses and consistently declared agricultural income over the years, his claim for exemption under section 10(1) could be regarded as genuine. S. 44AA — An agriculturist is not required to maintain books of accounts under section 44AA in respect of the agricultural activities carried on by him.

S. 12A — Where the assessee was granted registration under section 12AB during pendency of assessment proceedings and audit report in Form 10B was also available with CPC at the time of processing of the return of income, exemption under section 11 should not be denied to the assessee-trust vide intimation under section 143(1)(a).

Editorial

From The President

Packaged Tours and Place of Supply Provisions under GST

RCM Provisions – Recent Developments

Goods And Services Tax

Recent Developments in GST

Gifts and Loans – By and To Non-Resident Indians: Part I

मुखरस्तत्र हन्यते

Hanuman’s Intelligence

Miscellanea

Regulatory Referencer

Learning Events at BCAS

Tech Mantra

Interview – Dr Nishith Desai