From Published Accounts

Amplifying an Auditor’s Obligation: Analysis of NFRA’s Order

GST Refunds Under Inverted Duty Structure

Allied Laws

Company Law

Glimpses of Supreme Court Rulings

Applicability of section 132A — Stolen property — Theft at the premises of the assessee — Criminal Case — Stolen property found by the police — Application to the Trial Court for possession of the stolen property — Objection by the Income-tax Department — Ownership documents submitted by the assessee — Objection of the Tax Department not maintainable.

Business expenditure — Disallowance u/s. 40A(3) — Cash payment in excess of prescribed limit — Effect of s. 40A and rule 6DD — Payments to agents cannot be disallowed — Meaning of agent — Assessee’s supervisor acting as agent of assessee, and accounting to him for amounts received and disbursed to individual labourers — Supervisors not sub-contractors and payments made by them to labourers on assessee’s behalf not to be disallowed u/s. 40A(3).

Charitable institution — Exemption u/s. 11 — Charitable purpose — Applicability of proviso to s. 2(15) — Donations received from donors after deducting an amount shown as deduction of tax at source u/s. 194C and 194J — AO treating receipts as consultancy fees and contractual income based on deduction of tax at source rejected exemption u/s. 11 — Assessee’s revision petition u/s. 264 was rejected — Held, proviso to s. 2(15) cannot be invoked alleging that services rendered in relation to trade, commerce or business — Provison under which donor deducted tax alone could not determine nature of receipt — No element of trade, commerce or business activity established — Assessee is entitled to exemption — Assessment order and order rejecting revision petition set aside.

Deduction u/s. 80-IA :— (A) Interest on FD — Funds kept aside periodically by way of FD — Obligation under the license agreement to replace cranes after a certain period — Funds parked in FD to meet contractual obligation — Funds were also parked in FD under a compliance order of the High Court due to a tariff dispute between the assessee and TAMP — Placement of FD imperative for the business — FD was not created for parking of surplus funds — Interest is eligible for deduction u/s. 80-IA: (B) Interest on TDS refund — TDS wrongly deducted by customers — TDS was directly part of sales receipt of the assessee — Interest on TDS refund arose due to excess TDS deducted by the customers against the payment to be made to the assessee — TDS was part of business receipt of the assessee — Assessee entitled to deduction u/s. 80-IA on interest received by it on TDS refunded to it.

General Anti-Avoidance Rules — Scope of —Impermissible Avoidance Agreement — Purchase and sale of shares — Cumulative effect of purchase and sale of shares results in loss — No strong material established by the Department to show applicability of s. 96(1) except the timing of transaction — GAAR provisions not applicable — Order passed u/s. 144BA(6) set-aside.

TDS — Payment without TDS — Disallowance u/s. 40a(ia) — Applicability of proviso to 40a(ia) — Inserted by Finance Act 2013 with effect from 01/04/2013 — Curative and beneficial in nature —Retrospective effect from 01/04/2005 — No dispute as that the recipients had paid taxes on such payments — No disallowance can be made u/s. 40a(ia)

A Partial Reform: Income Tax Act, 1961 2025

From The President

Pre-Deposits

Working Papers

ICAI And Its Members

Letter To The Editor

29th International Tax and Finance Conference