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October 2024
Accountancy and Audit
  • Article

    Ind AS 117 – Insurance Contracts

    By Mohan R Lavi, Chartered Accountant
    Reading Time 12 mins
  • From Published Accounts

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 29 mins
  • IND AS/IGAAP - Interpretation & Practical Application

    Contingent Features and SPPI Test

    By Dolphy D’souza, Chartered Accountant
    Reading Time 10 mins
Corporate And Other Laws
  • Allied Laws

    Allied Laws

    By Dr. K. Shivaram, Senior Advocate
    Rahul K. Hakani | Shashi Bekal, Advocates
    Reading Time 9 mins
  • Corporate Law Corner

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 4 mins
  • Laws And Business

    Debentures – An Analysis

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 14 mins
  • Securities Laws

    Reimagining Investment Advisory & Research Services

    By Bhavesh Vora | Khushbu Shah, Chartered Accountants
    Reading Time 19 mins
Direct Taxes
  • Controversies

    Taxability of Compensation for Reduction in Value of ESOPs

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 34 mins
  • Glimpses Of Supreme Court Rulings

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 8 mins
  • In the High Courts: Part A-Reported Decisions

    Assessment — Eligible assessee — Draft assessment order — Assessee filing its objections thereto before DRP but failing to communicate this to AO — AO unaware of pending application before DRP — Final assessment order passed during pendency of assessee’s objections to draft assessment order — Order set aside and AO directed to pass fresh order in accordance with directions of DRP.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Assessment — Eligible assessee — Procedure to be followed — Objections filed by assessee against draft assessment order before DRP but factum not intimated to AO — Final assessment order passed by AO without directions of DRP — Assessment set aside and to be framed afresh in accordance with directions of DRP.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Assessment — Faceless assessment — Validity — Effect of section 144B, circulars and instructions of CBDT — Notice must be given for proposed additions to income or disallowance along with necessary evidence.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Notice — Sanction of prescribed authority — Sanction accorded by competent authority by merely stating “yes” — Non-application of mind — Notice and reassessment proceedings invalid.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment —Search and seizure —Assessment in search cases — Jurisdiction — Assessment of third person — Reassessment based on incriminating material and information collected prior to and post search — Permissible only u/s. 153C — Failure to assess within time limit for assessment u/s. 153C — Reassessment cannot be made u/s. 147 — Notices and orders set aside.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Notice —Limitation — Amendment in law — Effect of amendment with effect from 1st April, 2021 — Notices dated 31st March, 2021 but dispatched on 1st April, 2021 or thereafter from Income-tax Business Application Portal — Notices barred by limitation.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Refund — Interest on refund — Refund of TDS — Scope of Article 265 — Tax deducted at source and deposited by assessee in anticipation of contract with non-resident — Cancellation of contract — No authority of law in department to retain remittance to non-resident — Assessee entitled to refund with interest.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Revision — Powers of Commissioner — Assessee inadvertently filing data of next assessment year instead of relevant assessment year — Intimation u/s. 143(1) — Application for revision rejected only on the ground that intimation is not an order — Inadvertance of the Assessee not with a malafide intention to evade tax — Orders, intimation and communication set aside — Matter remanded to Principal Commissioner for de novo enquiry and fresh consideration.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins
  • In The High Courts: Part B-Unreported Decisions

    Section 119(2): CBDT — Condonation of delay in filing the return of income — the Chartered Accountant of assessee was in a situation of distress due to the ill-health of his wife — genuine human problems may prevent a person from achieving such compliances — sufficient cause for condonation of delay.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section148: Reassessment — Notice — against company that has been successfully resolved under a Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”)— effect of resolution of a corporate debtor is that the terms of resolution bind tax authorities and their enforcement actions.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins
  • Tribunal News: Part A-Domestic Taxation

    Deduction under Sections 54 and 54F can be claimed simultaneously qua investment in the same new asset. The covenants in the sale deed executed and registered are conclusive in the absence of any evidence to the contrary. The crucial date for the purpose of determination of date of purchase for the purpose of section 54 is the date when the possession and control of the property is given to the purchaser’s hands.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 4 mins

    For failure on the part of the payer to deduct TDS, the assessee cannot be penalised by levy of interest under section 234C.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 4 mins

    Section 143(1) mandates only processing the return of income to vouch for the arithmetical error, detect the incorrect claim of expenses, losses, verify and cross check the claim made in the audit report, claim of deductions, cross verify the income declared in form 26AS or form 16A etc. and the Revenue is not allowed to go beyond that. Claim not made in the return of income, which has been processed, and time for filing revised return has expired can be made only before the administrative officers or the Board and not in an appeal.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 5 mins

    I : Capital gains is taxable in the year in which possession of constructed premises was received by the assessee and not in the earlier year when occupancy certificate was granted. II : The cost of construction given by the developer which is not supported by any particulars cannot be taken as full value of consideration. Section 50D of the Act, would be applicable and accordingly, the full value of consideration should be computed on the basis of guideline value of land or building that is transferred / received on development.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 7 mins

    A determinate trust with sole beneficiary was liable to be taxed at same rate as applicable to its beneficiary.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 2 mins

    S. 12AB –Registration under section 12AB could be denied to a trust if it had not complied with the applicable State public trusts law.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 2 mins

    Where the view taken by the AO that the assessee was eligible for deduction under section 80G for CSR expenses was approved by various decisions of Tribunal, PCIT could not invoke revisional jurisdiction under section 263 on the ground that the order of AO was erroneous.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 2 mins

    Commissioner (Appeals) has to decide appeal on merits by passing a speaking order and does not have any power to dismiss appeal for non-prosecution.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 4 mins

    Long-term capital loss arising from sale of quoted equity shares with STT paid was eligible to be set-off against long-term capital gain earned from sale of unquoted shares, in view of specific provisions of sections 2(14), 10(38), 45, 47 and 48.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 3 mins
Editorial
  • Editorial

    Work–Life Balance & SA 600

    By Dr CA Mayur B. Nayak, Editor
    Reading Time 7 mins
From The President
  • From The President

    From The President

    By CA Anand Bathiya, President
    Reading Time 6 mins
Indirect Taxes
  • Decoding GST

    Cross-Charge vs. Input Service Distributor (ISD)

    By Sunil Gabhawalla | Rishabh Singhvi | Parth Shah, Chartered Accountants
    Reading Time 20 mins
  • Recent Decisions: Part A: Goods and Services Tax

    Goods And Services Tax

    By Puloma Dalal | Jayesh Gogri | Mandar Telang, Chartered Accountants
    Reading Time 15 mins
  • Recent Developments In GST

    Recent Developments in GST

    By G. G. Goyal, Chartered Accountant | C. B. Thakar, Advocate
    Reading Time 10 mins
International Taxation
  • Article

    Bank Accounts and Repatriation Facilities for Non-Residents

    By Hardik Mehta | Arwa Mahableshwarwala, Chartered Accountants
    Reading Time 33 mins
Namaskaar
  • Namaskaar

    मौनं सर्वार्थसाधनम्

    By C. N. Vaze, Chartered Accountant
    Reading Time 2 mins
News And Views
  • Letters to The Editor

    Letters to the Editor

    By Adv. R. K. Sinha, Rakesh Parikh, CA R.S. Balasubramanyam
    Reading Time 3 mins
  • Light Elements

    Introspection

    By C. N. Vaze, Chartered Accountant
    Reading Time 3 mins
  • Miscellanea

    Miscellanea

    By Jhankhana Thakkar | Chirag Chauhan, Chartered Accountants
    Reading Time 10 mins
  • Regulatory Referencer

    Regulatory Referencer

    By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
    Reading Time 8 mins
  • Society News

    Learning Events at BCAS

    By Kinjal Shah | Kinjal Bhuta, Hon. Jt. Secretaries
    Reading Time 7 mins
Special Feature
  • Interview

    Interview – CA Rajeev Thakkar

    By
    Reading Time 53 mins
Taxation
  • Article

    Whether The Gift Of A Capital Asset By A Corporate Entity Be Subjected To Income Tax?

    By Sneh Machchhar, Chartered Accountant
    Reading Time 35 mins

Article

Ind AS 117 – Insurance Contracts

By Mohan R Lavi, Chartered Accountant
Reading Time 12 mins

From Published Accounts

From Published Accounts

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 29 mins

IND AS/IGAAP - Interpretation & Practical Application

Contingent Features and SPPI Test

By Dolphy D’souza, Chartered Accountant
Reading Time 10 mins

Allied Laws

Allied Laws

By Dr. K. Shivaram, Senior Advocate
Rahul K. Hakani | Shashi Bekal, Advocates
Reading Time 9 mins

Corporate Law Corner

Part A | Company Law

By Pramod Prabhudesai, Chartered Accountant
Kaushik M. Jhaveri, Company Secretary
Reading Time 4 mins

Laws And Business

Debentures – An Analysis

By Dr Anup P. Shah, Chartered Accountant
Reading Time 14 mins

Securities Laws

Reimagining Investment Advisory & Research Services

By Bhavesh Vora | Khushbu Shah, Chartered Accountants
Reading Time 19 mins

Controversies

Taxability of Compensation for Reduction in Value of ESOPs

By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
Reading Time 34 mins

Glimpses Of Supreme Court Rulings

Glimpses of Supreme Court Rulings

By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
Reading Time 8 mins

In the High Courts: Part A-Reported Decisions

Assessment — Eligible assessee — Draft assessment order — Assessee filing its objections thereto before DRP but failing to communicate this to AO — AO unaware of pending application before DRP — Final assessment order passed during pendency of assessee’s objections to draft assessment order — Order set aside and AO directed to pass fresh order in accordance with directions of DRP.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 2 mins

Assessment — Eligible assessee — Procedure to be followed — Objections filed by assessee against draft assessment order before DRP but factum not intimated to AO — Final assessment order passed by AO without directions of DRP — Assessment set aside and to be framed afresh in accordance with directions of DRP.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 2 mins

Assessment — Faceless assessment — Validity — Effect of section 144B, circulars and instructions of CBDT — Notice must be given for proposed additions to income or disallowance along with necessary evidence.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

Reassessment — Notice — Sanction of prescribed authority — Sanction accorded by competent authority by merely stating “yes” — Non-application of mind — Notice and reassessment proceedings invalid.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

Reassessment —Search and seizure —Assessment in search cases — Jurisdiction — Assessment of third person — Reassessment based on incriminating material and information collected prior to and post search — Permissible only u/s. 153C — Failure to assess within time limit for assessment u/s. 153C — Reassessment cannot be made u/s. 147 — Notices and orders set aside.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

Reassessment — Notice —Limitation — Amendment in law — Effect of amendment with effect from 1st April, 2021 — Notices dated 31st March, 2021 but dispatched on 1st April, 2021 or thereafter from Income-tax Business Application Portal — Notices barred by limitation.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

Refund — Interest on refund — Refund of TDS — Scope of Article 265 — Tax deducted at source and deposited by assessee in anticipation of contract with non-resident — Cancellation of contract — No authority of law in department to retain remittance to non-resident — Assessee entitled to refund with interest.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 4 mins

Revision — Powers of Commissioner — Assessee inadvertently filing data of next assessment year instead of relevant assessment year — Intimation u/s. 143(1) — Application for revision rejected only on the ground that intimation is not an order — Inadvertance of the Assessee not with a malafide intention to evade tax — Orders, intimation and communication set aside — Matter remanded to Principal Commissioner for de novo enquiry and fresh consideration.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 4 mins

In The High Courts: Part B-Unreported Decisions

Section 119(2): CBDT — Condonation of delay in filing the return of income — the Chartered Accountant of assessee was in a situation of distress due to the ill-health of his wife — genuine human problems may prevent a person from achieving such compliances — sufficient cause for condonation of delay.

By Ajay R. Singh, Advocate
Reading Time 5 mins

Section148: Reassessment — Notice — against company that has been successfully resolved under a Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”)— effect of resolution of a corporate debtor is that the terms of resolution bind tax authorities and their enforcement actions.

By Ajay R. Singh, Advocate
Reading Time 7 mins

Tribunal News: Part A-Domestic Taxation

Deduction under Sections 54 and 54F can be claimed simultaneously qua investment in the same new asset. The covenants in the sale deed executed and registered are conclusive in the absence of any evidence to the contrary. The crucial date for the purpose of determination of date of purchase for the purpose of section 54 is the date when the possession and control of the property is given to the purchaser’s hands.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 4 mins

For failure on the part of the payer to deduct TDS, the assessee cannot be penalised by levy of interest under section 234C.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 4 mins

Section 143(1) mandates only processing the return of income to vouch for the arithmetical error, detect the incorrect claim of expenses, losses, verify and cross check the claim made in the audit report, claim of deductions, cross verify the income declared in form 26AS or form 16A etc. and the Revenue is not allowed to go beyond that. Claim not made in the return of income, which has been processed, and time for filing revised return has expired can be made only before the administrative officers or the Board and not in an appeal.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 5 mins

I : Capital gains is taxable in the year in which possession of constructed premises was received by the assessee and not in the earlier year when occupancy certificate was granted. II : The cost of construction given by the developer which is not supported by any particulars cannot be taken as full value of consideration. Section 50D of the Act, would be applicable and accordingly, the full value of consideration should be computed on the basis of guideline value of land or building that is transferred / received on development.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 7 mins

A determinate trust with sole beneficiary was liable to be taxed at same rate as applicable to its beneficiary.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 2 mins

S. 12AB –Registration under section 12AB could be denied to a trust if it had not complied with the applicable State public trusts law.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 2 mins

Where the view taken by the AO that the assessee was eligible for deduction under section 80G for CSR expenses was approved by various decisions of Tribunal, PCIT could not invoke revisional jurisdiction under section 263 on the ground that the order of AO was erroneous.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 2 mins

Commissioner (Appeals) has to decide appeal on merits by passing a speaking order and does not have any power to dismiss appeal for non-prosecution.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 4 mins

Long-term capital loss arising from sale of quoted equity shares with STT paid was eligible to be set-off against long-term capital gain earned from sale of unquoted shares, in view of specific provisions of sections 2(14), 10(38), 45, 47 and 48.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 3 mins

Editorial

Work–Life Balance & SA 600

By Dr CA Mayur B. Nayak, Editor
Reading Time 7 mins

From The President

From The President

By CA Anand Bathiya, President
Reading Time 6 mins

Decoding GST

Cross-Charge vs. Input Service Distributor (ISD)

By Sunil Gabhawalla | Rishabh Singhvi | Parth Shah, Chartered Accountants
Reading Time 20 mins

Recent Decisions: Part A: Goods and Services Tax

Goods And Services Tax

By Puloma Dalal | Jayesh Gogri | Mandar Telang, Chartered Accountants
Reading Time 15 mins

Recent Developments In GST

Recent Developments in GST

By G. G. Goyal, Chartered Accountant | C. B. Thakar, Advocate
Reading Time 10 mins

Article

Bank Accounts and Repatriation Facilities for Non-Residents

By Hardik Mehta | Arwa Mahableshwarwala, Chartered Accountants
Reading Time 33 mins

Namaskaar

मौनं सर्वार्थसाधनम्

By C. N. Vaze, Chartered Accountant
Reading Time 2 mins

Letters to The Editor

Letters to the Editor

By Adv. R. K. Sinha, Rakesh Parikh, CA R.S. Balasubramanyam
Reading Time 3 mins

Light Elements

Introspection

By C. N. Vaze, Chartered Accountant
Reading Time 3 mins

Miscellanea

Miscellanea

By Jhankhana Thakkar | Chirag Chauhan, Chartered Accountants
Reading Time 10 mins

Regulatory Referencer

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 8 mins

Society News

Learning Events at BCAS

By Kinjal Shah | Kinjal Bhuta, Hon. Jt. Secretaries
Reading Time 7 mins

Interview

Interview – CA Rajeev Thakkar

By
Reading Time 53 mins

Article

Whether The Gift Of A Capital Asset By A Corporate Entity Be Subjected To Income Tax?

By Sneh Machchhar, Chartered Accountant
Reading Time 35 mins