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December 2024
28th International Tax and Finance Conference
Accountancy and Audit
  • Accountant Abroad

    Bring back substance

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 3 mins

    Ponzi scheme

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 5 mins

    LWSPRMS Act – Let Wall Street Pay for the Restoration of Main Street Act

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 4 mins

    Lehman’s illegal gimmicks

    By Uday Chitale
    Murtuza Vajihi
    Chartered Accountants
    Reading Time 5 mins

    Singapore Spells Out Six Tenets of Regulation

    By Uday Chitale
    Murtuza Vajihi
    Chartered Accountants
    Reading Time 4 mins

    Auditing Companies’ Ethics

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 6 mins

    Don’t Underestimate India’s Consumers

    By Uday Chitale
    Murtuza Vajihi
    Chartered Accountants
    Reading Time 4 mins

    Security alert

    By Uday Chitale, Murtuza Vajihi
    Chartered Accountants
    Reading Time 7 mins

    Auditors should try old-fashioned auditing

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 4 mins

    IFRS implementation Û Auditors’ Training

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 5 mins

    Investor Protection – Shareholder Nominees As Directors

    By Uday Chitale
    Murtuza Vajihi
    Chartered Accountants
    Reading Time 4 mins

    Impact of IFRS on Banks

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 3 mins

    Governance – Rethinking Takeover Regulations in UK in the Wake of Kraft’s Conquest of Cadbury

    By Uday Chitale
    Murtuza Vajihi
    Chartered Accountants
    Reading Time 4 mins

    Changing Face of the Auditor’s Report

    By Kalpesh Shingala, Chartered Accountant
    Reading Time 6 mins

    IFRS — FAULTY FRAMEWORK?

    By Uday Chitale | Murtuza Vajihi
    Chartered Accountant
    Reading Time 4 mins

    The beginning of the end of US GAAP

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 3 mins

    The beginning of the end of US GAAP

    By Uday Chitale, Murtuza Vajihi, Chartered Accountants
    Reading Time 4 mins
  • Accounting Standards

    GAPs in GAAP – Accounting of Treasury Shares

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    Gaps in GAAP – Multiple Element Contract

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 6 mins

    GAPs in GAAP – Accounting for joint ventures Proportionate consolidation v. equity method

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPs in GAAP — IFRS Convergence Roadmap

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 5 mins

    Finding the Sweet Spot

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 6 mins

    Gaps in GAAP – Reverse acquisitions

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPs in GAAP – Accounting for SMEs

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPs in GAAP – Accounting for amalgamation

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    Gaps in GAAP – Guidance Note on Accounting for Employee Share-based Payments

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPs in GAAP – Accounting for carbon credits

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPS in GAAP – Amalgamation after the Balance Sheet Date

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    GAPs in GAAP – AS-7 – Percentage of completion accounting based on an output measure

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 2 mins

    Gaps in GAAP – Compensated absences (such as annual leave) – Whether long-term or short-term under IAS 19s?

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 6 mins

    Gaps in GAAP – Accounting for MAT Credit

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPs in GAAP – Accounting for rate-regulated entities

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPS in GAAP – ED of Ind-AS 41 First-time Adoption of Indian Accounting Standards

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 11 mins

    Revised Schedule VI – Is it a step in the right direction ?

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    IFRS Conversion in India on Fast Track

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPs in GAAP – Related-Party Transactions

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    Gaps in GAAP – Consolidation of Foreign Subsidiaries

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 3 mins

    GAPS in GAAP – Accounting Standards v. law of the land

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 4 mins

    ICAI’s announcement on accounting for derivatives – Practical issues and challenges

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 7 mins

    Business Combinations

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 0 mins

    GAPs in GAAP – Discount rate for employee benefits (Proposed amendments to IAS 19)

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    Fair Value or Fear Value?

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 10 mins

    GAPs in GAAP – Accounting for Agriculture

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPs in GAAP – Are We Really Converging to IFRS ?

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 7 mins

    Business Combinations under IFRS

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    Straight-lining of Lease

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 0 mins

    Gaps in GAAP Amendment to AS-11

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 13 mins

    The issuance of IFRS standards in India

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    GAP in GAAP— Accounting of Tax Effects on Dividends Received from Foreign Subsidiary

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    SA 240 (Revised): A Practical Insight

    By Vijay Mathur, Bhavesh Dhupelia, Chartered Accountants
    Reading Time 14 mins

    GAP in GAAP— Fair Value of Revenue

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAP in GAAP – Accounting for Associates

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 3 mins

    GAPS in GAAP — Guidance Note on Accounting for Real Estate Transactions (Revised 2012) is in no-man’s land

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 31 mins

    GAP in GAAP— Acquisition of a Company with a Negative Net Worth

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAP in GAAP— Deferred Tax Liability (DTL) on Special Reserves

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 7 mins

    GAP in GAAP ESOP issued by parent to the employees of unlisted subsidiary

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPs IN GAAP — Amortisation of Leasehold Improvements

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    Consolidated Financial Statements vs. Companies Bill

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAP in GAAP? Virtual Certainty vs. Convincing Evidence

    By Geeta Jani, Dhishat B. Mehta
    Chartered Accountants
    Reading Time 7 mins

    Can email addresses constitute an Intangible Asset?

    By Dolphy D’Souza Chartered Accountant
    Reading Time 10 mins

    Gap in GaAp – Accounting for Demerger

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 9 mins

    GAPs in GAAP — Presentation of Comparatives under Ind-AS

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPS in GAAP – Borrowing costs – PAra 4(e) of as 16

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 35 mins

    Accounting standards – GAPS in GAP

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 3 mins

    Has Indian GAAP Outlived its Utility?

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    Y. H. Malegam Report on MFI Sector — A summary

    By Rutvik Sanghvi
    Chartered Accountant
    Reading Time 15 mins

    GAPs in GAP — Foreign Exchange Differences — Capitalisation/Amortisation

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAPS in GAAP — Account ing for Government Grant

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    GAP in GAAP Accounting for Dividend Distribution Tax

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 10 mins

    GAPS in GAAP Accounting for BOT contracts

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 13 mins

    GAPs in GAAP — Accounting for Rate Regulated Activities

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 13 mins

    GAPs in GAAP — FAQs on Revised Schedule VI

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 11 mins

    GAPS in GAAP — AS-16 Borrowing costs

    By Dolphy D’Souza Chartered Accountant
    Reading Time 5 mins

    Gaps in GAAP Change In Terms Of An Operating Lease Agreement

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 7 mins

    GAPs in GAAP — Amortisation Method for Intangibles

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 6 mins

    GAPs in GAAP — What is substantial period of time?

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 5 mins

    GAPs in GAAP Monetary v. Non-monetary Items

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 6 mins

    Gaps in GaAp – Presentation of Changes in Accounting Policies in Interim Periods

    By Dolphy D’Souza Chartered Accountant
    Reading Time 6 mins

    GAPS in GAAP — Accounting for an operating lease that containS contingent rentals

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 9 mins

    GAPS IN GAP — Acounting for eviction costs by lesors

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 5 mins

    Gap in Gap-Accounting for Expenditure on Corporate Social Responsibility

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 12 mins

    The Going Concern Conundrum – Should One Get Concerned About a Going Concern?

    By Bhavesh Dhupelia
    Shabbir Readymadewala, Chartered Accountants
    Reading Time 16 mins

    Gap in GaAp – Accounting for Demerger

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 9 mins

    Gaps in GaAp – Core Inventories

    By Dolphy D’Souza Chartered Accountant
    Reading Time 7 mins

    Gaps in GAAP

    By Dolphy D’Souza Chartered Accountant
    Reading Time 10 mins

    GapS in gaap ? Consolidated Financial Statements

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 10 mins

    Can email addresses constitute an Intangible Asset?

    By Dolphy D’Souza Chartered Accountant
    Reading Time 10 mins

    Contingent Pricing of Fixed Assets and Intangible Assets

    By Dolphy D’Souza Chartered Accountant
    Reading Time 6 mins

    Ind-AS Carve Outs – Straightlining of leases

    By Dolphy D’Souza Chartered Accountant
    Reading Time 9 mins

    Gaps in GAAP— Component accounting under Schedule II

    By Dolphy D’Souza Chartered Accountant
    Reading Time 11 mins

    Ind-AS Carve Outs

    By Dolphy D’Souza Chartered Accountant
    Reading Time 10 mins

    Accounting for cost of test runs

    By Dolphy D’Souza Chartered Accountant
    Reading Time 6 mins

    Ind -AS Carve Out – Recognition of bargain purchase gain and common control transactions

    By Dolphy D’Souza Chartered Accountant
    Reading Time 7 mins

    Audit materiality – a precision cast in stone or a subjective variable measure?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 11 mins

    To Consolidate or not to Consolidate

    By Dolphy D’Souza Chartered Accountant
    Reading Time 7 mins

    Previous GAAP on first-time adoption of Ind AS

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 5 mins

    NEGATIVE REVENUE

    By Dolphy D’Souza Chartered Accountant
    Reading Time 5 mins

    GAPs in GAAP Contingent Consideration From Seller’s Perspective

    By Dolphy D’Souza Chartered Accountant
    Reading Time 5 mins

    Supplier’ Cred it – Whet her de bt or trade payable ?

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 8 mins

    Income Computation and Disclos URE Standards (ICDS) – No Tax Neutrality

    By Dolphy D’Souza Chartered Accountant
    Reading Time 11 mins

    GUIDANCE NOTE ON ACCOUNTING FOR DERIVATIVE CONTRACTS

    By Dolphy D’Souza Chartered Accountant
    Reading Time 5 mins

    IND AS – TOO MANY UNANSWERED QUESTIONS

    By Dolphy D’Souza Chartered Accountant
    Reading Time 6 mins

    Tax Consequences of Interest Payments on Perpetual Debt

    By Dolphy D’Souza Chartered Accountant
    Reading Time 4 mins

    Presentation of Excise Duty under Ind AS

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 21 mins

    Unabsorbed losses and depreciation – Difference in treatment

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 6 mins

    Accounting by Real Estate Companies

    By Dolphy D’Souza
    Reading Time 36 mins

    Presentation of Government Grant

    By Dolphy D’Souza Chartered Accountant
    Reading Time 4 mins

    Discounting of Retention money under Ind-AS

    By Dolphy D’Souza Chartered Accountant
    Reading Time 4 mins

    ACCOUNTING FOR COURT SCHEMES UNDER IND-AS & ON TRANSITION DATE

    By Dolphy D’Souza Chartered Accountant
    Reading Time 5 mins

    Treatment of Capital Expenditure on Assets Not Owned by the Company

    By Dolphy D’Souza Chartered Accountant
    Reading Time 9 mins

    GAPs in GAAP

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 8 mins

    Gaps in GAAP

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 4 mins

    GAPs in GAAP

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 7 mins
  • Accounting Standards (GAPS IN GAAP)

    GAPs in GAAP — Revenue — Gross vs. Net of Taxes

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 9 mins

    GapS in GAAP — Accounting for Jointly Controlled Entities that have Minority Interest

    By Dolphy D’Souza | Chartered Accountant
    Reading Time 3 mins

    Accounting for MAT

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 17 mins

    DEEMED COST EXEMPTION ON FIXED ASSETS AND INTANGIBLES

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 11 mins

    Clarifications on Security Deposits And Key Management Personnel

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 5 mins

    Impact on Mat from First Time Adoption (FTA) Of Ind As

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 9 mins

    Deferred Tax under Ind AS On Exchange Differences Capitalised

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 6 mins

    What Will Constitute A Service Concession Arrangement?

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 8 mins

    Accounting For Loss of Control in Subsidiary

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 5 mins

    Impact of Ind AS on Demerger Transactions

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 12 mins

    Goodwill In Common Control Transactions Under Ind AS ­ Whether Capital Reserve Can Be Negative?

    By Dolphy D’souza, Chartered Accountant
    Reading Time 6 mins

    Business Combinations of Entities under Common Control

    By Dolphy D’souza, Chartered Accountant
    Reading Time 5 mins

    Questions on GST

    By Dolphy D'Suza
    Chartered Accountant
    Reading Time 15 mins

    IND AS ROAD MAP – CORPORATE vs. NBFC

    By Dolphy D’Souza Chartered Accountant
    Reading Time 3 mins

    Adjustment of Debenture Premium against Securities Premium in Ind AS

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 8 mins

    Can a Company have two functional currencies?

    By Dolphy D’Souza Chartered Accountant
    Reading Time 4 mins

    Impact on MAT from First Time Adoption (FTA) of Ind AS

    By Dolphy D’Souza Chartered Accountant
    Reading Time 7 mins

    Acquisition date v Appointed date

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 13 mins
  • Accounting World

    Integrated Reporting

    By Kalpesh Shingala, Chartered Accountant
    Reading Time 6 mins

    Financial Statement Disclo sures — How Much is Too Much

    By Kalpesh Shingala, Chartered Accountant
    Reading Time 4 mins
  • Allied Laws

    Foreign judgment — Decision on merits would be conclusive — Hence enforceable in India — CPC, section 13(b).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Inherent powers of Court — Every procedure is permissible for a Court for doing justice unless express prohibited — CPC section 151.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Doctrine of merger — Precedent — Maintainability of review petition before High Court — When SLP dismissed by Apex Court against the main judgment of High Court — Constitution of India, Article 136.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Powers of Attorney — Right of audience before Court — Power of Attorney Act, 1882, section 2.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Scheme of Amalgamation — Sanction of Court — Companies Act, section 391(2), 394.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 5 mins

    Adoption — Validity — Will proved by examination of attesting witness and scribe of Will — Hindu Adoption and Maintenance Act, section 6 and section 16, Succession Act section 63.

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Evidence — Tape-recorded conversation — Admissible in evidence.

    By Dr. K. Shivaram Ajay R. Singh, Advocates
    Reading Time 4 mins

    Legal representative — Not legally wedded wife — Right to apply for compensation — Civil Procedure Code, section 2(11).

    By Dr. K. Shivaram Ajay R. Singh, Advocates
    Reading Time 3 mins

    Muslim Law — Properties purchased by female exclusively belongs to her and can be divided only between her children — No concept of jointness of nucleus.

    By Dr. K. Shivaram Ajay R. Singh, Advocates
    Reading Time 4 mins

    Registration — Family settlement — Document reciting past events need not be registered — Registration Act, section 17(1) (b), 49.

    By Dr. K. Shivaram Ajay R. Singh, Advocates
    Reading Time 3 mins
  • Announcement

    Notification of the Companies (Indian Accounting Standards) Rules, 2015 and applicability of Indian Accounting Standards (IND AS)

    By Author
    Reading Time 4 mins
  • Article

    IFRS : The ‘Balance Sheet Approach’ to Deferred Tax

    By Anand Banka | Chartered Accountant
    S. Deepika | CA Student
    Reading Time 19 mins

    REVISED REPORTING REQUIREMENTS FOR AUDIT OF FINANCIAL STATEMENTS

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 24 mins

    Reality Check in Implementing the Revised Schedule VI

    By Sriraman Parthasarathy
    Chartered Accountant
    Reading Time 16 mins

    FINDING FRAUDS IN FINANCIAL STATEMENTS — 10 COMANDMENTS FOR AUDITORS

    By Sriraman Parthasarathy
    Chartered Accountant
    Reading Time 17 mins

    Revised Schedule VI — An Analysis

    By Himanshu Kishnadwala
    Chartered Accountant
    Reading Time 29 mins

    IMPACT OF LAWS AND REGULATIONS DURING AN AUDIT OF FINANCIAL STATEMENTS

    By Zubin F. Billimoria
    Chartered Accountant and Company Secretary
    Reading Time 18 mins

    Understanding the business before understanding the audit

    By Zubin F. Billimoria, Chartered Accountant
    Reading Time 18 mins

    Convergence to Ind AS 16 – Property, Plant & Equipment

    By Sanjay Chauhan, Chartered Accountant
    Reading Time 19 mins

    Ind AS: Functional Currency and Consequential Impact on Deferred Tax

    By Sanjay Chauhan
    Chartered Accountant
    Reading Time 19 mins

    Avoiding Common Errors in XBRL Financial Statements

    By Vinod Kashyap, Naveen Garg
    Chartered Accountants
    Reading Time 9 mins

    AUDITOR’S DILEMMAS!

    By Sriraman Parthasarathy, Chartered Accountant
    Reading Time 7 mins

    Hedge Accounting for Foreign Currency Firm Commitments under Indian GAAP

    By Sanjay Chauhan, Chartered Accountant
    Reading Time 18 mins

    The Concept of Propriety’— Dynamics & Challenges for Auditors

    By Sriraman Parthasarathy
    Chartered Accountant
    Reading Time 18 mins

    XBRL Assurance

    By Vinod Kashyap, Naveen Garg
    Chartered Accountants
    Reading Time 11 mins

    XBRL — FUTURE FINANCIAL LANGUAGE

    By Anik R. Koria
    Chartered Accountant
    Reading Time 16 mins

    Rehabilitation & Resettlement: Future Subsistence Cost

    By Sanjay Chauhan
    Chartered Accountant
    Reading Time 18 mins

    AUDITOR’S REPORTING TO THE AUDIT COMITES — A GLOBAL PERSPECTIVE

    By Sriraman Parthasarathy
    Chartered Accountant
    Reading Time 12 mins

    Role of an auditor in assessing fraud risks

    By Yogen Vaidya Chartered Accountant
    Reading Time 6 mins

    Growing concerns with financial statement

    By Yogen Vaidya Chartered Accountant
    Reading Time 6 mins

    OVERVIEW OF TRANSITION TO AND ADOPTION OF IND-AS

    By ZUBIN F. BILLIMORIA Chartered Accountant
    Reading Time 24 mins

    INTERNAL FINANCIAL CONTROLS – COMMON MISCONCEPTIONS

    By ZUBIN F. BILLIMORIA Chartered Accountant
    Reading Time 19 mins

    Capital Subsidies and Accounting

    By S. N. Inamdar
    Senior Advocate
    Reading Time 12 mins

    Accounting and ‘Brexit’ the World’s Most Complex Divorce

    By Vijay Maniar
    Mahadevan Krishnan
    Chartered Accountants
    Reading Time 10 mins

    Artificial Intelligence Embracing Technology – New Age Audit Approach

    By Akeel Master
    Rupali Adhikari Sawant
    Chartered Accountants
    Reading Time 12 mins

    Ind AS – Learings from Phase 1 Implementation – Tips for a Smooth implementation (Part 1)

    By Dolphy D'Suza, Chartered Accountant
    Reading Time 6 mins

    Ind As – Learnings From Phase 1 Implementation Tips For A Smooth Implementation (Part 2)

    By Dolphy D'Suza
    Chartered Accountant
    Reading Time 17 mins

    Perspectives On Fair Value Under Ind As (Part 1)

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 33 mins

    Perspectives On Fair Value Under Ind As (Part 2)

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 26 mins

    EXPECTATIONS AND ESSENCE STATUTORY – INTERNAL – FORENSIC AUDITS

    By AKEEL MASTER
    GAURISH DIVEKAR; Chartered Accountants
    Reading Time 10 mins

    Expectations – Forensic Audit

    By Chetan Dalal Chartered Accountant
    Reading Time 7 mins

    Transitional Period for Rotation of Auditors

    By Paresh Clerk
    Bhakti Vaidya
    Pooja Jain; Chartered Accountants
    Reading Time 13 mins

    FRAUD : Investigation techniques and other aspects –Part 1

    By Chetan Dalal Chartered Accountant
    Reading Time 8 mins

    EXTERNAL AUTHORITY FOR DISCIPLINARY ACTION AGAINST AUDITORS

    By P.N. Shah
    Chartered Accountant
    Reading Time 26 mins

    IMPLEMENTATION OF EXPECTED CREDIT LOSS MODEL FOR NON-BANKING FINANCIAL COMPANIES

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 22 mins

    AMENDMENTS IN FORM 3CD ANNEXED TO TAX AUDIT REPORT

    By P. N. SHAH
    Chartered Accountant
    Reading Time 18 mins

    ASSESSMENT OF BUSINESS MODEL FOR NON-BANKING FINANCIAL COMPANIES (NBFCs)

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 18 mins

    BANNING THE AUDITORS

    By Natrajh Ramakrishna
    Chartered Accountant
    Reading Time 27 mins

    DE-LAYERING RELATED PARTY TRANSACTIONS THROUGH INTERNAL AUDIT

    By Ashutosh Pednekar
    Chartered Accountant
    Reading Time 13 mins

    KEY AUDIT MATTERS IN THE AUDITOR’S REPORT

    By Khurshed Pastakia
    Chartered Accountant
    Reading Time 35 mins

    RELATED PARTY TRANSACTIONS: LESSONS FROM CASE STUDIES

    By Nandita Parekh
    Chartered Accountant
    Reading Time 14 mins

    SETTING UP THE INTERNAL AUDIT FUNCTION

    By NANDITA PAREKH
    Chartered Accountant
    Reading Time 13 mins

    INTERNAL AUDIT ANALYTICS AND AI

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 6 mins

    GOVERNANCE & INTERNAL CONTROLS: THE TOUCHSTONE OF SUSTAINABLE BUSINESS – PART II

    By V. Shankar
    Chartered Accountant
    Reading Time 15 mins

    DATA-DRIVEN INTERNAL AUDIT – I

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 8 mins

    FINANCIAL REPORTING AND AUDITING CONSIDERATIONS ON ACCOUNT OF COVID-19

    By ANAND BATHIYA | YASH THAKKAR
    Chartered Accountants
    Reading Time 15 mins

    LEARNINGS FOR AUDIT FIRMS IN THE ERA OF PCAOB AND NFRA

    By Zubin F. Billimoria | Chirag Doshi
    Chartered Accountants
    Reading Time 25 mins

    GOVERNANCE & INTERNAL CONTROLS: THE TOUCHSTONE OF SUSTAINABLE BUSINESS – PART I

    By V.Shankar
    Chartered Accountant
    Reading Time 13 mins

    DATA-DRIVEN INTERNAL AUDIT – II PRACTICAL CASE STUDIES

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 10 mins

    FRAUD ANALYTICS IN INTERNAL AUDIT

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 9 mins

    PROVISIONING FOR EXPECTED CREDIT LOSSES FOR FINANCIAL INSTITUTIONS AND NBFCs POST-COVID-19

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 20 mins

    INTEGRATED REPORTING – A PARADIGM SHIFT IN REPORTING

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 14 mins

    VALUE ADDITION IN INTERNAL AUDIT

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 13 mins

    CARO 2020 – ENHANCED AUDITOR REPORTING REQUIREMENTS

    By Darshan Shah
    Chartered Accountant
    Reading Time 21 mins

    FRAUD RISK MANAGEMENT IN INTERNAL AUDIT

    By Deepjee Singhal | Manish Pipalia
    Chartered Accountants
    Reading Time 13 mins

    THE LONG FORM AUDIT REPORT FOR BANKS GETS EVEN LONGER

    By Zubin F. Billimoria
    Chartered Accountant
    Reading Time 24 mins

    GOING CONCERN ASSESSMENT BY MANAGEMENT

    By Abhishek Agrawal
    Chartered Accountant
    Reading Time 15 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS LOANS & ADVANCES, GUARANTEES & INVESTMENTS

    By Manish Sampat | Paresh Clerk | Vijay Maniar | Zubin Billimoria
    Chartered Accountants
    Reading Time 19 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS INVENTORIES AND OTHER CURRENT ASSETS

    By Manish Sampat | Paresh Clerk | Vijay Maniar | Zubin Billimoria
    Chartered Accountants
    Reading Time 14 mins

    COVID IMPACT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING

    By Meghdoot Jajoo
    Chartered Accountant
    Reading Time 19 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS DEPOSITS, LOANS AND BORROWINGS

    By Zubin Billimoria
    Chartered Accountant
    Reading Time 31 mins

    AUDITOR’S EVALUATION OF GOING CONCERN ASSESSMENT

    By Abhishek Agrawal
    Chartered Accountant
    Reading Time 16 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS FRAUDS AND UNRECORDED TRANSACTIONS

    By Zubin Billimoria
    Chartered Accountant
    Reading Time 17 mins

    ACCOUNTING TREATMENT OF CRYPTOCURRENCIES

    By Santosh Maller
    Chartered Accountant
    Reading Time 14 mins

    NOCLAR (NON-COMPLIANCE WITH LAWS AND REGULATIONS) REPORTING

    By Rahul Shah
    Chartered Accountant
    Reading Time 12 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS NON-BANKING FINANCE COMPANIES (NBFCs) [INCLUDING CORE INVESTMENT COMPANIES]

    By Zubin Billimoria
    Chartered Accountant
    Reading Time 23 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS

    By Manish Sampat | Paresh Clerk | Vijay Maniar | Zubin Billimoria
    Chartered Accountants
    Reading Time 11 mins

    AUDIT: BUILDING PUBLIC TRUST

    By Kaushal Kishore
    Chartered Accountant
    Reading Time 14 mins

    AUDITOR’S REPORTING – UNVEILING THE ULTIMATE BENEFICIARY OF FUNDING TRANSACTIONS

    By Deepa Agarwal | Nilanjan Paul
    Chartered Accountants
    Reading Time 14 mins

    REVISITING AUDITING STANDARDS

    By Mohan R Lavi
    Chartered Accountant
    Reading Time 10 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS REPORTING ON FINANCIAL POSITION

    By Zubin Billimoria
    Chartered Accountant
    Reading Time 15 mins

    AUDIT QUALITY MATURITY MODEL – WHAT IS YOUR SCORE?

    By Meghdoot Jajoo
    Chartered Accountant
    Reading Time 14 mins

    CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS RESIGNATION OF STATUTORY AUDITORS AND CSR

    By Zubin Billimoria
    Chartered Accountant
    Reading Time 24 mins

    INTERNAL CONTROL CONSIDERATIONS FOR UPCOMING AUDITS

    By Nilanjan Paul
    Chartered Accountant
    Reading Time 17 mins

    AUDITOR’S REPORTING – GROUP AUDIT AND USING THE WORK OF OTHER AUDITORS

    By Deepa Agarwal | Rahul Shah
    Chartered Accountants
    Reading Time 17 mins

    MATERIALITY WITH REFERENCE TO THE FINANCIAL STATEMENTS

    By Abhishek Agrawal | Chartered Accountant
    Reading Time 16 mins

    CERTIFICATION ENGAGEMENTS

    By Rahul Shah
    Chartered Accountant
    Reading Time 15 mins

    WHAT IS SPECIAL ABOUT SPECIAL PURPOSE FRAMEWORK? WHEN TO APPLY SA 700 VS. SA 800?

    By Meghdoot Jajoo
    Chartered Accountant
    Reading Time 9 mins

    INTERPLAY OF SCHEDULE III AND CARO – KEY IMPLEMENTATION CHALLENGES FOR PREPARERS OF FINANCIAL STATEMENTS AND AUDITORS

    By Deepa Agarwal
    Chartered Accountant
    Reading Time 21 mins

    VULNERABILITY ASSESSMENT : A TOOL FOR INTERNAL AUDIT

    By Rajendra Ponkshe, Chartered Accountant
    Reading Time 17 mins

    COMMON PITFALLS IDENTIFIED BY REGULATORS

    By Abhishek Agrawal, Chartered Accountant
    Reading Time 24 mins

    How Well Rounded are Rules about Rounding off Numbers in Financials Statements?

    By Raman Jokhakar, Chartered Accountant
    Reading Time 8 mins

    Identification of Related Parties and Significance of Related Party Transactions

    By Meghdoot Jajoo, Chartered Accountant
    Reading Time 14 mins

    CARO 2020 – Tighter Controls Over NBFCs

    By Bhavesh Vora, Chartered Accountant
    Reading Time 23 mins

    Ind AS 20 and Typical Government Schemes in India – Part 1

    By Tejas Chandulal Shah, Chartered Accountant
    Reading Time 13 mins

    Will Technology Replace Skilled Auditors?

    By Nilanjan Paul, Chartered Accountant
    Reading Time 14 mins

    Sustainability Reporting and Assurance

    By Deepa Agarwal, Chartered Accountant
    Reading Time 19 mins

    Ind AS 20 and Typical Government Schemes in India – Part II

    By Tejas Chandulal Shah, Chartered Accountant
    Reading Time 16 mins

    Technology : The New Audit Team Member

    By Abhishek Agrawal, Chartered Accountant
    Reading Time 14 mins

    How Certified Enterprise Risk Managers Can Make a Crucial Contribution to the Success of New Business Projects?

    By
    Reading Time 8 mins

    The Transformative Power of Artificial Intelligence (AI) In Audit

    By Dr K Paul Jayakar, Chartered Accountant
    PhD
    Reading Time 7 mins

    Guidance for Executing Audit of Small and Medium Enterprises by Small and Medium Practitioners

    By Abhay Mehta, Chartered Accountant
    Reading Time 13 mins

    Other Information – Auditor’s Responsibility beyond Financial Statements

    By Meghdoot Jajoo, Chartered Accountant
    Reading Time 12 mins

    Audit Trail under the Companies Act, 2013

    By Deepa Agarwal, Chartered Accountant
    Reading Time 14 mins

    Internal Financial Controls over Financial Reporting (ICFR) and Reporting Considerations

    By Rahul Shah, Chartered Accountant
    Reading Time 13 mins

    Audit Documentation – The Evidence Of Audit

    By Abhishek Agrawal, Chartered Accountant
    Reading Time 13 mins

    Applicability of Deferred Provisions in The Icai Code of Ethics- Fees, Tax Services, and Non-Compliance of Laws and Regulations

    By Kemisha Soni, Chartered Accountant
    Reading Time 15 mins

    Watchdog – Whether Placed Under Statutory Watch!!

    By Dr. Dilip K. Sheth, Chartered Accountant
    Reading Time 13 mins

    Restatement of Financial Statements — Auditor’s Considerations

    By Deepa Agarwal,Chartered Accountant
    Reading Time 15 mins

    Natural Hedging – A Practical Approach to Designation and Effectiveness

    By Sanjay Chauhan, Chartered Accountant
    Reading Time 16 mins

    Sustainability Reporting and Opportunities for Practitioners

    By Deepa Agarwal, Chartered Accountant
    Reading Time 14 mins

    Private Affairs Impacting Public Interest Entities — A Sift Through a Recent SEBI Amendment

    By Anand Bathiya , Prachi Naik
    Chartered Accountants
    Reading Time 15 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai.V
    Chartered Accountants
    Reading Time 18 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V
    Chartered Accontant
    Reading Time 18 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V
    Chartered Accontant
    Reading Time 15 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V
    Chartered Accontant
    Reading Time 13 mins

    Tightening the Book-Keeping Requirements: Amendments to the Companies (Accounts) Rules, 2014

    By Deepa Agarwal, Chartered Accountant
    Reading Time 12 mins

    Key Amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

    By Deepa Agarwal, Chartered Accountant
    Reading Time 15 mins

    Overview of NFRA Inspection Reports of 2023 on Audit Firms – I

    By Raman Jokhakar, Chartered Accountant
    Reading Time 13 mins

    Overview of NFRA Inspection Reports of 2023 on Audit Firms– II

    By Raman Jokhakar, Chartered Accountant
    Reading Time 16 mins

    Recycling Of Wastes – An Accounting Conundrum?

    By Nilanjan Paul, Chartered Accountant
    Reading Time 10 mins

    Limited Liability Partnerships — Relevant Auditing and Accounting Considerations

    By Ridhima Dubey,Chartered Accountant
    Reading Time 12 mins

    The Bookkeeping in Electronic Mode

    By Milonee Shah | Samir Parmar, Chartered Accountants
    Reading Time 11 mins

    Sustainability Reporting – Limited Assurance versus Reasonable Assurance

    By Deepa Agarwal, Chartered Accountant
    Reading Time 14 mins

    Is Surplus in Profit and Loss Account a Free Reserve?

    By Pramod Prabhudesai, Chartered Accountant
    Reading Time 17 mins

    Ind AS 117 – Insurance Contracts

    By Mohan R Lavi, Chartered Accountant
    Reading Time 12 mins

    Audit Trail Compliance in Accounting Software

    By Anand Paurana, Chartered Accountant
    Reading Time 16 mins
  • Auditing Standards

    Substantive Analytical Procedures: Relevance and Efficacy in an Audit

    By Bhavesh Dhupelia, Shabbir Readymadewala, Chartered Accountants
    Reading Time 11 mins

    SA 330 – The Auditor’s Responses to Assessed Risks

    By Bhavesh Dhupelia
    Shabbir Readymadewala
    Chartered Accountants
    Reading Time 8 mins

    GAP in GAAP Accounting for Warranty Obligations

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 5 mins

    External Confirmations – Proving Existence with External Evidence?

    By Bhavesh Dhupelia, Shabbir Readymadewala, Chartered Accountants
    Reading Time 14 mins

    SA 560 (Revised) – Subsequent Events – Hindsight Better Than Foresight?

    By Bhavesh Dhupelia, Shabbir Readymadewala, Chartered Accountants
    Reading Time 11 mins

    Auditing Opening Balances – How Far Should an Auditor Go?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 12 mins

    SA 540 Accounting Estimates

    By Bhavesh Dhupelia
    Shabbir Readymadewala
    Chartered Accountants
    Reading Time 12 mins

    Related Party Transactions – A Potential for Abuse?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 12 mins

    Is an auditor expected to be omniscient?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 11 mins

    Auditing outsourced services – Auditors’ predicament

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 15 mins

    An auditor’s expert – a mere specialist or a Man Friday?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 11 mins

    Audit materiality – a precision cast in stone or a subjective variable measure….continued

    By Bhavesh Dhupelia
    Shabbir Ready Madewala Chartered Accountant
    Reading Time 13 mins

    Audit Documentation – a relevant defense or mere record keeping

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 11 mins

    Is internal audit function relevant in a financial statement audit?

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 13 mins

    SA 250: Consideration of Laws and Regulations in an Audit of Financial Statements

    By Bhavesh Dhupelia
    Shabbir Readymadewala Chartered Accountants
    Reading Time 12 mins
  • AUDITORS’ REPORT – BCAJ SURVEY OF AUDITORS

    AUDITORS’ REPORT – BCAJ SURVEY OF AUDITORS, USERS AND PREPARERS

    By
    Reading Time 0 mins
  • Case Study

    Acounting of Foreign Currency Fluctuations

    By Himanshu Kishnadwala
    Chartered Accountant
    Reading Time 13 mins
  • FINANCIAL REPORTING DOSSIER

    Financial Reporting Dossier

    By Vinayak Pai V
    Chartered Accountant
    Reading Time 19 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 14 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 20 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V, Chartered Accountant
    Reading Time 21 mins

    Financial Reporting Dossier

    By Vinayak Pai V, Chartered Accountant
    Reading Time 23 mins

    Financial Reporting Dossier

    By Vinayak Pai V, Chartered Accountant
    Reading Time 26 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 31 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 16 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 30 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 19 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai .V
    Chartered Accountant
    Reading Time 18 mins

    FINANCIAL REPORTING DOSSIER

    By Vinayak Pai V.
    Chartered Accountant
    Reading Time 18 mins

    Financial Reporting Dossier

    By Pankaj Tiwari, Chartered Accountant
    Reading Time 28 mins

    Financial Reporting Dossier

    By Pankaj Tiwari, Chartered Accountant
    Reading Time 25 mins

    Financial Reporting Dossier

    By Pankaj Tiwari, Chartered Accountant
    Reading Time 18 mins

    Financial Reporting Dossier

    By Pankaj Tiwari, Chartered Accountant
    Reading Time 20 mins

    Financial Reporting Dossier

    By Pankaj Tiwari, Chartered Accountant
    Reading Time 20 mins
  • From Published Accounts

    Section A : Treatment of Foreign Exchange Fluctuations as per AS-11 — ‘The Effects of Changes in Foreign Exchange Rates’ issued under the Companies Acounting Standards) Rules, 2006

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    Revision of Financial Statements

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 12 mins

    Format and disclosures for financial statements prepared using IFRS

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 0 mins

    Section A : Disclosures in Unaudited Quarterly Results regarding treatment of foreign exchange fluctuations for the period/quarter ended 31-12-2008

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 9 mins

    Abbott India Ltd. — (30-11-2007)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    S & S Power Switchgear Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    MRF LTD. — (30-9-2007)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    HINDUSTAN UNILEVER LTD.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Honeywell Automation India Ltd. — (31-12-2007)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    FULFORD (INDIA) LTD. — (31-12-2007)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    ACC LTD. — (31-12-2007)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Exploration, Development & Production Costs

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 4 mins

    Accounting for Oil and Gas Activity

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Oil and gas assets

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    Oil and gas exploration and development costs

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    Joint ventures for oil and gas fields

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Section A : Illustration of accounts and audit report of a company based in United States where the assumption of Going Concern is questioned

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 9 mins

    Manner of Disclosure of Accounting Policies

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 6 mins

    Section A : Treatment of Profit/loss on Derivative Transactions

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 12 mins

    Disclosure of Accounting Policies by Professional Bodies

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 14 mins

    Extracts from Certificate on Corporate Governance

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Section B : Assurance Statement for Sustainability Reporting : Infosys Technologies Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    Disclosures regarding provisions for liabilities (as per AS-29)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 3 mins

    Illustration of an audit report containing large number of qualifications : Mahanagar Telephone Nigam Limited (31-3-2009)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 0 mins

    Disclosures regarding Amalgamation

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 11 mins

    Section A : Notes regarding Revenue Recognition Disputed Interest income 59

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Section A : Audit Report containing Qualifications on Going Concern, etc.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 6 mins

    Section C : Withdrawal of Audit Report issued earlier : Satyam Computer Services Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    Opinion of Expert Advisory Committee of ICAI not followed regarding treatment of dredger spares

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Opinion of Expert Advisory Committee of ICAI not followed regarding revenue recognition

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 0 mins

    Disclosure regarding Foreign Currency Convertible Bonds (FCCBs) and premium on redemption of FCCB

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    SKS Microfinance Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 3 mins

    TRF Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 2 mins

    Qualifications in certificate on corporate governance

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Straight-lining of lease rent pursuant to clarification by EAC of ICAI

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Scheme of arrangement for transfer of amalgamation reserve to restructuring reserve and one-time restructuring costs adjusted

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Disclosures regarding Premium payable on redemption of FCCB

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Transactions covered u/s 297 of the Companies Act, 1956

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Toolings classified as Inventories (pending receipt of opinion from EAC of ICAI)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    Scheme of arrangement with High Court approvals

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Additional non statutory disclosures in Annual Reports

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 6 mins

    Tata Consulting Services Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    Reliance Petroleum Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Wipro Ltd.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    Infosys Technologies Ltd.

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Full adoption of Accounting Standard 30 Strides Arcolab Ltd. (31-12-2008)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 23 mins

    Thomas Cook (India) Ltd. (31-12-2009)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 1 mins

    Kingfisher Airlines Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 1 mins

    Godrej Consumer Products Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 1 mins

    Pantaloon Retail (India) Limited (30-6-2010)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 1 mins

    Section A: AS 29: Disclosures regarding provision for potential civil and criminal liability

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 7 mins

    Section A : Accountin g Treatment for Share Issue and IPO-related expenses

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Section B : Miscellaneous

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Section A: Illustration of an audit report giving ‘Disclaimer of Opinion’

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 15 mins

    Revision pursuant to merger

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 3 mins

    Revision for dividend declaration

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Section A: Financial Statements of an NGO

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 10 mins

    Section A: Revision of Financial Statements since 31st March 2009 pursuant to approval obtained from the Ministry of Corporate Affairs (MCA)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 11 mins

    Jet Airways (India) Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 4 mins

    Siemens Ltd. (30-9-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Tata Motors Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    Section B: I. Scheme of amalgamation accounted as per Purchase Method Nagarjuna Fertilizers and Chemicals Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    Oberoi Realty Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Bajaj Electricals Ltd (31-3-2012)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    GRASIM Industries Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Hindustan Unilever Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Mahindra & Mahindra Financial Services Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Larsen & Toubro Ltd (31-3-2012)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Chemplast Sanmar Ltd. (31-3-2011)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Navin Fluorine International Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Gujarat Fluorochemicals Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Deepak Fertilisers & Petrochemical Corporation Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Power Finance Corporation Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Section A : Disclosure in Notes to Accounts under Revised Schedule VI for Long Term Borowings and details thereof

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    Disclosure regarding support/comfort letters given for subsidiaries.

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    Issues arising on migration to an ERP software.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    Non-availability of information from foreign branches

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 3 mins

    NTPC Ltd. (31-3-2011)

    By Himanshu Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    NHPC Ltd. (31-3-2011)

    By Himanshu Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Ultratech Cement Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Tata Steel Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    ACC Ltd. (31-12-2010)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Ambuja Cement Ltd. (31-12-2010)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Bharat Petroleum Corporation Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Indian Oil Corporation Ltd. (31-3-2011)

    By Himanshu Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    Bharat Heavy Electricals Ltd. (31-3-2011)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 1 mins

    Section A : Audit Report isued under SA 700 (Revised ), SA 705 and SA 706

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    Independent assurance statement

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 5 mins

    Ambuja Cements Ltd. (31-12-2010)

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 1 mins

    MARICO Ltd. (31-3-2010) (Consolidated Financial Statements)

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Ramco Industries Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 1 mins

    Tata Communications Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 1 mins

    Asian Paints (India) Ltd. (31-3-2010)

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 1 mins

    Ranbaxy Laboratories Ltd. (31-12-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Macmillan Publishers India Ltd. (31-12-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    The Paper Products Ltd. (31-12-2010)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Disclosures regarding Hybrid Perpetual Securities.

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Qualifications in Corporate Governance Report

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    Qualification regarding overdue amounts from Customers

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 4 mins

    Section A: Disclosures Under Revised Schedule VI

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    Tata Steel Ltd. — (31-3-2011)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 5 mins

    Tata Consultancy Services Ltd. — (31-3-2011)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 3 mins

    Infosys Limited (quarter ended 30th June 2011)

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 6 mins

    Consolidated Financial Statements presented in accordance with International Financial Reporting Standards (IFRS) (as permitted by SEBI)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 10 mins

    Section A: Disclosure as per section 186(4) of the Companies Act , 2013

    By Himanshu V. Kishnadwa la Chartered Accountant
    Reading Time 2 mins

    Re-adoption of financial statements to give effect to scheme of arrangement

    By Himanshu V. Kishnadwala
    Reading Time 3 mins

    Effect given for amalgamation of another large company and integration of accounting policies for accounting of derivative instruments

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 3 mins

    SECTION B: REVISED AS 10 ‘PROPERTY, PLANT & EQUIPMENT’ APPLICABLE FROM ACCOUNTING YEARS COMMENCING FROM 1ST APRIL 2016 ONWARDS FOLLOWED IN FY 2015-16

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Section A: Adverse Conclusion on Interim Ind AS Results

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 9 mins

    Disclosures in Standalone Ind As Financial Statements For The Year Ended 31st March 2017 Regarding Current Tax And Reconciliation Of Tax Expense

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 10 mins

    KEY AUDIT MATTERS IN AUDIT REPORT – RELATED PARTY TRANSACTIONS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    REVENUE RECOGNITION FOR COMPANIES OPERATING IN E-COMMERCE, GAMING AND FINTECH SECTORS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 15 mins

    IMPLEMENTATION OF Ind AS 116 ‘LEASES’ USING FULL RETROSPECTIVE APPROACH

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 6 mins

    INDEPENDENT REPORT FOR SUSTAINABILITY DISCLOSURES

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 12 mins

    QUALIFIED OPINION – IMPAIRMENT TESTING NOT CARRIED OUT FOR INVESTMENT IN A MATERIAL SUBSIDIARY

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 4 mins

    DISCLOSURES ON CORPORATE SOCIAL RESPONSIBILITY (CSR) AND RATIOS AS PER THE REQUIREMENTS OF DIVISION II OF SCHEDULE III TO THE COMPANIES ACT, 2013 (APPLICABLE FROM F.Y. 2021-22)

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 5 mins

    Auditor’s Report and Related Disclosures in Financial Statements For a Non-Banking Financial Company under an Administrator

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 26 mins

    Qualified Auditor’s Report for an NBFC on Account of Control Deficiencies in Certain Loan Segments

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 11 mins

    Limited Review Report for Company under CIRP and Whose Resolution Plan Was Accepted by NCLT

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 12 mins

    Disclosures Regarding Business Restructuring including Merger/Demerger and Discontinuing Operations for Y.E. 31st March, 2022

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 26 mins

    Disclosures in Financial Statements Regarding Impairment of Goodwill

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 19 mins

    Qualification in A Limited Review Report Regarding Non-Compliance of Ind As 115 (Revenue From Contracts With Customers)

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 14 mins

    Qualifications Regarding Constraints and Limitations Highlighted By the Forensic Auditor Appointed Due To Resignation of Independent Directors

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 13 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 22 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala, Chartered Accountants
    Reading Time 18 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 11 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 14 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 13 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 9 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 27 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 11 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 10 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 6 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 13 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 12 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 3 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 8 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 6 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 18 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 6 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 10 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 22 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 12 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 5 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 5 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountants
    Reading Time 21 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 8 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 10 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 9 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 19 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 4 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 25 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 2 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 26 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 16 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 11 mins

    From Published Accounts

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 16 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 24 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 18 mins

    From Published Accounts

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 9 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 24 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 12 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 17 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 43 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 22 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 12 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 9 mins

    FROM PUBLISHED ACCOUNTS

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 4 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA
    Chartered Accountant
    Reading Time 8 mins

    FROM PUBLISHED ACCOUNTS

    By HIMANSHU V. KISHNADWALA Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 19 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 9 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwa la Chartered Accountant
    Reading Time 10 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 11 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 18 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 12 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 14 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 14 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 7 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 10 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 20 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 28 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 7 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 41 mins

    From Published Accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 26 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 9 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 30 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 20 mins

    From published accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 9 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 6 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 25 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 12 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 3 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 3 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 3 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 12 mins

    From Published Accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 18 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 7 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 3 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 13 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 10 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 18 mins

    From published accounts

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 8 mins

    From published accounts

    By Himanshu V. Kishnadwala
    Chartered Accountant
    Reading Time 1 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 6 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 10 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 6 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    From published accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    Section B : Miscellaneous

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 0 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 7 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 7 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 6 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 8 mins

    Exploration and Development Costs

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 3 mins

    Exploration and development costs

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 2 mins

    Miscellaneous

    By Himanshu Kishnadwala
    Reading Time 12 mins

    Section B : Miscellaneous

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 6 mins

    Miscellaneous

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 7 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 18 mins

    Miscellaneous

    By Himanshu V. Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    Miscellaneous

    By Himanshu V. Kishnadwala | Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 10 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 8 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 4 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 7 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 20 mins

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    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 5 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 19 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 10 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 25 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 29 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 17 mins

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 24 mins
  • IFRS

    Consolidation – redefining control and reflecting true net worth Part-2

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 12 mins

    Practical Insights into Accounting for change in Ownership Interest in a Subsidiary under IND AS

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 10 mins

    IFRS — Closer to economic substance of the transaction

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 17 mins

    IFRS reconstructs the accounting for Public Private Partnerships (‘PPP’)

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 15 mins

    IFRS 9: Financial Instruments: The new “Avatar”

    By Jamil Khatri
    Akeel Master | Chartered Accountants
    Reading Time 18 mins

    IFRS – Is it a smooth drive for auto companies?

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 10 mins

    IFRS 8 : Operating Segments

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 22 mins

    Impact of IFRS on the telecom sector : Dialling a new reporting framework

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 11 mins

    IFRS impact on fixed assets — More than just a change in name

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 16 mins

    IFRS and Indirect Taxes : Need for Dual Reporting !

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 12 mins

    Business Combinations (IFRS 3) — Accounting to reflect the economic substance

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 0 mins

    Taxing times — IFRS and Taxation

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 13 mins

    Revenue recognition principles under IFRS for Real Estate Industry

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 12 mins

    The Countdown to Ind-AS — careful evaluation of policy choices

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 9 mins

    Financial Instruments — Indian corporates need to gear up for significant changes in the accounting landscape

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 15 mins

    Embedded leases : The scope under IFRS is much wider (IFRIC 4)

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 17 mins

    Financial instruments : Disclosures — Practical application and challenges

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 0 mins

    Comparison of IFRS Exposure Draft on Insurance Contracts and Insurance Accounting in India

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 21 mins

    Framework to IFRS : The foundation to financial accounting concepts

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 17 mins

    Consolidation — redefining control and reflecting true net worth

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 13 mins

    Impact of IFRS on the real estate sector : Developing a new reporting framework

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 14 mins

    Convergence with International Financial Reporting Standards (‘IFRS’) — Impact on fundamental accounting practices and regulatory framework in India

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 12 mins

    How will convergence with IFRS affect audit procedures ?

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 13 mins

    Companies Act, 1956 and IFRS Convergence — An overview

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 15 mins

    Should Gains be Recognised due to ‘Own’ Credit Deterioration

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 5 mins

    IFRS Conceptual Framework – Time to Revise

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 5 mins

    Proposed Accounting for Leases – Will it Impact Business Operating Models?

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 10 mins

    Ind AS 40 – Investment Property

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 13 mins

    Day one fair valuation of financial instruments

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 8 mins

    IFRS Exposure Draft on Leases – Sectoral Impact

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 12 mins

    Determination of Control- Now a Critical Judgement Area under IFRS

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 10 mins

    Tax Accounting Standards: A new way of computing taxable income

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 14 mins

    Related parties under Ind AS: Enhanced scope and disclosure requirements

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 11 mins

    Ind AS 105 – Non-current assets held for sale and Discontinued Operations

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 10 mins

    Ind AS 102 – Share Based Payments

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 12 mins

    Ind-AS impact on retail industry and summary of the carve-outs

    By Jamil Khatri Akeel Master
    Chartered Accountants
    Reading Time 11 mins

    Hedge accounting in a volatile environment

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 11 mins

    Accounting for fair value hedge s and hedge s of net in vestment in foreign operations

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 10 mins

    Debt v. Equity — Case studies

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 9 mins

    Property, Plant and Equipment – Changes under Ind AS

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 13 mins

    Tax Accounting Standards: A New Framework for Computing Taxable Income

    By Jamil Khatri, Akeel Master, Chartered Accountants
    Reading Time 12 mins

    Changes in ownership — Approach under Ind AS

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 8 mins

    Deferre d taxes an d effec tive tax ra te reconcilia tion — Approach under Ind AS

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 7 mins

    Revenue Recognition by Real Estate Developers — An Important carve-out in Ind-AS

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 7 mins

    Revenue Recognition

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 15 mins

    Introduction to the New Revenue Recognition Standard Issued by IASB

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 7 mins

    Need for optimal choice of accounting policies under Ind-AS

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 9 mins

    Carve-outs Under IND-AS

    By Jamil Khatri Akeel Master, Chartered Accountants
    Reading Time 6 mins

    IFRS introduces a single control model for asesing control over investes

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 15 mins

    IFRS introduces framework for measuring fair values

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 13 mins

    Joint Ventures: No more proportionate consolidation under IFRS

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 10 mins

    Redefining the framework for taxation under Ind AS

    By Jamil Khatri, Akeel Master
    Chartered Accountants
    Reading Time 11 mins

    Practical insights into accounting for certain revenue arrangements

    By Jamil Khatri
    Akeel Master
    Chartered Accountants
    Reading Time 16 mins
  • IND AS/IGAAP - Interpretation & Practical Application

    Ind AS 115 – Revenue From Contracts With Customers

    By Dolphy D'Souza, Chartered Accountant
    Reading Time 5 mins

    Impact of Ind AS 115 on Real Estate Companies

    By Dolphy D’souza, Chartered Accountant
    Reading Time 12 mins

    ICDS – Post Delhi High Court Decision

    By Dolphy D'Suza
    Chartered Accountant
    Reading Time 23 mins

    Voluntary Revision Of The Financial Statements

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 5 mins

    Accounting For Uncertainty Over Income Tax Treatments

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 25 mins

    Ind AS 115 – Revenue From Contracts With Customers

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 15 mins

    CONSOLIDATION OF CSR TRUSTS UNDER Ind AS

    By DOLPHY D'SOUZA
    Chartered Accountant
    Reading Time 4 mins

    USEFUL LIFE UNDER IND AS 16 PROPERTY, PLANT AND EQUIPMENT AND LEASE TERM UNDER IND AS 116 LEASES

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 4 mins

    Percentage Of Completion Method (POCM) Illustration For Real Estate Companies Under Ind AS 115 & Comparison With Guidance Note (GN)

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 18 mins

    DIFFERENCES BETWEEN IFRS & Ind AS

    By DOLPHY D'SOUZA
    Chartered Accountant
    Reading Time 25 mins

    KEY DIFFERENCES BETWEEN IND AS 116 AND CURRENT IND AS

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 10 mins

    WHAT’S IN A NAME? PREFERENCE SHARE VS. FCCB

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 6 mins

    Ind AS vs. ICDS Differences

    By Dolphy D'Souza, Chartered Accountant
    Reading Time 9 mins

    ACCOUNTING OF FINANCIAL GUARANTEES

    By DOLPHY D'SOUZA
    Chartered Accountant
    Reading Time 5 mins

    ACCOUNTING OF DIVIDEND DISTRIBUTION TAX

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 11 mins

    LESSEE’S LEASE OBLIGATION – BORROWINGS VS. FINANCIAL LIABILITY

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 7 mins

    Ind AS ACCOUNTING IMPLICATIONS FROM SUPREME COURT RULING ON PROVIDENT FUND

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 11 mins

    IMPACT OF ORDINANCE DATED 20th SEPTEMBER, 2019

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 10 mins

    DETERMINING THE LEASE TERM FOR CANCELLABLE LEASES

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 9 mins

    UNINSTALLED MATERIALS AND IMPACT ON REVENUE RECOGNITION

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 16 mins

    DEMERGER TRANSACTION UNDER Ind AS

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 8 mins

    DETERMINING INCREMENTAL BORROWING RATE UNDER Ind AS 116

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 13 mins

    ACCOUNTING OF E-WASTE OBLIGATION

    By DOLPHY D’SOUZA
    Chartered Accountant
    Reading Time 6 mins

    ACCOUNTING FOR CRYPTOCURRENCY

    By DOLPHY D’SOUZA
    Chartered Accountant
    Reading Time 6 mins

    PRACTICAL GUIDANCE – DETERMINATION OF LEASE TERM FOR LESSEE

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 17 mins

    COVID-19 AND PRESENTATION OF ‘EXCEPTIONAL ITEMS’

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 13 mins

    ACCOUNTING FOR OWN EMPLOYEE TRAINING COSTS INCURRED ON CUSTOMER CONTRACTS

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 5 mins

    ACCOUNTING RELIEF FOR RENT CONCESSIONS ON LEASES

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 8 mins

    REVERSE FACTORING OR SUPPLIER FINANCING

    By DOLPHY D’SOUZA
    Chartered Accountant
    Reading Time 19 mins

    UNCERTAINTY OVER INCOME TAX TREATMENTS

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 8 mins

    COVID AND FAIR VALUE MEASUREMENT

    By DOLPHY D’SOUZA
    Chartered Accountant
    Reading Time 8 mins

    DISCONTINUED OPERATIONS

    By DOLPHY D’SOUZA
    Chartered Accountant
    Reading Time 5 mins

    DEFINITION OF A BUSINESS (AMENDMENTS TO Ind AS 103)

    By Dolphy D'souza
    Chartered Accountant
    Reading Time 21 mins

    PRACTICAL GUIDANCE ON SIGNIFICANT INFLUENCE

    By Dolphy D'Souza
    Chartered Accountant
    Reading Time 5 mins

    HOW AND FOR WHAT PURPOSE?

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 7 mins

    ACCOUNTING FOR CROSS HOLDING

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 6 mins

    EVALUATING AN AGREEMENT – LEASE VS. IN-SUBSTANCE PURCHASE

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 7 mins

    CURRENT VS. NON-CURRENT CLASSIFICATION WHEN LOAN IS RESCHEDULED OR REFINANCED

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 5 mins

    GROSS VS. NET REVENUE RECOGNITION

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 9 mins

    FAQs ON AMENDED SCHEDULE III-DIVISION II RELATED TO ‘APPLICABILITY’

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 8 mins

    EQUIPMENT INSTALLED AT CUSTOMER PREMISES – WHETHER LEASE OR NOT?

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 9 mins

    ACCOUNTING BY HOLDERS OF CRYPTO ASSETS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 11 mins

    DEFERRED TAX LIABILITY ON GOODWILL DUE TO AMENDMENT IN FINANCE ACT, 2021

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 8 mins

    CSR – WHETHER A DAY 1 OBLIGATION?

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 6 mins

    REVENUE ADJUSTMENT ON ACCOUNT OF TRANSFER PRICING

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 6 mins

    ACCOUNTING OF COMPLEX CONVERTIBLE BONDS WITH A CALL OPTION

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 7 mins

    SHARE ISSUE COSTS Vs. SHARE LISTING EXPENSES

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 8 mins

    ACCOUNTING FOR SPONSORSHIP ARRANGEMENTS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 6 mins

    HOW PREVALENT IS THE CONCEPT OF DE FACTO CONTROL?

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 14 mins

    ASSET ACQUISITIONS AND DEFERRED TAXES

    By Dolphy D’Souza
    Chartered Accountant
    Reading Time 5 mins

    NON-GAAP PRESENTATION OF OPERATING SEGMENTS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 17 mins

    AUDITORS’ RESPONSIBILITY WHEN APPOINTED DATE IS NOT AS PER IND AS STANDARDS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 9 mins

    ACCOUNTING OF WARRANTS ISSUED BY SUBSIDIARY TO PARENT

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 7 mins

    SALE OF A STAKE IN A SUBSIDIARY BY A PARENT WITHOUT LOSS OF CONTROL

    By Dolphy D’souza, Chartered Accountant
    Reading Time 6 mins

    Accounting of Production-Linked Incentives (PLI)

    By Dolphy D’souza, Chartered Accountant
    Reading Time 11 mins

    Onerous Contracts – Amendments to Ind AS 37

    By Dolphy D’souza, Chartered Accountant
    Reading Time 5 mins

    Impact of Shareholders’ Rights on Classification of Financial Instruments

    By Dolphy D’souza, Chartered Accountant
    Reading Time 11 mins

    Modification of Trade Receivables

    By Dolphy D’souza, Chartered Accountant
    Reading Time 14 mins

    Enabling Assets

    By Dolphy D’souza, Chartered Accountant
    Reading Time 8 mins

    Whether Provision Is Required For Net Zero Commitment

    By Dolphy D’souza, Chartered Accountant
    Reading Time 6 mins

    Identification of Related Party Relationships

    By Dolphy D’souza, Chartered Accountant
    Reading Time 5 mins

    Equity Vs. Financial Liability

    By Dolphy D’souza, Chartered Accountant
    Reading Time 5 mins

    Accounting of Pre-IPO Instruments

    By Dolphy D’souza, Chartered Accountant
    Reading Time 9 mins

    Accounting of a Demerger Scheme that is Not a Common Control Transaction

    By Dolphy D’souza, Chartered Accountant
    Reading Time 8 mins

    Ind AS/IGAAP – Interpretation and Practical Application

    By Dolphy D’souza, Chartered Accountant
    Reading Time 9 mins

    Audit Trail – Key Considerations for Auditors and Companies

    By Dolphy D’souza, Chartered Accountant
    Reading Time 18 mins

    Split Accounting – How Is A Convertible Instrument Accounted For?

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

    Accounting of Export Incentives

    By Dolphy D’souza, Chartered Accountant
    Reading Time 8 mins

    COMMON CONTROL TRANSACTIONS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 6 mins

    COMMON CONTROL TRANSACTIONS

    By Dolphy D’souza
    Chartered Accountant
    Reading Time 5 mins

    Borrowing Costs

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 6 mins

    Purchase-As-Produced Contracts – Whether Derivative or Not?

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

    Streaming Arrangements

    By Dolphy D’souza, Chartered Accountant
    Reading Time 11 mins

    Can Negative Revenue Be Reclassified to Expense?

    By Dolphy D’souza, Chartered Accountant
    Reading Time 8 mins

    Accounting Of Losses in an Associate

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 9 mins

    Ind AS/IGAAP — Interpretation and Practical Application

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 15 mins

    Adjustment of Knock-On Errors

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 7 mins

    Ind AS 2023 Amendments

    By Dolphy D’souza, Chartered Accountant
    Reading Time 7 mins

    Amendment to Ind AS 12 – Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction

    By Dolphy D’souza, Chartered Accountant
    Reading Time 6 mins

    Ind AS 2023 Amendments – Ind AS 1 Presentation of Financial Statements

    By Dolphy D’souza, Chartered Accountant
    Reading Time 18 mins

    Date of Capitalisation of Property, Plant and Equipment

    By Dolphy D’souza, Chartered Accountant
    Reading Time 7 mins

    Contingent Features and SPPI Test

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

    Accounting for Coaching Fees

    By Dolphy D’souza, Chartered Accountant
    Reading Time 13 mins

    Segment Disclosures under Ind AS 108

    By Dolphy D’souza, Chartered Accountant
    Reading Time 8 mins
  • Internal Audit Studies

    Computer-Assisted Audit Tools (CAATs) — Use of CAATs for Ope rational Rev iew of Plant Maintenance

    By Deepjee Singhal
    Manish Pipalia
    Chartered Accountants
    Reading Time 4 mins
  • M & A

    Valuation — Market Approach

    By Mahek Vikramsey | Chartered Accountant
    Reading Time 25 mins

    Tax Due Diligence — Indirect Taxes

    By Rajesh Chitalia | Chartered Accountant
    Reading Time 15 mins

    Purchase Price Allocation (PPA)

    By Aseem Mankodi | Chartered Accountant
    Reading Time 4 mins

    Net Assets Method of Valuation

    By Sujal Shah
    Parag Ved
    Chartered Accountants
    Reading Time 11 mins

    Discounted Cash Flow

    By Gurudutt N Joishy | Chartered Accountant
    Reading Time 20 mins

    LEGAL DUE DILIGENCE IN M&A TRANSACTION

    By Nitin Potdar | Solicitor
    Reading Time 15 mins

    Financial and Accounting Due Diligence — Some Aspects

    By Vijay Iyer
    Krishna Chaturvedi | Chartered Accountants
    Reading Time 10 mins

    Valuation of intangible assets

    By Aseem Mankodi | Chartered Accountant
    Reading Time 9 mins

    Tax Due Diligence — Direct Taxation

    By Anil Talreja | Solicitor
    Reading Time 14 mins
  • NFRA DIGEST

    NFRA Digest

    By Sandip Chandarana, Chartered Accountant
    Reading Time 9 mins

    NFRA DIGEST

    By Sandip Chandarana, Pankaj Tiwari | Chartered Accountants
    Reading Time 15 mins

    NFRA Digest

    By Sandip Chandarana | Pankaj Tiwari, Chartered Accountants
    Reading Time 11 mins
  • Report

    CHANGING RISK LANDSCAPE FOR AUDIT PROFESSION, WITH SPECIAL EMPHASIS ON NFRA AND OTHER RECENT DEVELOPMENTS

    By Anmol Purohit and Janhavi Pandit
    BCAJ team
    Reading Time 16 mins
  • Representation

    Comments on Exposure Draft – Guidance Note on Accounting for Service Concession Arrangements by Concessionaires

    By Nitin P. Shingala
    Harish N. Motiwalla
    Reading Time 9 mins
  • STATUTORY AUDIT - BCAJ SURVEY ON PERSPECTIVES ON NFRA CONSULTATION PAPER

    Statutory Audit – BCAJ Survey on Perspectives on NFRA Consultation Paper

    By
    Reading Time 3 mins
  • Utility of Financial Statements

    PANEL DISCUSSION ON UTILITY OF FINANCIAL STATEMENTS AND RELEVANCE OF AUDIT AT THE 10TH Ind AS RSC

    By ZUBIN BILLIMORIA
    Chartered Accountant
    Reading Time 14 mins
BCAS @ 75: Economic Development of India
  • Article

    Economic Growth – Role Of Direct Tax

    By Pinakin Desai, Chartered Accountant
    Reading Time 23 mins

    Impact of the Alternative Dispute Resolution Mechanism on the Economic Growth of India

    By Karishma Vora, Barrister, England
    Kunal Katariya, Advocate, Mumbai
    Reading Time 17 mins

    Impact of Technology on Economic Growth of India

    By Deepak Ghaisas, Chartered Accountant
    Reading Time 19 mins

    Future of Audit: The Transformation Agenda

    By P R Ramesh, Chartered Accountant
    Reading Time 28 mins
  • Interview

    India Knows Where To Go, And Takes Everyone Along

    By Dr. Brinda Jagirdar
    Reading Time 24 mins
BCAS@75
  • Interview

    “Focus On Revenue Maximisation – A Fundamental Flaw of India’s Tax Administration” – Part II

    By Shri Arvind Datar, Senior Advocate
    Reading Time 34 mins

    Focus On Revenue Maximisation — A Fundamental Flaw of India’s Tax Administration -Part 1

    By Shri Arvind Datar, Senior Advocate
    Reading Time 21 mins
  • Past Editors’ Musings

    BCAS — VOLUNTEERING — MAKING A DIFFERENCE

    By Ashok Dhere, Chartered Accountant | Gautam Nayak, Chartered Accountant
    Reading Time 13 mins

    Past Editors’ Musings BCAS — Volunteering — Making a Difference

    By Anil J. Sathe,Chartered Accountant
    Reading Time 6 mins

    BCAS – Volunteering – Making a Difference

    By
    Reading Time 6 mins

    BCAS – Volunteering – Making a Difference

    By Raman Jokhakar, Chartered Accountant
    Reading Time 15 mins
  • Report

    R७IMA५INE – 75TH YEAR CELEBRATION

    By
    Reading Time 19 mins
Bharat and BCAS - The March Towards a Centenary
  • Article

    March of Law and Judiciary

    By Amit Desai, Senior Advocate
    Reading Time 17 mins

    Accelerating India’s March of Education with Technology

    By TV Mohandas Pai | Nisha Holla
    Reading Time 15 mins
Business Process Outsourcing
  • Article

    Perspective of the Profession, a decade from today

    By T. N. Manoharan, Chartered Accountant
    Reading Time 19 mins

    A step towards decoding the complex IFRS

    By Milan Mody, Chartered Accountant
    Reading Time 8 mins

    Analysis and comments on New Form 704 under MVAT Rules, 2005

    By T. R. Jalnawala
    Chartered Accountant
    Reading Time 0 mins

    Millennium Development Goals: A century more to go?

    By S. Viswanathan | Chartered Accountant
    Reading Time 8 mins

    Rogue Trading : Audit & Prevention

    By Hardik Dhruva | Chartered Accountant
    Reading Time 10 mins

    European Holding Company — Choosing the right jurisdiction

    By Srinivasa Rao, Keval Doshi, Chartered Accountants
    Reading Time 19 mins

    Carry forward and set off of MAT credit u/s.115JAA — Allowability in the hands of amalgamated company — A case study

    By H. Padamchand Khincha, B. R. Sudheendra, Chartered Accountants
    Reading Time 29 mins

    Windmills — Stormy issues

    By Tirupur Ram Ramanathan | Chartered Accountant
    Reading Time 19 mins

    Allowability of Losses from Forex Derivatives

    By S. Dhananjayan | Chartered Accountant
    Reading Time 19 mins

    Consolidation in the Indian Banking Industry

    By Prof. B. Radhakrishnan, Swati Pradhan
    Reading Time 24 mins

    Importance of Audit of Financial Intermediaries

    By Bhavesh Vora, Chartered Accountant
    Reading Time 9 mins

    Arthashastra : The guide for managerial effectiveness

    By Dr. Anil M. Naik, Management Consultant
    Reading Time 17 mins

    Corporate Governance — What is wrong with it

    By Nawshir Mirza, Chartered Accountant
    Reading Time 8 mins

    The way ahead for corporate governance in India

    By Sammy Medora
    Chartered Accountant
    Reading Time 11 mins

    Simplicity and complexity

    By Kirit S. Sanghvi, Chartered Accountant
    Reading Time 7 mins

    Accounting for financial instruments and derivatives

    By Raghu Iyer, Chartered Accountant
    Reading Time 12 mins

    World Financial crisis : Major reasons and way forward

    By Dr. Pravin P. Shah
    Reading Time 13 mins

    Sue the accountant

    By Kiran Kumar Sharma, MBA
    Reading Time 10 mins

    Credit Rating: Features and Benefits for SMEs

    By Anupam A. Petkar | Chartered Accountant
    Reading Time 8 mins

    Management fees : Are you following the best practices ?

    By Maulik Doshi
    Gaurav Shah
    Chartered Accountants
    Reading Time 18 mins

    GST : Practical approach for implementation

    By Mayur Zanwar, Chartered Accountant
    Reading Time 8 mins

    Double taxation credit under MAT regime — Software companies

    By H. Padamchand Khincha
    Badrinath Simha
    Chartered Accountants
    Reading Time 0 mins

    Finance Act, 2010

    By P. N. Shah | Chartered Accountants
    Reading Time 51 mins

    Section 50C of the Income tax Act — a tool to tackle menace of black money

    By A. Y. Kably, Chartered Accountant
    Reading Time 15 mins

    PAN Or PAIN : An Analysis of S. 206AA(1)

    By H. Padamchand Khincha
    Badrinath Simha
    Chartered Accountants
    Reading Time 70 mins

    Life of a professional

    By P. N. Shah, Chartered Accountant
    Reading Time 13 mins

    The Finance (No. 2) Act, 2009

    By P. N. Shah
    Chartered Accountant
    Reading Time 0 mins

    Is India watering down IFRS ?

    By Shailesh Haribhakti | Chartered Accountant
    Reading Time 6 mins

    The Foreign Contribution Regulation Act, 2010 — An analysis

    By Shariq Contractor | Chartered Accountant
    Reading Time 20 mins

    Recent trends in revenue generation

    By Hardayal Singh, Income Tax Ombudsman, Mumbai
    Reading Time 6 mins

    Can Tax Laws ever be simplified ?

    By Shariq Contractor, Chartered Accountant
    Reading Time 12 mins

    Convergence and Conflicts of Accounting and Taxation

    By Yogesh Thar, Chartered Accountant
    Reading Time 15 mins

    Works Contracts

    By Sunil B. Gabhawalla, Chartered Accountant
    Reading Time 15 mins

    Innovation in Services

    By Dinesh Kanabar, Chartered Accountant
    Reading Time 10 mins

    Chartered Accountants don’t retire — they fade away

    By Pradeep A. Shah, Chartered Accountant
    Reading Time 7 mins

    Recent issues in FDI Policy

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

    Taxation of Alimony

    By Sunil Shenoy, Chartered Accountant
    Reading Time 14 mins

    2nd proviso to S. 2(15) — Boon or Bane ! ! !

    By Chythanya K. K. | Advocate
    Reading Time 18 mins

    Whether Service Tax is applicable to the sale of computer software ?

    By Anilkumar Shah, Chartered Accountant
    Reading Time 32 mins

    Changing of law through issuance of circulars ! ! !

    By Nitesh Jain, Chartered Accountant
    Reading Time 8 mins

    Good Bye Prudence

    By Dolphy D’Souza, Chartered Accountant
    Reading Time 29 mins

    Fair Value Accounting

    By Abizer Diwanji, Chartered Accountant
    Reading Time 8 mins

    Desirable?

    By Kirit S. Sanghvi, Chartered Accountant
    Reading Time 9 mins

    Auditing Beyond Compliance

    By Natraj Ramkrishna, Chartered Accountant
    Reading Time 12 mins

    ‘Corporate Governance’ and agency theory

    By S. S. Sanghani, Chartered Accountant
    Reading Time 11 mins

    Recent Developments In Service Tax And VAT Related to Construction Industry

    By Kantilal K. Jain | Chartered Accountant
    Reading Time 5 mins

    The Vodafone Tax Dispute — A Landmark Judgment of the Bombay High Court

    By T. P. Ostwal
    Manoj Solanki
    Chartered Accountants
    Reading Time 16 mins

    Are MAT companies liable to advance tax ?

    By V. A. Mittal, Varsha Likhite, Chartered Accountants
    Reading Time 13 mins

    Assessments and Monitored (?)(!) Assessments under the Income-tax Act, 1961

    By Santosh S. Sharma, Tax Consultant
    Reading Time 15 mins

    Accounting for financial instruments and derivatives – Part 2

    By Raghu Iyer, Chartered Accountant
    Reading Time 9 mins

    Step-down Indian subsidiaries of multinational corporations — are these public companies ?

    By Dhaval Vussonji, Advocate and Solicitor
    Reading Time 11 mins

    Worldwide tax review — Limitation of Benefits Provisions in Income Tax Treaties

    By Declan Gavin, Tax Consultant
    Cecile Gyles, US Tax Attorney
    Reading Time 18 mins

    Disciplinary Mechanism of ICAI

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 15 mins

    Daughter’s Right In Coparcenary

    By M. L. Bhakta | Advocate & Solicitor
    Reading Time 12 mins

    The Great Financial Meltdown and the Accounting Profession 139

    By U. R. Bhat, Managing Director Dalton Capital (Advisors) India P. Ltd.
    Reading Time 10 mins

    TDS on exempt incomes (especially agricultural income)

    By Anilkumar Shah, Chartered Accountant
    Reading Time 17 mins

    Transactions with Associated Enterprises — A new category of service tax payers ?

    By Rajkamal R. Shah, Chartered Accountant
    Reading Time 21 mins

    Provident Fund contribution for International Workers

    By Alok Agrawal , Mridulla Khatri, Chartered Accountants
    Reading Time 13 mins

    Relevance of Dharma in Corporate Governance

    By Shashank Shah | Doctoral Research Scholar
    Reading Time 11 mins

    TDS is highly tedious

    By U. Mohamed Khalilullah, Chartered Accountant
    Reading Time 11 mins

    Foreign Exchange Reserves — What Do They Represent ?

    By Naresh Ajwani | Chartered Accountant
    Reading Time 12 mins

    Warren Buffet. Is this statement valid ?

    By Rajendra Chitale, Chartered Accountant
    Reading Time 6 mins

    Worldwide Tax View — Substance over form : Where is the limit ?

    By Srinivasa Rao, Chartered Accountant
    Nico Derksen, Dutch Tax Attorney
    Reading Time 18 mins

    Adoption of IFRS in India

    By Archana J. Rathi, Chartered Accountant
    Reading Time 11 mins

    Worldwide tax trends — Fiscal Consolidation or Group Taxation

    By Srinivasa Rao, Rajendra Nayak, Lubna Kably, Chartered Accountants
    Reading Time 11 mins

    Embedded Derivatives: seemingly innocuous contracts under the microscope?

    By Anand Banka | Chartered Accountant
    S. Deepika | CA Student
    Reading Time 18 mins

    Supreme Court decision in Dharmendra Textile Processors — Does it change the law on S. 271(1)(c) ?

    By Advocate, Ahmedabad
    Reading Time 12 mins

    Whether proviso to S. 147 curtails time limit prescribed u/s.153(2) of the Income-tax Act ?

    By Tejas Chandulal Shah, Chartered Accountant
    Reading Time 28 mins

    Clause 49 — The road ahead

    By Sapan Sanghani, Chartered Accountant
    Reading Time 13 mins

    Profession — The Way Forward

    By T. N. Manoharan | Chartered Accountant | Padmashri Awardee
    Reading Time 18 mins

    Reminiscences of the profession in the Society

    By Arvind H. Dalal, Chartered Accountant
    Reading Time 14 mins

    Reminiscences about the profession

    By Y. M. Kale, Group President, Corporate Governance & Development, Hinduja Group, India.
    Reading Time 18 mins

    Understanding Islamic Finance

    By Atif R. Khan
    Reading Time 7 mins

    Code of Ethics — Disciplinary Mechanism of ICAI

    By C. N. Vaze, Chartered Accountant
    Reading Time 10 mins

    Independent Directors — Corporate governance in challenging times

    By Deepak Ghaisas, Chartered Accountant
    Reading Time 15 mins

    Simple efforts to keep accountants ‘simple’

    By Pankaj Mundra, Cost Accountant and Company Secretary
    Reading Time 9 mins

    GST — Issues and Policies

    By R. Sekhar, Commissioner of Customs, Pune
    Reading Time 15 mins

    IFRS for SMEs in India

    By Anurag Singal, Chartered Accountant
    Reading Time 5 mins

    Classical Accountancy to IFRS (A bird’s-eye view) Part II

    By Ashok Dhere, Chartered Accountant
    Reading Time 20 mins

    Classical Accountancy to IFRS (A bird’s-eye view) Part I

    By Ashok Dhere, Chartered Accountant
    Reading Time 14 mins

    Article : World Wide Tax Trends — Thin Capitalisation

    By Rajendra Nayak, Lubna Kably, Chartered Accountants
    Reading Time 16 mins

    Transfer pricing : Management fees — Are you following the best practices ? — Part II

    By Maulik Doshi, Gaurav Shah, Chartered Accountants
    Reading Time 14 mins

    The Finance Act, 2008

    By P. N. Shah, Chartered Accountant
    Reading Time 0 mins

    Worldwide Tax Trends Treatment of Tax Losses

    By Srinivasa Rao, Navneet Kothari, Chartered Accountants
    Nico Derksen, Dutch Tax Attorney
    Reading Time 18 mins

    Consolidated FDI policy-2010

    By Naresh Ajwani | Chartered Accountant
    Reading Time 26 mins

    Accounting for financial instruments and derivatives — Part I

    By Raghu Iyer
    Chartered Accountant
    Reading Time 9 mins

    Liability of Partners of Limited Liability Partnerships — is it Limited ?

    By Dhaval Vussonji, Advocate and Solicitor
    Reading Time 8 mins

    Disallowances u/s.14A of Income-tax Act

    By P. N. Shah, Chartered Accountant
    Reading Time 12 mins

    Is rotation of auditors an answer to Satyam episode

    By P. N. Shah, Chartered Accountant
    Reading Time 17 mins

    Service Concession Arrangements — IFRIC 12/SIC-29

    By Tejas J. Parikh | Chartered Accountant
    Reading Time 13 mins

    The complementary nature of relationship between the legal profession and the CA profession in the past and the future 135

    By M. L. Bhakta, Advocate and Solicitor
    Reading Time 7 mins

    Potential Voting Rights — Impact on Consolidated Financial Statements

    By Purushottam Nyati, Anand Banka, Chartered Accountants
    Reading Time 10 mins

    Role of morality and estoppel in the delivery of justice

    By K. Vijayshyam Acharya, Chartered Accountant
    Reading Time 11 mins

    Demystifying XBRL

    By Meena Jha
    Vinod Kashyap | Chartered Accountant
    Reading Time 10 mins

    HR Management in the Accounting Practice

    By Mehul Shah, Chartered Accountant
    Reading Time 18 mins

    WHISTLE-BLOWER POLICY : A STEP TOWARDS BETTER GOVERNANCE

    By Munira Maccawala
    Nandita Parekh | Chartered Accountants
    Reading Time 11 mins

    Back to basics — Audit

    By Jayesh Gandhi, Chartered Accountant
    Reading Time 10 mins

    Fraud and Audit

    By Chetan Dalal, Chartered Accountant
    Reading Time 21 mins

    Interview – Justice Ajit P. Shah

    By Justice Ajit P. Shah
    Reading Time 25 mins

    Mentoring of Articled Students – the Need of the Hour

    By Nandita Parekh
    Raman Jokhakar
    Reading Time 5 mins

    Smallwood v. Revenue and Customs Comrs (2010) EWCA Civ 778 (Court of Appeals)

    By Rajesh Kadakia
    Geeta Jani
    Bhaumik Goda
    Chartered Accountants
    Reading Time 24 mins

    The decade ahead

    By Y. H. Malegam, Chartered Accountant
    Reading Time 15 mins

    Role of the Professional in the 21st Century

    By Sohrab Erach Dastur, Senior Advocate
    Reading Time 23 mins

    Chartered Accountants in the 21st Century

    By T. V. Mohandas Pai, Chartered Accountant
    Reading Time 14 mins

    CFO — the new horizon

    By Deepak Ghaisas, Chartered Accountant
    Reading Time 10 mins
Corporate And Other Laws
  • Allied Laws

    Deposits made in post office monthly income account which was opened contrary to Rules — Depositor entitled to interest accrued on deposits. Govt. Saving Bank Act, 1879 S. 15.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Foreign judgment — Judgment of Court in USA would be conclusive and binding upon the parties — Hindu Marriage Act, 1955 S. 13 and Family Courts Act, 1984, S. 7.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    HUF — Joint family property — Neither a wife nor a mother has a right to file suit for setting aside alienation — Hindu Law.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Rights of Overseas Citizen of India — International Sport Events — Constitution of India Article 9.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Service — Service of order must be by registered post with acknowledgement due — Service by courier not proper.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Oral partition of joint family property is permissible and subsequent writing does not require registration or stamp duty : Hindu Law.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Secured Creditor is entitled to apply for assistance of Court for taking over actual physical possession from borrower/secured debtor : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 S. 14.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Affidavit — Evidence — Sworn before Notaries can be accepted by the Civil Court — Civil Procedure Code S. 139 Order 18 Rule 4.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Deficiency in service — person — includes company : Consumer Protection Act S. 2(1)(m).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Hindu Undivided Family — Sale of coparcenaries property for legal necessity — Hindu Succession Act 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Inheritance — Children of void marriage would be treated as legitimate children of their father for purpose of inheriting separate property of father — Hindu Succession Act 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Gift — Gift deed of immovable property should be attested by two witness — Transfer of Property Act S. 123.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Recovery — Directors of Pvt. Ltd company who were not co-borrowers nor guarantors not liable — Recovery of Debts due to Banks and Financial Institutions Act 1993.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Stamp duty — Stamp duty is payable as per market value of property at time of submission of sale deed for registration — Stamp Act, 1899.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Passports Act — Refusal to issue fresh passport on ground that divorce deed was not registered or authenticated by Court — Improper — Passport Act, 1967 S. 5.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Stamp Act — Document insufficiently stamped liable to be impounded — Stamp Act 1899 S. 33, S. 35, S. 38 and S. 40.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Service of order — Original receipt of service not produced — Statement of proprietor of courier service agency cannot be accepted.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Dishonour of cheque — When cheque is issued by partnership firm from its bank account, the cheque is said to be issued by all partners — Partnership Act, 1932 S. 18.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Registration — Registration of sale deed pending — Purchaser cannot project himself as owner — Registration Act S. 17 and S. 49.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Sureties — Co-sureties are liable to pay each an equal share of whole debt — Contract Act S. 146.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Registration — Gift deed in respect of immovable property requires registration — Registration Act S. 17

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Accident claim: Widow of deceased entitled to seek compensation for death of husband – This is a vested right in her that cannot be denied merely on ground of her remarriage during pendency of claim petition: Motor Vehicles Act, 1988, section 166

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 2 mins

    Banking — Date of maturity of fixed deposit lapsed — Yet payment of maturity value should be along with interest @ 6% p.a.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Claim for compensation for Fatal Accident can be made only for benefit of spouse, parent and child of deceased and not for benefit of brother or other relations of deceased. Expression ‘Legal Representative’ : Motor Vehicles Act (59 of 1988) : S. 68.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Co-op. Housing Society : BMC cannot sanction the modified plan without fresh NOC from society : Appellate Court, must pass reasoned order : Bombay Municipal Corporation Act S. 354A.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Co-operative Societies – Housing Society – Redevelopment: Minority members of co-operative society bound by the resolution passed by the majority: Co-operative Societies Act.

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 4 mins

    Carrier and Insurer – Liability: Carriers Act 1863 – sec 8 & 9

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 2 mins

    Hindu Law – Mother falls in the category of class I legal heir – cannot be denied the family pension: Jammu and Kashmir Hindu Succession Act, 1956

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 3 mins

    Marriage Registration: Presence of both parties to marriage before local Registrar not necessary: Hindu Marriage Act, section 8:

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 3 mins

    Amalgamation — Conveyance — Order of Company Court approving scheme of amalgamation resulting in transfer of property to transferee company is a conveyance — Indian Stamp Act 1899, S. 2(10), (14).

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 4 mins

    Appeal — Defect in Memorandum of Appeal filed by Department.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Appeal — Order — Non-reasoned order — Absence of reasons suggestive of order being arbitrary and in breach of principle of natural justice.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Hindu Law — Joint family property inherited by brothers from their father — Not a coparcenary Hindu joint property.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Internal communications within Government Departments/Officer — Not govt. order unless issued in accordance with law.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Will — Suspicious circumstances — Attestation of Will Succession Act, S. 63.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Appeal dismissed for default restored as there was no lapse on part of the applicant.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Alimony pendente lite can be claimed by wife by resorting to both provision u/s.125 of Criminal Procedure Code and also u/s. 24 of Hindu Marriage Act.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Dishonour of cheque : Only the drawer of cheque can be held liable for the offence : Negotiable Instruments Act, 1881, S. 138, S. 141.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Deficiency in service : By building and developing firm : Consumer Protection Act : S. 2(1)(g).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Tenancy created after creation of charge by borrower on property : No protection in law available to such tenant : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Hindu Law : Daughters are entitled to a share in ancestral properties as a co-parcener : Hindu Succession Act, 1950, S. 6.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Hindu Law : Widow inheriting property of her husband on his death cannot be divested on subsequent remarriage : Hindu Widow’s Remarriage Act, S. 2 (Repealed) and Hindu Succession Act 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Authorised representative : Counsel appearing without Vakalatnama : Directed to file memo of appearance and client with NOC if any : CESTAT Rules, 1982.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Power of attorney executed by owner of property for executing sale : Such power of attorney cannot be treated as conveyance for consideration for the purpose of stamp duty : Stamp Act 1899, and Power of Attorney Act, 2(21).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Reference to Larger Bench : In all Larger Bench matters registry should provide copies of appeal papers and issue notice of hearing to Bar Association : S. 129C(5) of the Customs Act, 1962.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Liability for delayed delivery by post office : Post Office Act 1898 S. 6.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Appellate Tribunal — Reasoned order — Judgment cited but no reference found in the order, nor any discussion with respect to rival submission found.

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 2 mins

    Guarantor — Liability : Rights of corporation to make recovery only against defaulting industrial concern and not against surety or guarantor : State Financial Corporation Act, 1951, S. 29 and S. 31.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Passport Renewal : Renewal of passport cannot be withheld indefinitely for want of police verification : Passport Act S. 5, S. 6.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Registration : Reconveyance deed not compulsorily registrable : Registration Act, 1908, S. 17(1)(b).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Stay : Tribunal has got inherent power to extend stay granted : Central Excise Act, 1944.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Tenancy : Right to take possession of secured asset would not include right to extinguish pre-existing tenancy : Securiti-sation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Medical services — State cannot avoid its constitutional obligation to provide medical services on account of financial constraints — Constitution of India, Art : 47.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Order — Order passed without jurisdiction is nullity

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Limitation — Pronouncement of order — Maximum period prescribed is 120 days from ‘date of communication of order’ of Tribunal — Electricity Act, 2003, S. 125.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Passenger — Person holding a valid platform ticket cannot be considered as passenger — Railways Act, 1989 S. 2(9).

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Registered document has lot of sanctity attached to it — Evidence Act, S. 74.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Registration — Public auction — Sale certificate sent to the Registrar for filing in Book No. 1 would not attract stamp duty — Registration Act, 1908, S. 17 & S. 89.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Practice of Law – Foreign law firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”: Advocates Act

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 3 mins

    Nominee rights — Bank account — Death of depositor — Banking Regulation Act, 1949 S. 45ZA(2).

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Partnership at will — Notice given by one partner specifically stating that thereby he was dissolving the firm — Partnership would stand dissolved — Partnership Act, 1932; S. 7 and S. 42.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Right to Information — Notes or jotting by Judges or their draft judgments cannot be said to be information held by public authority — Right to Information Act, 2005, S. 2.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Stock exchange — Membership card — Not personal property of member — Cannot be attached and sold in execution of a decree against member.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Substituted service — Only when the Court is satisfied that defendants cannot be served personally — Civil Procedure Code, Order 5, Rule 20.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Priority of claim : State due has first charge over the dues of banks, financial institutions and other secured creditor. Constitution of India Articles 254, 245, 246]

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 6 mins

    Sale deed is chargeable with stamp duty on market value of property, consideration fixed by Court in compromise decree is irrelevant : Stamp Act 1899, S. 47A.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Nomination under an insurance policy only indicates hand which is authorised to receive the insured amount — Insurance Act, 1938.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Redevelopment — Belated withdrawal of No objection or consent and opposition to eviction by society member — Not proper — BMC Act, 1888, MHAD Act, 1976 S. 75 and S. 95A.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Recovery agents cannot resort to activities of using criminal force against card holders for recovery of dues : Banking Regulation Act, 1949.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Firm : Personal liability and liability of partnership firm to repay debts : SARFAESI Act. S. 35.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Buildings in city of Mumbai are entitled to extra Floor Space Index : Development Control Regulation Act, 1991.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Deficiency in service by Development Authority : Consumer Protection Act, S. 2(1)(g)]

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    ‘Literary work’ and ‘dramatic work’ Copyright Act. S. 2(o), (h).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Marriage — Marriage between Christian and Hindu according to Hindu rituals — Void and Null — Hindu Marriage Act, 1955, section 5, section 7 and section 11.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Family settlement — Can be among not only heirs of particular class, but also can take in its fold, persons outside purview of succession — Family settlement — Non-registration — Cannot be treated as inadmissible — Transfer of Property Act section 5, Stam

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 5 mins

    Auction sale of property by bank held illegal and arbitrary — Valuation of house by bank at much lower rate than it was valued at time of taking loan : Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, S. 13.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Dowry : Gifts given at time of customary thread-changing ceremony on birth of girl not dowry : IPC, 1860]

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Hindu Law : Daughter of coparcener in Joint Hindu Family governed by Mitakshara Law gets right of coparcener from the year 2005: Hindu Succession Act, 1956, S. 6 (as amended in 2005)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Stamp duty : Transfer of agricultural land by great grandfather in favour of great grandson, exempted from payment of stamp duty : Indian Stamp Act, 1899.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Total disablement. Tanker driver said to have suffered 100% disability due to amputation of right leg up to knee joint in an accident : Workmen’s Compensation Act, 1923 S. 2(1)(e)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Adjournment of hearing — Unaware of decision.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Award — Enforcement of foreign award.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Deficiency in service by builder : Consumer Protection Act, 1986 S. 2(1)(g).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Memorandum of understanding — Void contract : Civil Court cannot refuse to entertain suit even if based on void contract.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Appellate Tribunal — Jurisdiction of Benches — Appeal wrongly placed before Single Member while Division Bench having jurisdiction — Order to be recalled. Central Excise Act, 1944 — S. 35D.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Adjournment of hearing — Genuine ground for adjournment necessary — Central Excise Act, 1944, S. 35B.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Power of Attorney executed out of India — Adjudication of stamp duty — Kerala Stamp Act S. 31, S. 18.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    ‘Spouse’ — Does not include second wife — Hindu Marriage Act — S. 5.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Service of Arbitration Award — On Advocate — Not proper service — Arbitration and Conciliation Act, 1996 — S. 31(5), S. 2(4).

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Property : Minor : Permission for sale of immovable property of minors can be granted only if in the interest of minors : Hindu Minority and Guardianship Act 1956, S. 8.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Liability of a surety or a guarantor to repay loan of principal debtor arises only when a default is made by the latter : State Financial Corporation Act 1951 : S. 29(1) and S. 31.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Nomination by Member of Society empowers nominee to hold property in trust for real owner : Maharashtra Co-op. Societies Act, S. 30.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Electricity tariff : Advocates running office from commercial place liable to be charged at Commercial basis : Electricity (Supply) Act, 1948 : S. 49.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Choice of one reasonable course of treatment to other — Not medical negligence : Consumer Protection : S. 2(1)(g).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Audio CD admissible in evidence

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Family arrangement or partition deed : For the purpose of stamping & Registration the contents of document are to be taken into consideration and not nomenclature — Transfer of Property Act; S. 5, Stamp Act, S. 35.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Recovery of debts : Recovery of debts due to Banks and Financial Institutions Act : S. 19(7).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Void Agreement : Tenancy Rights cannot be attached and auctioned — Consequent auction and sale certificate issued to purchaser would be void. Contract Act S. 24 and S. 65.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Share broker and Stock Exchange render ‘services’ to the investors and investor would be ‘consumer’ : Consumer Protection Act S. 2(1)(d) and S. (2)(1)(o).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Additional evidence : Permission to bring additional document can be granted in exercise of discretion of Court to achieve ends of justice

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Family arrangement : If Family arrange-ment is for relinquishment of any immovable property it requires registra-tion — Registration Act, Sec. 17.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Public document : Certified copy of power of attorney which is registered document on file of Sub-Registrar is a public document : Evidence Act Sec. 74(2).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Translation of document : Filing of translated copy of document in Court is not additional evidence — Only requirement is that counsel should certify that translation is correct : Civil Procedure Code : O.13, R.4, General Rules (Civil) 1986, Rule 37.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Torts : Person losing his right hand due to electrocution — Electricity Board liable to compensate.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Appellate Tribunal — Passing of order — Reasonable time — Order passed after six months — Order set aside on ground of delay — S. 129B of Customs Act, 1962.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Precedents — One Bench cannot differ from the view of another Co-ordinate Bench — In case of difference in views, matter must be referred to a Larger Bench.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Recovery of debts — Tribunal has no power to control physical movement of defendant borrower — It cannot impound passport — Recovery of Debts due to Banks and Financial Institution Acts, 1993 S. 19, S. 22.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Appeal : Condonation of delay : High Court is empowered to condone delay in filing appeals u/s.35G of the Central Excise Act, 1944.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Precedent : Non-challenge of order by Revenue preclude from challenging similar order passed in respect of another unit.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Recovery : Loan taken by cooperative society cannot be recovered from secretary of the society : Bihar Co-op. Societies Act, S. 52.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Accident claim : Compensation awarded under Motor Vehicle Act is not a ‘debt’, nor a succession, therefore production of succession certificate by heirs of deceased not necessary : Motor Vehicles Act, S. 168, Succession Act, 1952, S. 214(1)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Condonation of delay of 4 years : Pendency of representation filed before State Government against alleged order, sufficient ground to condone delay : Constitution of India Article 226

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Dishonour of cheque issued on behalf of a company : Negotiable Instruments Act, 1881 S. 141 and S. 138.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Hindu Marriages Act : After decree of divorce is passed, relation between husband and wife with respect to matrimonial premises becomes that of licencesor and licensee : Easement Act S. 52.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Powers of Revenue authority : Revenue authority cannot decide question relating to genuineness of document : Stamp Act, 1899, S. 38(2).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Enforcement of security interest — It is open to a secured creditor to move against any secured asset and it is not essential that all the secured properties should be put to sale simultaneously — Securitisation and Reconstruction of Financial Assets and

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Power of attorney — The holder of power of attorney can only conduct case — Cannot be allowed to depose on behalf of his principal on matters which would be within his personal knowledge — Civil Procedure Code, Order III Rule 1 & 2.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Property — Right of Guardian to sell the property of minor — Permission of the Court u/s.8 of the Hindu Minority and Guardianship Act read with the provisions of Guardian and Wards Act would not be necessary where an interest in the joint family is sought

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Arbitration — Resolution of dispute through arbitration cannot be initiated by a debtor — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 S. 11.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Power of attorney — Sale of immovable property through execution of sale agreement/general power of attorney/will instead of execution and registration of regular deeds of conveyance deprecated as illegal and irregular — Transfer of Property Act, S. 54.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Appellate Tribunal order — Non-consider-ation of facts.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Binding precedents — Tribunals are bound by the judgment of the High Court in absence of any contrary judgment of the jurisdictional High Court.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Nomination — Law relating to nomination u/s.109A of Companies Act and S. 9.11 of Depositories Act, 1996.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 6 mins

    Parking spaces — Interpretation — Meaning ‘Flat’ — Separate self-contained part of building — Promoter has no right to sell ‘Stilt parking spaces’.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 5 mins

    Gift of share in immovable property in a co-operative society requires registration : Registration Act S. 17(1)(A)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Sale becomes absolute and title vests in auction purchaser on issuance of sale certificate : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Appeal : Territorial jurisdiction of Court — Where significant part of cause of action arises : S. 20 of CPC

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Appearance of retired members of CESTAT — Prohibition of practice by Ex-president, vice-presidents or members of CESTAT, before it held to be reasonable restriction : Constitution of India Art. 14, 19(1)(g) and 21.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Precedent — Different view amongst Co-ordinate Benches of Tribunal — Matter has to be referred to larger Bench.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Co-owner sale — Release of share by co-owner to other co-sharer did not amount to sale or conveyance — S. 2(10) Stamp Act 1899.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Deficiency in service by Doctor — Consumer Protection Act 1986.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Certified copy — Document more than 20 years old — Admissibility — Evidence Act, 1872 S. 90, S. 90A.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Power of attorney : Evidence through power of attorney cannot be given : Power of Attorney Act, 1882 S. 2.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Power of attorney — Registration — Registration Act, — S. 17.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Registration of a partnership firm — Actual starting of business prior to registration not a condition precedent — Partnership Act, 1932 S. 4.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Right to Information — Decision of Tribunal by nature is in public domain and ought to be ordinarily accessible to any applicant — Right to Information Act, 2005, S. 6 and S. 7.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Co-operative Housing Society : A member of tenant co-partnership housing society is not a tenant of the society : Rent Act 1947, S. 5(11) and Maharashtra Co-operative Societies Act, 1961, S. 29.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Deficiency in services by airline

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Maintenance : Mother can claim maintenance against her son : S. 125 of Cr. P.C.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Stamp duty : Cousins not being members of the family do not fall with definition of word ‘family’ under Stamp Act : S. 45(a).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Tenancy : Tenant can be evicted if subletting is done without the consent in writing of the landlord

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Copyright : A joint owner of a copyright, without the consent of the other joint owner cannot grant licence or interest in the copyright : Copyright Act, 1957.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    A company is entitled to invoke the provision of Sec.630 of Companies Act so as to retrieve its property being withheld wrongfully by legal representatives of the employee: Companies Act, 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Recovery of tax : Dues from company cannot be recovered from its directors who are partner in firm.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Condonation of delay : High Court has no power to condone the delay in filing the reference application under unamended Sec.35H(1) of Central Excise Act, 1944.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Precedent : Conflicting judgments of Co-ordinate Benches : Court to consider judgment which in its opinion is better in point of law : Constitution of India, Art.141 :

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Appeal — Merger of order — Once the Appellate Authority disposes a matter, the order passed by the subordinate authority gets merged in such order.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Appeal by Department — Measures to reduce litigation.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Firm — Registration — Reconstitution of firm — No separate registration necessary — S. 60 and S. 63 of Partnership Act.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Limitation — Acknowledgement of debt — On each repayment of loan limitation get extended — Limitation Act, S. 18, S. 19.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Partition — Co-owner — Possession of vendee — Transfer of Property Act, S. 44 & Partition Act, S. 4.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Hindu Law – Joint family property – Partition – Members suing for partition not bound to bring into hotchpot all family property

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    FSI-TDR : FSI/TDR is benefit arising from the land, consequently must be held as immovable property : Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Bank guarantee : Bank guarantee given for performance of particular contract cannot be encashed for alleged breach of another contract : Contract Act S. 126.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Precedent : Failure of Revenue to appeal in the case of one assessee; not open to it to question decision in the case of another assessee.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Release deed — Exemption from payment of stamp duty — Stamp Act Schedule 1

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Recovery of interest : Debtor cannot be penalised with interest on amount that remained unpaid due to accounting errors : Contract Act S. 72.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Advocate – Enrolment – Disqualification of persons above the age of 45 years from being enrolled as Advocates – Not proper : Advocates Act, section 24(1)(e)

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Adoption : Law does not recognise an adoption by a Hindu of any person other than a Hindu: Hindu Adoption & Maintenance Act, 1956, S. 6

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    HUF recovery of loan : Karta of HUF can enter into contract for mortgage of undivided share of his minor son for legal necessity

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Precedent : Constitution of India, Article 141

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Surety’s liability : where liability of principal debtor is extinguished, the surety’s liability gets automatically terminated – contract act s. 128

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Unfair trade practice by car manufacturer : Consumer Protection Act. S. 2(1)(r) and S. 2(1)(g)

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Co-operative Housing Society cannot be said to be public authority : Right to Information Act, S. 2(h)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Hindu Marriage : A marriage under Hindu Marriage Act, 1955 can be entered into by two Hindus : Hindu Marriage Act, 1955

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Noise pollution : Silence is one of the human rights as noise is injurious to human health : Violation of Articles 14 and 21 of the Constitution of India

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Public action : Bank has discretion to sell property below reserve price : Security Interest (Enforcement) Rules 2002, Rule 9

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Retracted confession : No reliance can be placed on the retracted statement, unless the same was corroborated substantially in material particulars by some independent evidence : FERA, 1973.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 6 mins

    Liability of legal heirs — Partner — Loan borrowed by firm on mortgage — Partnership Act 1932 section 18 and section 22.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Precedent — Binding nature — Only ratio decidendi of judgment which constitutes binding precedent.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    New plea — Pure question of law can be raised at any time — Civil Procedure Code section 96.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Dishonour of cheque — Cheque presented after expiry of six months from date of issuance — Complaint not maintainable — Negotiable Instruments Act, S. 138.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Rights of daughter to ancestral property — Overriding effect of Act — Hindu Succession Act section 4(1)(a) and 6.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Right to Information — Disclosure of order sheet noting and note sheets of public authority — Right to Information Act S. 8(j).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Stamp Duty — Gift deed — Market value not relevant : Stamp Act, 1899.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Suit by grandfather on behalf of minor — Next friend can be any person — Civil Procedure Code, Order 32 Rule 2.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Rectification of mistake — No finding on the decision cited by the appellant.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Appellate Tribunal – Exparte order: Tribunal must decide appeal on merits, if assessee files submissions in writing

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 2 mins

    Co-operative Housing Society – Builders have to execute the conveyance: Consumer Protection Act:

    By Dr. K. Shivaram
    Ajay R. Singh | Advocates
    Reading Time 2 mins

    Deficiency in service by company/dealer supplying LPG cylinders and regulators : Consumer Protection Act 1986 S. 2(1)(g).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Clarification issued by Board – Binding on officers: Central Excise Tariff Act, 1985

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    License or lease – Determination – Distinction : Transfer of Properly Act Sec. 105

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 8 mins

    Nomination – Nominee Director – Withdrawal to take effect immediately – Resignation to take effect moment letter is sent: Companies Act, 1956:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Recovery of tax – Company in liquidation – First charge – Conflict between State legislation and Central legislation – Central legislation must prevail : Companies Act Section 529A & 530.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Right of Privacy – Instruction issued by Election Commission empowering its officer to randomly and indiscriminately search any vehicle on road – Ultra Vires – Constitution of India Art. 21.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Challenge to Arbitration Award issued in foreign country should be in the country where award is published

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Foreign Judgement – Insolvency proceedings – Initiation of in India directly without any testing or filtration provided in CPC for execution of foreign decree in India – Not permissible: [Code of Civil Procedure 1908 section. 13, 14, 44A].

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Partnership firm – Legal entity – Income-tax Return (Income Tax Act, 1961 Section 184)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Service of Notice – Presumption Rebuttable – Endorsement as “Refused” – The respondent as the plaintiff filed suit alleging that the defendant was a monthly tenant. [Section 114 (e) Evidence Act]

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 6 mins

    Foreign Court Decree – Order awarding costs would amount to decree – Execution – CPC section 35A, 44A

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Recovery – Realisation of income tax dues – Priority over secured debt – State Financial Corporations Act, 1951.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Service of Notice – Termination of Tenancy – Service of Notice – 15 days notice send by Registered post – Agreement Stipulated 30 days – Suit filed after 30 days of deemed receipt of Notice – Transfer of Property Act section 106, General clauses Act 1897, section 27:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Succession – Joint Family Property – Sale by Co-parcener without consent of others – validity: Hindu Succession Act 1956 section 30:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Surety/Guarantor – State Financial Corporation – Taking possession of property mortgaged by guarantor – SFC Act 1951 section 29

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Court & Tribunal – Distinction – Revenue Tribunal – Is akin to Court – Appointment of its President has to be with Consultation of High Court: Gujarat Revenue Tribunal Rules, 1982

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 6 mins

    Eviction – Tenancy – Replacement of Tin roof by concrete slab – Permanent structure – Means structure lasting till end of tenancy. Transfer of property Act., section 108:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Precedent – Judgement of Supreme Court – High Court has to accept it and should not in collateral proceedings write contrary judgment: Constitution of India Article 141

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Stay order – No opportunity of hearing – Strictures against Commissioner (Appeals):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Succession – Right of property – Female Hindu converting herself to Christianity after death of her husband. Transfer of property Act section 54, Hindu Succession Act section 26.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Succession – When claimant was born, there was neither joint Hindu family nor any property belonging to Joint Hindu Family. Will – Disproportionate bequest permissible – Hindu Succession Act 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Hindu law — Gift of undivided share by coparcener — Held to be void.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    International Arbitration — Jurisdiction of Indian Court — Parties agreed for final settlement of disputes under International Chamber of Commerce.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Gift – Acceptance of gift – Between father and daughter Transfer of property Act 1882, section 54 & 122:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Professional Misconduct – Charges of preparing and signing two sets of balance sheets reflecting different entries pertaining to sale. Chartered Accountants Act, 1949, section 20(2):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Recovery of debts –– Limitation – Property mortgage with Bank – SRFAESI Act, 2002 section 13(2) & 36.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Sale of property of Minor – Court permission – Hindu Minority and Guardianship Act 1956, section 8(4):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Succession Certificate – Application by widow for waiver in payment of court fees – Bombay Court fees Act 1959, section 379.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Joint property – Preference of succession – Death of co-owner issueless: Hindu Succession Act 1956, section 8 & 9

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Precedent – Pendency of appeal before High Court against Larger Bench decision of Tribunal – Cannot be a ground for not following the larger bench decision

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Advocates – Representing arrested or detained person – cannot be criticised: Advocate has duty to represent such person: Constitution of India & Advocates Act 1961

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Chartered Accountant – Disqualification – Offence of bigamy – Moral Turpitude – Removal proper: Natural justice – Chartered Accountants Act, 1949: Section 8(v) and 20(1)(d)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Evidence – Unregistered Partition Deed – Admissibility – Nature of Document: Evidence Act, Section 91:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Recovery of loan – Liability of guarantors – Is Co-extensive and Joint as well as Several: SFC Act 1951. Section 29 :

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Appeal to Appellate Tribunal – Pronouncement of the order – Gist of decision should be pronounced: Appeal to High Court – NTT – The High Court has no power to entertain an appeal, even though notification not yet issued by Govt. to set up NTT. (Customs Act 1962 S.130)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Appeal to Appellate Tribunal – Third Member – Formulation point of differences and thereafter to decide: [Customs Act. 1962 Section 129 C(5)]

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Cross Objection – Third Party affected by a judgement or decree can challenge the same: CPC 0rder 41 Rule 22

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Public Auction – No power vested with Central Court to direct e auction

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Registration – Unstamped and unregistered document – Admissibility – Collateral purpose – Registration Act, section 49, 17; Stamp Act, section 33, 35.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Winding up – By Court Discretionary powers – Court has ample power to direct eviction of trespassers from company property – Companies Act, 1956 section 446

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Bar Rooms-Library– Facilitates to Advocates – Advocates are officers of court – Duty of State Government to pay electricity bills of Bar rooms. [Constitution of India; Advocates Act, section 7(b)].

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Gift Deed – Registration – Mohammedan Law: Registration Act 1964, section 17: Transfer of Property Act 1882, section 129.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Stamp – Improperly stamped document – Evidentiary Value: Stamp Act, 1899 section 35

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Will – Registration – Effect: Registration Act section 41(2)(a)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Appeal – Dismissal for non prosecution – Counsel was busy in another court – Explanation found acceptable. Appeal restored.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Appeal to Tribunal – Defect Memos sent under registered post acknowledgement due to address given in Memorandum of appeal : General Clauses Act, 1897 – Section 27

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Evidence – Attested copy – It is secondary evidence, and cannot be weighed in as original

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Partnership firm – Document whether deed of retirement or deed of conveyance : Stamp Act

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Will Muslim Law – A Mohamedan cannot by Will dispose of more than a third of surplus of his estate after payment of funeral expenses and debts.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Month — Interpretation of term ‘Month’ — Number of days in that month is not criterion and month alone is criterion — General Clauses Act — Section 3(35).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Recovery — Hire-purchase agreement — Taking back the possession of vehicle by use of force is against provision of law and RBI Guidelines — Consumer Protection Act, section 21.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Succession — Right of daughter-in-law — Devolution of interest — Notional Partition — Hindu Succession Act, 1956, section 6.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Natural Justice – Right of cross examination – Is integral part of Natural justice

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 1 mins

    Doctrine of Spes Successionis — Muslim Law — Relinquishment of future share in property — Transfer of Property Act, 1882, section 6.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Maintenance — Dependents unmarried daughter — Hindu Adoptions and Maintenance Act, 1956 sections 20(3) and 21.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Arbitration – Impleadments of party to arbitration proceeding in absence of arbitration agreement

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Consumer complaint – Builder – Flat sold to other person – Builder to return the amount with interest @ 15% and pay cost: Consumer Protection Act.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Contract – Repayment of time barred debt – Enforceability of debtor liability Contract Act, 1872.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Registration – Property – Refusal to Register document – None can transfer a better title than what he has – Indian Registration Act:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Tenancy – Determination of Annual ratable – Property exempt from Rent Control Legislation – Value – Mumbai Municipal Corporation Act, 1888, section 154(1) and Maharashtra Rent Control Act, 1999 section 3.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Accident claim — Legal representative — Married daughter — Motor Vehicles Act, section 166.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Appellate Tribunal — Precedent — Judicial propriety — Co-ordinated Benches of Tribunal.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Appellate Tribunal — Strictures against Department for filing appeal in avoidable litigation.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Sale of minors property by defecto guardian – Sale without legal necessity void or voidable. Hindu Minority and Guardianship Act, 1956, section 6, 11 & 12.

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 3 mins

    Hindu Law – Joint family property – Wife is entitled to share in property alongwith her husband – Wife cannot demand for partition, unlike daughter

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Alienation of minors property – Suit for setting aside sale – Limitation prescribed is three years from date on which minor attained majority: Hindu Minority and Guardianship Act, sec. 8(3):

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 2 mins

    Natural justice – Audi alteram partem – Right to hearing – Constitution of India Article 14:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 2 mins

    Oral family arrangement – Registration not necessary – Transfer of property Act section 5, Registration Act section 17(1)(b):

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 5 mins

    Right of daughters of coparcener – Amended provision of section 6 came into effect from 9-9-2005 – Said provision does not have retrospective effect: Hindu Succession Act 1956:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 5 mins

    Unregistered Partition Deed – Is not admissible in evidence for any purpose. Stamp Act, section 35; Registration Act section 17(1)(b) and 49(c):

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 4 mins

    Compensation — Deceased persons were gratuitous passengers — Insurance company not liable; Motor Vehicle Act, 1988.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Books of account – Rejection without assigning reason – Not justified: U.P. Trade Tax Act, 1948

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Recovery of tax – Director of a company not personally liable for sales tax dues of company: Gujarat Value Added Tax Act 2003:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Guarantor liability – Co-extensive with that of debtor – Financial institution – Not to act as property dealers: Contract Act 1872, sec. 128:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Registration of Marriage – Personal appearance of parties to marriage not necessary for presenting application – All marriage solemnised within state should be compulsorily be registered irrespective of religion of parties: Kerala Registration of Marriage (common) R ules, 2008:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Right to Information – Public Interest – Disclosure of information regarding Vigilance matter – Section 8(1)(e); 8(1)(g) and 8(1)(j) of RTI Act

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    HUF — Joint Hindu family property — Minor had an undivided share — Karta sold the property — Legal necessity — Permission from Court not required — Hindu Minority and Guardianship Act, sections 6 and 12.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Right to Information – Public authority – Co-operative societies registered under Kerala Co-op Societies Act are public authority: Right to Information Act, section 2(4):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Precedent — Judicial discipline — Commissioner (Appeals) must follow declaration of law by higher forum.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Precedent — Unjust enrichment — Meaning — Tribunal cannot ignore the High Court decision merely because the appeal is pending in the Apex Court.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Refund of stamp duty — Withdrawal of document from being registered — Karnataka Stamp Act, sections 52 and 52A.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Precedent – Judicial discipline – Co-ordinate Bench Decision – Not to take a contrary view but to refer matter to larger bench.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Stamp Duty – Sale deed or release deed – Release of share in property by co-owner for consideration, is not sale: Stamp Act Art 47A:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Doctrine of Merger: Dismissal of Appeal on ground of limitation – No Merger of order – Central Excise Act:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Transfer of property – Deed of dissolution of partnership – Receipt of assets of firm on dissolution would not construe transfer – Conveyance: Section 2(10) Stamp Act 1899:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Compensation — Bona fide passenger — Railway Act.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Compensation — Gratuitous passenger — Liability of insurer — Motor Vehicles Act.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Evidence – Admissibility of Document not duly stamped – Agreement to sell – Karnataka Stamp Act, 1957.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Interpretation — Indian Succession Act, 1925.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 5 mins

    Professional ethics — It is duty of lawyer to defend, irrespective of consequences.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Appeal — Tribunal — Adjournment — Medical certificate not necessary while seeking adjournment on medical ground.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Authority for Advance Ruling Jurisdiction — Application for Ruling — Discretionary — Holding and subsidiary.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Natural justice — Officer involved in audit — Officer not competent to assess the dealer — VAT Act, 2004.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Appeal to Appellate Tribunal—Grounds urged in Memorandum of Appeal but not advanced during the course of submission or arguments— No error apparent on face of order of Tribunal : Central Excise Act, 1944 Section 35C(2):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Appellate Tribunal–Judicial Discipline-Precedent- Tribunal bound to follow decision of Supreme Court in preference to decision of Tribunal which was not challenged: CESTAT:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Revision—Merger of order—Rejected only on ground of limitation and not on merits: Such an order does not merge.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Succession—Death of Male Hindu—Before Coming into force Hindu Succession Act, 1956.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 6 mins

    Tenancy rights — Property in possession of tenant — SARFAESI Act has overriding effect over local Rent Control Act.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Succession–ProbateProceeding–Compromise between Parties: Succession Act, 1925.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Company – Dishonour of Cheque – Offence by company – Directors/Other Officer of Company cannot be prosecuted alone – Negotiable Instruments Act, 1881 Sections. 138 and 141:

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Right of inheritance – In absence of ‘Son or Daughter’ of wife from her husband, property would devolve upon brother of her husband being heir of her husband – Hindu Succession Act, 1956 – Section 5(1)(a)(e).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Stamp Duty – Surrender of tenancy by earlier tenant – Creation of new tenancy on next day – Premises in question more than 60 years old – Entitled to discount of 70% – Bombay Stamp Act, 1958 (Art. 36)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Succession Certificate – Nominee – Widow – Right after Remarriage: Indian Succession Act, 1925 – Section 372

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Transfer – Property of Minor – Disposal of immovable property by natural guardian – Limitation 3 years from time minor attains Majority: Hindu Minority and Guardianship Act, 1956 – Section 8(3):

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Award — International Commercial Arbitration — Enforcement of Arbitral award in India.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Foreign currency more than US $ 5000 — Legal requirement to make a declaration — Customs Act, 1962 sections 77, 113 and 114.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Order — Reasons — Failure to give reasons amounted to denial of justice — Karnataka Sales Tax, 1957

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Public document — Annual return — Liability of directors — Companies Act, 1956 sections 159, 163 and Indian Evidence Act, 1872, section 74.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Judiciary — Maintenance of highest standard of propriety and probity — Rule of Law — Constitution of India Arts. 235 and 233.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Transplantation of human organs — Donor and recipient near relatives, hence approval of authorisation committee is not necessary.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Compensation for breach of contract — Liquidated damages — Contract Act 1872, section 74

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Consumer Protection Act — Jurisdiction — Contract containing arbitration clause — Not prevented thereby from filing complaint to consumer forum — Consumer Protection Act, section 12.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Electricity dues of previous occupant — Demand from purchaser of premises — Electricity Act, 2003 section 43(1).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Partition — Right of pre-emption against stranger purchaser — Transfer of Property Act, Section 44.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Remedies for breach of contract — Damages — Measure/quantification of damages — Contract Act 1872, sections 73 and 74.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Merger — Review of High Court Order — SLP against the same dismissed by SC — No Review possible — Constitution of India Act, 136 and 226.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Evidence — Proof of execution of document — Will — Evidence Act, section 68.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Limitation — Date of judgment or date of communication of order.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Part performance of Contract — Conditions — The Limitation Act does not extinguish the defence, it only bars the remedy — Section 53A does not confer a title on transferee in possession — Transfer of Property Act, section 53A.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Transfer of property — Adverse possession — Transfer of Proper for Act section 53A

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Succession — Female Hindu dying intestate — Heirs related to an intestate by full blood shall be preferred to heir related to half blood — Hindu Succession Act, 1956, sections 15 and 18.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Tax on land and building — Towers for wireless communication system cannot be construed as building — Karnataka Municipal Corporation Act, (14 of 1977) section 2(1A).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Transfer — Transfer for benefit of unborn person — Transfer of Property Act, section 13.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Will — Settlement deed or Will — Joint Will or Joint Mutual Will — Succession Act, 1925 — Section 2(4).

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Will — Evidence — Genuineness of will — Attesting witness — Requirement of law — Evidence Act, section 68.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Dishonour of cheque — Cheque drawn in foreign country — Accused cannot be prosecuted in India — Negotiable Instruments Act, 1881.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Power of attorney — Revocation by registered deed — Registration Act section 17(1)(b).

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Liability of guarantor — After his death does not extinguish — Specific contract — Banker’s right of general lien — Contract Act, section 131.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Compensation — Minor driving motorcycle without licence — Liability to pay compensation shifts on owner — Motor Vehicles Act 1988, section 168.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Precedent — Judicial discipline — Contradictory decisions by Co-ordinate Benches — Institutional integrity.

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Daughter — Does not include ‘Step daughter’ — Hindu Succession Act, 1956, section 15(1)(a).

    By Dr. K. Shivaram, Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Damages — Goods carried at ‘Owners Risk’ — Carrier cannot escape from the liability to make good loss — Contract Act, section 151 and Carriers Act, 1865, section 9.

    By Anup P. Shah, Chartered Accountant
    Reading Time 2 mins

    Unstamped document — Document not duly stamped not admissible even for collateral purpose — Stamp Act, 1899, section 35 — Public Document — Evidence Act, Section 74.

    By Anup P. Shah, Chartered Accountant
    Reading Time 3 mins

    Vicarious liability — Breach of contract — Damages for non-performances of contract — Contract Act.

    By Anup P. Shah, Chartered Accountant
    Reading Time 4 mins

    Counsel — Withdrawal of Counsel — Permission of Court is necessary — Civil Procedure Code.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Guarantor — Recovery of loan — Corporation cannot sell out properties mortgaged to it by guarantors — State Financial Corporation Act — Section 29, section 31.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    International Arbitration — Jurisdiction of Indian Court ousted — Arbitration and Conciliation Act, 1996 section 37(2)(b).

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Recovery of debt — DRT has no jurisdiction to prohibit borrower from leaving country without prior permission of Tribunal — Constitution of India, Article 21 — Debts Recovery Tribunal Act, 1993.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Right to appear and practice — General power of attorney holder is not entitled to appear and argue — Advocates Act, 1961.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 2 mins

    Concession made by counsel on facts — Binds his client.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Professional conduct and Etiquette of Advocates — Duty of Advocate towards Court and client.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    International Commercial Arbitration — Jurisdiction of Indian Court — Arbitration and Conciliation Act 1996 section 9.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 4 mins

    Registration — Partition deed or memorandum of oral partition — Registration Act, 1908 section 17(1)(b), 49.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 3 mins

    Recognised agent or pleader cannot appear as witness in place of principal — CPC order 3.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Authorisation Notice not served – Chartered Accountant received the notice on behalf of assessee without authorisation:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Family Arrangement Document not compulsorily Registrable – Memorandum of family arrangement – Admissible in evidence without being registered or stamped:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Precedent – Law settled by Supreme Court or Division Bench of High Court – Binding Nature – In case of doubt by another bench, matter to be referred to larger bench: However, the Binding effect will prevail court should not wait for Larger Bench decision:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 1 mins

    Limitation – Acknowledgement of debt – By email – constitutes valid and legal acknowledgement: Information Technology Act, section 4.

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 5 mins

    Limitation – Sale of Minors property without permission of court – Suit not filed by minor within 3 years from date of attaining majority – Barred by limitation : Limitation Act 1963 and Hindu Minority and Guardianship Act, 1956 section 8(2)(3).

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Compensation — For violation of human rights during the search and seizure operation conducted by Income-tax Department.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 4 mins

    Contempt of Court — Malicious imputation against Judicial Officer — Apology not accepted — Contempt of Court Act, section 6.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Gift by Muslim — Unregistered gift deed cannot be recognised — Section 123 of Transfer of Property Act.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Limitation — Setting aside ex parte order — CPC 0.9 R.13

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 3 mins

    Transfer of title occurs only with execution and registration of document — Possession in part — Performance of contract does not confer any title to buyer — Transfer of Property Act, 1882, section 53A, 55.

    By Dr. K. Shivaram
    Ajay R. Singh
    Advocates
    Reading Time 1 mins

    Natural justice – Bias – Judicial conduct– No one can act in judicial capacity if his previous conduct gives ground for believing that he cannot act with an open mind or impartially

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Compounding of offences – Can be compounded by CLB even after prosecution has been instituted: Interpretation of Statute: Companies Act

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 4 mins

    Dishonour of Cheque – Criminal liability – Joint Account holder -Drawer of cheque alone can be prosecuted: Negotiable Instruments Act section 138.

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 4 mins

    Govt. servant – Not consumer – Dispute regarding retrial benefits, PF Gratuity cannot be entertained by consumer for a Jurisdiction – Issue – Goes to root of matter – Can be raised at any stage – Doctrine of waiver does not apply:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Mortgage by conditional sale or sale with condition of repurchase – Suit for redemption – Dismissed: Transfer of property Act, 1882 section 58(c):

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 3 mins

    Probate of Will – Delay in filing Application – May arouse suspicion – But not absolute bar of limitation : Succession Act 1925 section 222:

    By Dr. K. Shivaram, Ajay R. Singh Advocates
    Reading Time 4 mins

    Circulars – Binding nature – Circulars cannot override statutory provisions: Administrative Law:

    By Dr. K. Shivaram Senior Advocate, Ajay R. Singh Advocate
    Reading Time 2 mins

    Lease – Amount of security deposit – No stamp duty on security deposit. Stamp Act 1899, Article 35(c):

    By Dr. K. Shivaram Senior Advocate, Ajay R. Singh Advocate
    Reading Time 3 mins

    Partnership firm – Unregistered – Not be barred from enforcing their rights under Transfer of Property Act: Partnership Act 1932 Section 69(2):

    By Dr. K. Shivaram Senior Advocate, Ajay R. Singh Advocate
    Reading Time 6 mins

    Precedent – Ratio decidendi – Must be understood in the background of the facts of the case – Judgements are not to be read as a statute: Constitution of India.

    By Dr. K. Shivaram Senior Advocate, Ajay R. Singh Advocate
    Reading Time 2 mins

    Release Deed – Chargeability : Stamp Act, 1899:

    By Dr. K. Shivaram Senior Advocate, Ajay R. Singh Advocate
    Reading Time 2 mins

    Contract of guarantee and contract of indemnity – Difference – section 124 and 126, Contract Act, 1872:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Doctrine of merger – Appeal to Appellate Tribunal – Not applicable when appeal rejected on limitation.

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Evidence – Commission of Enquiry – Statements made before commissioner cannot be used as evidence before civil or criminal court – Conclusions based on such statements cannot be used as Evidence:

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 5 mins

    Instrument – Chargeability to stamp duty – Document executed before Notary – Creating rights in land – Stamp Act, 1899, section 17, 2(14)

    By Dr. K. Shivaram, Ajay R. Singh, Advocates
    Reading Time 2 mins

    Hindu Undivided Family – Not in existence prior to the coming into force of Hindu Succession Act, 1956 – Suit for Partition – Suit not maintainable

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 1 mins

    Settlement Deed – Cancellation – Registered Settlement deed cannot be cancelled by executing cancellation deed: Transfer of Property Act, 1882, section 9:

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 1 mins

    Development Agreement – Conditional sale – Suit by developer for specific performance – maintainable: Contract Act section 202 and 204, Transfer of property Act 1882, section 54

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 4 mins

    Evidence – Printout generated from computer seized not admissible for non fulfillment of statutory conditions: Section 138C customs Act:

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 3 mins

    Hindu Succession-Co-parcenary property – Rights of daughter – Section 6, Hindu Succession Act 1956

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 3 mins

    Interpretation – Three months – Does not mean 90 days – Bar of Limitation – Application filed on next day after limitation period due to holiday on the said date – Not barred by limitation.

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 3 mins

    Market Value – Sale Deed-Stamp Duty-Circle rate by itself does not provide true market value of property: Stamp Act, 1899.

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 6 mins

    Negligence-Torts–Medical Practitioner– Liability to pay damages-It does not Transcend into criminal liability as to make him liable – Section 338 of the Indian Penal Code, (1860).

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 4 mins

    Registration – Document not compulsorily registrable: Registration Act, 1908.

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 4 mins

    Right to Information – School run by Society– Society covered under the Act. : Right to Information Act, 2005.

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Advocate appearing as litigant in person – Is not practicing his profession – Cannot be permitted to argue with his robes: Section 30: Advocates, 1961.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Appellate Tribunal – Rectification of Mistake –Issue of limitation of demand raised but not considered – Rectification justified – Section 35C(2) of Central Excise Act, 1944.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Co-operative Society – Membership – Discretion to refuse Membership to person not duly qualified – Not violative:Of Art 19(1)(c) Constitution of India and section 24(1): Gujarat Co-op Soc. Act, 1962

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Partnership – Dissolution of Firm – Expiry of tenure of firm – Dissolution is automatic: Section 42, 59 and 63: Partnership Act, 1932.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Coparcenary property – Hindu Law – Partition – Wife cannot demand partition of joint family property – She would get a share only if partition is demanded by her husband or sons and property is actually partitioned.

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 3 mins

    Coparcenery property – Karta – When male member is available, female in such circumstances would not be eligible to become a karta of family–Section 6–Hindu Succession Act, 1956.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Coparcenary property – Right of daughter – No partition affected prior to enforcement of Amendment Act – Death of father (co-parcener) – Daughter will have right at par with son. Hindu Succession Act, 1956, Section 6 (as amended in 2005)

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Precedent – Manner of citing – Whenever any issue is decided by the Supreme Court or/and High Court, it is to be first referred to by the Authorities/ Tribunals and then decision should be rendered on the issue involved in the case:

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Tenancy – Statutory Tenancy – Can be bequeathed by Will – Unless it is specifically barred by some provision – Powers of Appellate Court – Subsequent Events – Mould relief accordingly: Section 96 of CPC:

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 5 mins

    Precedent – Binding nature – Reference to Full Bench – Co-ordinate Bench cannot decide appeal on merits by taking contrary view.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Precedent – Reference to Full Bench – Cannot be made inview of larger Number of cases filed in subject matter. [Constitution of India Article 225.]

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 1 mins

    Bombay Stamp Act, 1958 – Delay in filing application before Chief Controlling Revenue Authority – Specific exclusion of Limitation Act – Executive cannot condone delay taking recourse of limitation Act: Limitation Act section 5, 29:

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Citizenship by Registration – Eligibility Criteria not fulfilled:Citizenship Act, 1955 section 5(1)(a):

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 4 mins

    Coparcenary property – Right of daughters – Section 6 as amended by Amendment Act (2005) is available to all daughters living on date of coming into force of 2005 Amendment Act : Hindu Succession Act, 1956:

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Family Settlement – Registration – Document not compulsorily registrable –Registration Act, section 17:

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Gift – Validity – Delivery of possession is not an essential prerequisite for making of valid gift in case of immovable property: Transfer of property Act. Section 123.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 6 mins

    Minor – Sale of Minors property – By father (Natural Guardian) – Without prior permission of Court – Voidable at instance of minor. Hindu Minority and Guardianship Act 1956, section. 8 (2):

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 4 mins

    Hindu Law – Devolution of property of male dying intestate: Hindu Succession Act, 1956, sections 8 and 10:

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 5 mins

    Month – Month does not mean 30 days – Computation of six months period, Negotiable Instruments Act, 1881, section 138.

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Precedent – Doctrine of per incuriam and sub silentio – Constitution of India – Article 141

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 1 mins

    Will – Succession – Clause offending rule against perpetuity is invalid – Indian Succession Act, 1925, section 114.

    By Dr. K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Consent Decree – Appeal not maintainable – Party to approach the court which had recorded compromise and passed decree and establish that there was no compromise. [CPC O. 23 R.3]

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Document Gift or relinquishment deed-Determination- Stamp Act, 1899, Article 55

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 1 mins

    Deficiency in service – Mental Agony & harassment – Cost of Litigation-Builder. (Consumer Protection Act section 17).

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 5 mins

    Frivolous Litigation – State as a Litigant/party – Expenses to be paid personally by officials concerned.

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 1 mins

    Guarantor – Mortgage by deposit of title deeds – Liability of Guarantor – Loan taken from bank – Deposit of title deeds with Bank. Section 128-Contract Act, Transfer of property section 58(f).

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 4 mins

    Precedent – Law declared by Supreme Court – Binding on all High Courts – High Court Judge sitting singly bound by Supreme Court decision rather than Division Bench Judgement which is contrary to Supreme Court. (Constitution of India, Article 141)

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 2 mins

    Precedent – Judicial discipline – Third Member is bound to consider judgement of Division bench – CESTAT order was unsustainable for non consideration of law in favour of assessee:

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 1 mins

    Hindu Succession –Daughter born out of womb of Hindu Female inheriting property of her second husband: Hindu Succession Act. 1956, section 15(1)(a):

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 4 mins

    Instrument of sale – Determination of Market value for purpose of stamp duty – On Date of Execution of sale deed – Transfer : Stamp Act, 1899

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 4 mins

    Sale of minors property by defecto guardian – Sale without legal necessity void or voidable. Hindu Minority and Guardianship Act, 1956, section 6, 11 & 12.

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 3 mins

    Transfer of Agricultural land – For Non – Agricultural use – Requirement of payment of premium and prior sanction – valid Gujarat Tenancy and Agricultural Land Act, 1948 section 43.

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 2 mins

    Tribunal – Should consider issue raised in appeal in depth and render complete finding – Undue haste – Result in Miscarriage of Justice.

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 2 mins

    Hindu Law – Joint family property – Wife is entitled to share in property alongwith her husband – Wife cannot demand for partition, unlike daughter

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Notary – Recognition of notarial acts – Document executed and authenticated before Notary Public of Singapore – Document cannot be judicially recognised: Evidence Act section 85, Notaries Act, section 14.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Family – Definition – Is exhaustive and not illustrative : Stamp Act 1899 Sch. I, Art. 58(a) Explanation

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Gift – Muslim Law – Immovable property – Conditions curtailing its use or disposal are to be treated as void. Transfer of property Act section 123

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Precedent – Binding nature of order of Tribunal – Strictures against Commissioner (Appeals): Section 35G of Central Excise Act 1944.

    By Dr. K Shivaram Senior Advocate Ajay R. Sing h Advocate
    Reading Time 3 mins

    Right to fly National Flag – Fundamental Right of Citizen – Mandamus would not lie against authority to act in contravention of provisions of statute: Constitution of India.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 3 mins

    Stamp valuation – Market value – Property purchased in Company Court auction – Sale deed executed in their favour by official liquidator – Registration authorities cannot question the sale deed on ground of undervaluation. Stamp Act, 1899, section 47-A.

    By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
    Reading Time 2 mins

    Advocate – Relationship between the Advocate and the client depends upon the trust between the parties – When the client wants to engage another Counsel, the earlier Lawyer has got no option, except to recuse himself from the case – Advocates Act section 30.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Co-operative Society- Right of Membership- Society has the right to refuse membership.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Gift – Immovable property – Donor had reserved the right to enjoy the property during her life time did not affect the validity of the gift deed. – Transfer of Property Act, Section 122 & 123, 126.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Apology – Disturbing remarks/statement made by counsel for petitioner against Supreme Court Bench – Apology for such statement accepted – Constitution of India, Article 129:

    By Manohar Lal Sharma vs. Principal Secretary & Ors. (2014) 3 SCC 172 The matters were posted in view of the following statement of Mr. Prashant Bhushan
    Reading Time 1 mins

    Frivolous Litigation – State as a Litigant/party – Expenses to be paid personally by officials concerned:

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 1 mins

    Legal representatives of deceased – Scope – Corporate body or Collective entity when may claim compensation as legal representative – Motor Vehicles Act, 1988, S/s. 166, 168 and 173:

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 4 mins

    Precedent – Circulars – Binding on Revenue – Implied overruling – Earlier ruling of smaller Bench held, stands overruled if a subsequent larger bench lays down law to the contrary: Constitution of India Article 141:

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 1 mins

    Co-operative Societies – Charge on immovable property of Member borrowing loan – Society to get charge recorded in record of rights: Maharashtra Co-op Societies Act, 1961, section 48.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Precedent – Judicial Discipline – Conflicting decisions by CESTAT Benches – Appropriate Course for the second Bench is to refer the matter to the Larger Bench: Central Excise Act, 1944.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 1 mins

    Probate of Will – Will though not probated, that does not prevent vesting of property of deceased in executor-Succession Act, 1925 section 211,213.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Document not compulsorily registerable– Irrevocable Power of attorney – Relating to transfer of immovable property is liable for compulsory registration- Registration Act, 1908, section 17(1)(g).

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Stay on Recovery – Appeal filed before first Appellate Authority – Stay Application pending – Recovery of the amount by attaching the bank account not justified: Central Excise Act, 1944.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Appeal High Court – Stricture against Department – Direction to replace advocates in old matters – Otherwise High Court would dispose old matters in their absence

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Appeal – Abatement– Death of defendant during pendency of appeal – Failure to bring his legal representative on record – Appeal would abate against deceased defendant CPC, C.22 R. 4

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Coparcenary Property – Right of daughters – Daughter born prior to 9-9-2005 has right to file suit for partition: Hindu Succession Act section 6-

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Partnership – Rights of outgoing partner – Firm continued its business – Retired partner cannot claim share in subsequent profits made by firm: Partnership Act, 1932 section 37.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Registration –Agreement to sell – Not required to be compulsorily registered: Registration Act, section 17(1A):

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Will – Execution Proof – Both attesting witnesses not alive – Evidence Act should receive a wider purposive interpretation: Evidence Act Section 68, 69.

    By Dr. K. Shivaram Senior Advocate
    Ajay R. Singh Advocate
    Reading Time 5 mins

    Aadhar Card Scheme – Right to Privacy – Judicial Discipline – View expressed by smaller benches without explaining reasons for not following pronouncements of larger Benches – Matter referred to larger Bench – Constitution of India Article 141.

    By Dr. K. Shivaram Senior Advocate
    Ajay R. Singh Advocate
    Reading Time 2 mins

    Appellate Tribunal – Difference of Opinion between Members of Bench on factual matters – Advice to Tribunal – Disagreement and dissent to be avoided by meaningful discussion and continuous dialogue.

    By Dr. K. Shivaram Senior Advocate
    Ajay R. Singh Advocate
    Reading Time 2 mins

    Foreign Judgement – Enforceable before Court in India – Civil Procedure Code, section 13(b)

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Hindu Law – Partition – Doctrine of throwing Property in common hotchpot – Assessment under the Wealth tax Act would be evidence : Hindu Succession Act section 23

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Hindu Law – Suit for partition – Concept of dual ownership – Land and building or structure standing thereon

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Hindu Succession – Hindu female dying intestate – Her step son falls in category of heirs of husband – Hindu Succession Act 1956. Section 15(10)(b).

    By Dr. K. Shivaram Senior Advocate
    Ajay R. Singh Advocate
    Reading Time 3 mins

    Consumer – Builder –Agreements are prepared in a one-sided-Delay in handing over of possession – Liable to pay interest and compensation: Consumer Protection Act, 1986.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 8 mins

    Coparcenary property -Right given to daughters to claim partition – Constitutionally valid-Hindu Succession Act 1956 section 6:

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 4 mins

    Limitation – Settlement of Accounts on dissolution of partnership firm – After 3 years right to sue would become time barred: Limitation Act Article 5:

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Appellate Tribunal – Natural Justice – Relying on post hearing decision, not permissible – Central Excise Act, 1944 Section 35C.

    By Dr. K. Shivaram Senior Advocate
    Ajay R. Singh Advocate
    Reading Time 2 mins

    Precedent – Conflicting decisions of Supreme Court – Later judgement in point of time will be followed

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 1 mins

    Right to Representation – Duty of lawyer to defend every person – Professional ethics require that lawyer must not refuse a brief: Constitution of India

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Stamp Duty – Several instruments in one transaction – Duty Chargeable on principal instruments so determined shall be highest duty chargeable in respect of any of said instruments: Bombay Stamp Act, 1958 section 4

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Will – Suspicious Circumstances – Minor mistake / error in Final Will – Nothing to show that signature on will was forged – Will would be valid: Hand writing Expert opinion is fallible : Succession Act, 1925 section 63

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Admission / Concession – Advocate – Senior Counsel – cannot settle and compromise claim without specific authorisation from his client. Advocates Act, 1961, Section 35:

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 4 mins

    Evidence – Tape Recorded conversation between spouses – Admissible in evidence – violates right to privacy – But not admissible if recorded without knowledge of spouse – If admitted it would amount to violation of “right to privacy”.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    The petitioner filed a divorce petition u/s. 13 of the Hindu Marriage Act, 1955 before the Family Court. In that application, the petitioner alleged that Respondent No. 2 – wife caused mental cruelty to him by different means.

    By Dr. K. Shivaram Senior Advocate | Ajay R. Singh Advocate
    Reading Time 2 mins

    Will – Execution – Mere non-registration of Will would not make it suspicious: Evidence Act Section 67 & 68.

    By Dr. K. Shivaram Senior Advocate Ajay R. Singh Advocate
    Reading Time 3 mins

    Precedents – Obiter Dictum – Is something said by a judge and has no binding authority: Constitution of India – Article 141

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Nominee – Insurance claim – Nominee is only custodian of amount – Insurance Act, 1938 section 39(6):

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Application for restoration – Dismissal on ground that petition and affidavit were signed by counsel and not by party: CPC 1908 Order 9, Rule, 9

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Natural Justice – Right of cross examination – Is integral part of natural justice principles – Affidavit – Not evidence: Evidence Act, 1872 section 3:

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Probate – Revocation – Notice not served on daughter and wife of testator before grant of probate – Probate liable for revocation: Succession Act, 1925 section 263

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 4 mins

    Public authority – Co-operative Societies – is not public authority – Right to information Act 2005 section 2(h)

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 4 mins

    Reference to larger Bench: Right of Reference – Chief Justice in his administrative capacity cannot constitute a larger bench for the purpose of deciding a pure question of law: Gujarat High Court Rules, 1993.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 5 mins

    Additional Evidence – Appellate court can suo motu receive additional evidence either oral or documentary – For pronouncing a satisfactory judgment: CPC 1908, 0.41 R. 27

    By Dr. K. Shiva Ram
    Senior Advocate
    Reading Time 3 mins

    Evidence – Secondary Evidence – Photocopy of true copy of document – Is inadmissible when existence of Original document is disputed : Evidence Act, 1872, Section 63(2) & (3) & 65

    By Dr. K. Shiva Ram
    Senior Advocate
    Reading Time 3 mins

    Strictures against Department – Delay of 22 months in passing order after hearing – No reason for inordinate delay

    By Dr. K. Shiva Ram
    Senior Advocate
    Reading Time 3 mins

    Co-operative Society – Uttar Pradesh Cooperative Societies Act, 1965 providing that every Co-operative Society shall be covered by the Right to Information Act, 2005 is unconstitutional.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Gift of Tenanted property – Under Mohammedan law, if the donor and donee being husband and wife are residing in the same property it is not essential that the donor should depart from the premises to deliver possession to the donee and same law will apply even when part of the premises are occupied by the tenants.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    HUF – Coparcenary – Rights of daughters in the coparcenary property governed by Mitakshara law are applicable to living daughters of living coparceners as on 9th September, 2005 irrespective of when such daughters are born. [Hindu Succession Act, 1956, Section 6]

    By Dr. K. Shivaram,Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    HUF – Coparcener – Eldest daughter is entitled to be the Karta of the HUF – Amendment to the Hindu Succession Act, 1956 by the Hindu Succession (Amendment) Act, 2005 – All rights which were available to a Hindu male are now also available to a Hindu female. A daughter is now recognised as a co-parcener by birth in her own right and has the same rights in the co-parcenary property that are given to a son. [Hindu Succession Act 1956, Section 6]

    By Dr. K. Shivaram,Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Precedent – Benefit of Judgements in rem affirmed by Supreme Court should enure to all similarly situated persons and it is impermissible for High Court to reopen such issues which are conclusively determined by previous judgements.

    By Dr. K. Shivaram,Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Stamp Papers – Use of old stamp papers i.e., stamp paper purchased more than six months prior to proposed date of execution may certainly be a circumstance that can be used as a piece of evidence to cast doubt on authenticity of agreement but that cannot be clinching evidence to invalidate the agreement. [Indian Stamps Act,1899, Section 54].

    By Dr. K. Shivaram,Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Tenant – Where partnership is held to be created to conceal the real transaction of subletting, tenant is liable to be evicted on grounds of wrongful subletting. [Bombay Rents Act, 1947, Section 13]

    By Dr. K. Shivaram,Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 1 mins

    Partition of property – A Hindu widow can on her own file suit for partition under Hindu Succession Act 1956 in respect of her husband’s share in the property. [Hindu Succession Act, 1956]

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Tenants – tenants covered by the Rent Control Act cannot be dispossessed in an action initiated by the bank against the landlord debtor under the SARFAESI Act. [SARFAESI Act, 2002, Section 14 ]

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Vakalatnama – An Advocate who does not have Vakalatnama in his favour cannot concede claim or confess judgement affecting rights of party.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Nominee-Right of Nominee–Existence of Joint Family-Hindu widow is not coparcener in HUF of her husband: Hindu law Prior to amendment of the Hindu Succession Act, 2005.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 4 mins

    Mortgage debts – Priority of charge recovery certificate in favour of bank cannot effect prior charge of mortgage : Transfer of Property Act – Section 48.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 2 mins

    Partition – Only partition effected by way of registered deed prior to 20/12/2004 debars daughter from staking an equal share with son in co-parcenary property : Hindu Succession Act 1956, section 6.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Precedent – Binding precedent – Judicial propriety – Single Judge is bound by opinion of Division Bench: Constitution of India, Article 226

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Precedent – Judgement delivered earlier in point of time – Must be respected and followed – Constitution of India, Article 141.

    By Dr. K. Shivaram Senior Advocate Ajay r. Singh Advocate
    Reading Time 3 mins

    Judicial Process – Judicial Composure and Restraint – Judicial accountability and discipline are necessary to the orderly administration of justice.

    By Dr. K. Shivaram
    Senior Advocate; Ajay R. Singh
    Advocate
    Reading Time 2 mins

    Nominations – Securities – Nominee continues to hold the Securities in trust and as a fiduciary for claimants under succession law : Succession Act 1925 Section 58:

    By Dr. K. Shivaram
    Senior Advocate; Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Gift Deed – Cancellation – Suspicious Circumstances – It is settled principles of law that negative cannot be proved

    By Dr. K. Shivaram
    Senior Advocate; Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Tribunal – Early hearing – Application must be considered :

    By Dr. K. Shivaram
    Senior Advocate; Ajay R. Singh
    Advocate
    Reading Time 1 mins

    Will – Transfer of property – Will becomes effective only after death of testator – Limitation Act, does not strictly apply for granting probate.

    By Dr. K. Shivaram
    Senior Advocate; Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Family Court Proceedings – Admissibility of Electronic Records – Privileged Communication – Video clippings recorded through pin hole camera with hard disk memory is primary evidence – Section 65B compliance not required. [Indian Evidence Act, 1872 – Sections 122, 14, 62,65B; Family Courts Act, 1984 – Section 13, 14]

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Sashank Dundu
    Advocate
    Reading Time 2 mins

    Insurance claim– Cannot be denied on the ground that no premium had been paid – Notice to insured before the policy lapses, must be issued. [Insurance Act (4 of 1938)]

    By Dr. K. Shivaram, Senior Advocate, Rahul K. Hakani, Advocate, Sashank Dundu, Advocate
    Reading Time 2 mins

    Protected Tenant’s right to property – Landholder cannot sell the land without first offering the same to the ‘Protected Tenant’ – Land can be sold only if the ‘Protected Tenant’ does not exercise his right to purchase the said land. [Hyderabad Tenancy and Agricultural Lands Act (21 of 1950), Sections 40, 32; Andhra Pradesh (Telangana Area) Tenancy and Agricultural Lands Act, 1950 – Section 40]

    By Dr. K. Shivaram, Senior Advocate, Rahul K. Hakani, Advocate, Sashank Dundu, Advocate
    Reading Time 2 mins

    Power of Attorney holder – Authorised for signing various documents – Suit filed by Power of Attorney holder – Power of Attorney holder deposing in court on his personal knowledge of each and every detail of transaction – Evidence of Power of Attorney holder of Plaintiff readiness and willingness admissible [Code of Civil Procedure, 1908, Order VI Rule 14, Order XLI Rule 27].

    By Dr. K. Shivaram, Senior Advocate, Rahul K. Hakani, Advocate, Sashank Dundu, Advocate
    Reading Time 3 mins

    Bombay Stamp Act – Amalgamation – Scheme of amalgamation is not chargeable to stamp duty. It is the order of court sanctioning the scheme that is chargeable. [ Bombay Stamp Act,1958, Section 3,2(1)]

    By Dr. K. Shivaram
    Senior Advocate; Rahul K. Hakani
    Advocate
    Reading Time 1 mins

    Precedent – Stay – Strictures – Recovery of demand by adjustment of refund from stayed demand – In identical case for different years of the same assessee such mode of recovery was set aside by the High Court and revenue was unable to show how facts were different this time around. Recovery was set aside. Warning that officers would in future be personally liable.

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Precedent – Judicial discipline – Tribunal cannot assume power to declare judgement of division Bench of Court as per incuriam and refuse to follow it. [Karnataka Sales Tax Act, 1957, Section 6B]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 3 mins

    Daughters – Daughters in tribal areas in the State of Himachal Pradesh will inherit property in accordance with Hindu Succession Act 1956 and not as per custom and usage. [Hindu Succession Act, 1956 – Section 2(2), 4]

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Reading Time 3 mins

    Fixed Deposits – Renewal of fixed deposits cannot be made in the name of different constituent other than original depositor. [Banking Regulation Act – Section 45ZB].

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Reading Time 3 mins

    FIRM – Appointment of Arbitrator – Unregistered firm cannot enforce arbitration clause in a partnership deed. [Indian Partnership Act, 9132 – Section 69(3)].

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Reading Time 2 mins

    Mohammedan Law – Will – Challenge – Limitation of three years starts from date author of Will expires – Bequest to heir is not valid unless consent of all other legal heirs is obtained. [Limitation Act Art 137 and Mohammedan Law – Rule 192].

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Reading Time 3 mins

    Writ – Power of attorney – A writ petition under Article 226 of the Constitution can be filed by a power of attorney holder subject to certain safeguards [Constitution Of India – Art. 226]

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Reading Time 2 mins

    Hindu Marriage Act – Recording of statement of witness through video conferencing is permissible. [Hindu Marriage Act, Section 13B]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 3 mins

    Hindu Succession – Property inherited by female Hindu widow from her husband would devolve upon heirs of husband in absence of any son and daughter. [Hindu Succession Act, 1956 Section 15, 16].

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 1 mins

    Hindu Widow’s Remarriage – On remarriage of Hindu widow, she gets divested of right, title and interest in deceased husband’s property. [Hindu Widows Remarriage Act, 1856 Section 2 ]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Precedent – High Court should be very slow in taking a view different than the view of other High Court. [Customs Act, 1962]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 1 mins

    Right to Information Act – Information pertaining to development plan cannot be withheld by Municipal Corporation. [Right to Information Act, 2005, Section 6,8]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Arrest – Procedure to be followed by Police Officer – The police must follow the procedures laid down by the courts – if any situation/circumstance is covered u/s. 41 and 41-A of the CR.P.C proper reasoning for the arrest is required [Criminal Procedure Code, 1974 Section 41, 41-A]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 3 mins

    Contempt – Non-Compliance of order of a Court on the ground that the appeal is pending against the Court’s order is not permissible. [Contempt of Courts Act, Section 2]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 1 mins

    Evidence – Compact Disk – Primary or Secondary evidence – A Compact Disk produced as a source of information of corrupt practice is inadmissible as a primary evidence . [Evidence Act, 1872, Section 65-B]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 1 mins

    Interpretation of Statutes – Construction of Rules – Prospective or Retrospective – Any legislation said to be dealing with substantive rights shall be prospective in nature and not retrospective. [General Clauses Act, 1897, Section 6]

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 3 mins

    Coparcener – Vested right after adoption – A coparcener/son continues to have vested right in joint family property of birth even after adoption. [Hindu Adoptions and Maintenance Act, 1956, 12(b); Hindu Succession Act, 1956, Section 30].

    By Dr. K. Shivaram, Senior Advocate; Rahul K. Hakani, Advocate
    Reading Time 2 mins

    Appellate Tribunal – Registrar cannot refuse to accept the appeal though not maintainable – Order of Non-Maintainability to be passed by the Tribunal itself and not the registrar even if the petition was prima facie not maintainable. [Tripura Value Added Tax Act 2004, S.71]

    By Dr. K. Shivaram
    Senior Advocate
    Rahul K. Hakani
    Advocate
    Sashank Dundu
    Advocate
    Reading Time 2 mins

    Accident claim – Can be filed by non-dependant legal representative of the deceased. [Motor Vehicles Act, 1988, S.166, 140]

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    Reading Time 29 mins

    ANSWERS TO SOME IMPORTANT RERA QUESTIONS

    By K. K. Ramani
    Advocate
    Reading Time 25 mins

    AMENDMENTS IN COMPANIES ACT BY AN ORDINANCE

    By P. N. SHAH
    Chartered Accountant
    Reading Time 25 mins

    BENAMI ACT – NO LONGER A PAPER TIGER ! – PART 1

    By DR. DILIP K. SHETH
    Chartered Accountant
    Reading Time 19 mins

    VALUATION STANDARDS: ANALYSIS OF THE UNEXPLORED PROVISIONS OF REGISTERED VALUERS

    By DHRUSHTI DESAI
    Chartered Accountant
    Reading Time 23 mins

    Benami Act – No Longer A Paper Tiger ! – Part II

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 20 mins

    JUDICIAL DISCIPLINE

    By N. M. RANKA
    Senior Advocate
    Reading Time 23 mins

    VALUATION STANDARDS – AN ATTEMPT TO STANDARDISE SUBJECTIVITY

    By ANAND BATHIYA
    Chartered Accountant
    Reading Time 18 mins

    DECLARATION OF SIGNIFICANT BENEFICIAL OWNERSHIP IN A COMPANY

    By P.N. SHAH
    Chartered Accountant
    Reading Time 18 mins

    SUPREME COURT’S LANDMARK DECISION IN ESSAR STEEL CASE

    By Dr.Dilip K.Sheth
    Chartered Accountant
    Reading Time 15 mins

    THE LATEST AMENDMENTS TO THE INSOLVENCY AND BANKRUPTCY CODE, 2016

    By Peshwan Jehangir|Jaideep Singh Khattar
    Advocates
    Reading Time 23 mins

    BAN ON UNREGULATED DEPOSIT SCHEMES

    By P.N. Shah
    Chartered Accountant
    Reading Time 23 mins

    HIGHLIGHTS OF THE COMPANIES (AMENDMENT) ACT, 2019

    By Pramod S. Prabhudesai
    Chartered Accountant
    Reading Time 19 mins

    MANDATED CSR AND IMPRISONMENT: A FIT CASE FOR RECONSIDERATION

    By Shankar Jaganathan
    Chartered Accountant
    Reading Time 15 mins

    RERA, A CRITICAL ANALYSIS

    By K.K. Ramani
    Advocate
    Reading Time 10 mins

    POSSIBLE SOLUTION TO THE PROBLEM OF STRESSED ASSETS

    By Suhail Kothari
    Chartered Accountant
    Reading Time 19 mins

    HOUSEKEEPING FOR BHUDEVI

    By RAHUL GOSWAMI
    Reading Time 7 mins

    COVID-19 AND THE RESHAPING OF THE GLOBAL GEOPOLITICAL ORDER

    By DR. VIGNESH RAM
    Reading Time 7 mins

    ‘MUTUALLY ASSURED DESTRUCTION’ IN CORPORATE LENDING

    By SHRUTI MONE
    Financial Analyst
    Reading Time 12 mins

    IMPACT OF COVID-19 ON CORPORATE AND ALLIED LAWS

    By ANKIT DAVDA
    Chartered Accountant
    Reading Time 15 mins

    SOME REFLECTIONS ON COVID-19 AND THE ECONOMY: RESET TIME

    By RASHMIN CHANDULAL SANGHVI
    Chartered Accountant
    Reading Time 20 mins

    COVID-19 IMPACT ON INDIAN ECONOMY AND THE FINANCIAL MARKETS

    By APURVA SHAH
    Chartered Accountant
    Reading Time 16 mins

    TRANSITION TO CASH FLOW-BASED FUNDING

    By K. RAMA SUBRAMANIAN | Ex-RBI Official
    SUHAS PARANJPE | AMIT DAMLE | Chartered Accountants
    Reading Time 13 mins

    OVERVIEW OF AMENDMENTS TO THE ARBITRATION AND CONCILIATION ACT, 1996: ONE STEP FORWARD AND TWO STEPS BACK

    By RAJ PANCHMATIA | PESHWAN JEHANGIR | ROSELIN ALEX
    Advocates
    Reading Time 16 mins

    CURRENT THEMES IN CORPORATE RESTRUCTURINGS AND M&As

    By Darshan Jaychand Surna
    Chartered Accountant
    Reading Time 17 mins

    INSOLVENCY CODE VS. PMLA – CONFLICT OR OVERLAP?

    By Dr.Dilip K.Sheth
    Chartered Accountant
    Reading Time 12 mins

    BENEFITS FOR SMPs UNDER MSME ACT & OTHER STATUTES

    By Mrinal Mehta | Gunja Thakrar
    Chartered Accountants
    Reading Time 12 mins

    WHETHER PRACTISING CAs CAN DEAL IN DERIVATIVES ON STOCK EXCHANGES

    By H.L. Sekhri
    Chartered Accountant
    Reading Time 10 mins

    CORPORATE LAW IN INDIA – PROMOTING EASE OF DOING BUSINESS WITHOUT DILUTING STAKEHOLDER INTERESTS

    By Shankar Jaganathan
    Chartered Accountant
    Reading Time 19 mins

    STATEMENT RECORDED UNDER PMLA AND OTHER LAWS: WHETHER ADMISSIBLE AS EVIDENCE?

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 12 mins

    PFUTP REGULATIONS – BACKGROUND, SCOPE AND IMPLICATIONS OF 2020 AMENDMENT

    By Sandeep Parekh | Manal Shah
    Advocates
    Reading Time 25 mins

    OFFENCE OF MONEY-LAUNDERING: FAR-REACHING IMPLICATIONS OF RECENT AMENDMENT

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 16 mins

    ‘PROCEEDS OF CRIME’ – PMLA DEFINITION UNDERGOES RETROSPECTIVE SEA CHANGE

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 14 mins

    SPECIAL PURPOSE ACQUISITION COMPANIES – ACCOUNTING AND TAX ISSUES

    By Mohan R Lavi
    Chartered Accountant
    Reading Time 12 mins

    IMPLICATIONS OF KEY AMENDMENTS TO COMPANIES ACT, 2013 ON MANAGEMENT AND AUDITORS

    By Deepa Agarwal
    Chartered Accountant
    Reading Time 20 mins

    INDIA’S MACRO-ECONOMIC & FINANCIAL PROBLEMS AND SOME MACRO-LEVEL SOLUTIONS

    By Homeyar Jal Tavaria
    Chartered Accountant
    Reading Time 11 mins

    EMPOWERING INDEPENDENT DIRECTORS

    By Nilanjan Paul | Chartered Accountant
    Reading Time 19 mins

    INTRODUCTION TO ACCREDITED INVESTORS – THE NEW INVESTOR DIASPORA

    By Eshank M. Shah
    Chartered Accountant
    Reading Time 12 mins

    VALUATION OF CONTINGENT CONSIDERATION

    By Anand Shah
    Chartered Accountant & Registered Valuer
    Reading Time 13 mins

    DAUGHTER’S RIGHT IN COPARCENARY – PART VI

    By M. L. Bhakta
    Advocate
    Reading Time 5 mins

    CSR RULES AMENDMENT – AN ANALYSIS

    By Raj Mullick
    Chartered Accountant
    Reading Time 9 mins

    PERSON IN CONTROL (PIC): NEW MODIFICATION IN THE ENTITY

    By Shivanand Pandit
    Financial and Tax Adviser
    Reading Time 14 mins

    DO CONGLOMERATE STRUCTURES FACILITATE BUSINESS EFFICIENCY?

    By Homeyar Jal Tavaria
    Chartered Accountant
    Reading Time 5 mins

    SEBI TIGHTENS REGULATIONS FOR RELATED PARTY TRANSACTIONS – KEY AMENDMENTS AND AUDITOR’s RESPONSIBILITIES

    By Deepa Agarwal
    Chartered Accountant
    Reading Time 17 mins

    COGNIZANCE OF THE OFFENCE OF MONEY-LAUNDERING

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 11 mins

    UNDERSTANDING PREPACK RESOLUTION

    By Pramod Srihari
    Chartered Accountant
    Reading Time 16 mins

    THE ESG AGENDA AND IMPLICATIONS FOR C-SUITE AND CORPORATE INDIA

    By Spandan Shah
    Chartered Accountant
    Reading Time 12 mins

    JURISDICTION OF SEBI IN TAKING ACTION AGAINST PRACTISING CHARTERED ACCOUNTANTS

    By Robin Shah, Advocate
    Reading Time 13 mins

    NSE’S HIGH-TECH STOCK MARKET SCANDAL: WILL THE MASTERMINDS GO SCOT FREE?

    By Palak Shah, Author and Journalist
    Reading Time 8 mins

    PMLA – Magna Carta – Part 1

    By Dr. Dilip K. Sheth, Chartered Accountant
    Reading Time 13 mins

    Major Changes in Overseas Investment Regulations under FEMA

    By Rutvik Sanghvi, Chartered Accountant
    Reading Time 19 mins

    Revised Code of Ethics

    By Kemisha Soni, Chartered Accountant
    Reading Time 10 mins

    PMLA – Magna Carta – Part 2

    By Dr. Dilip K. Sheth
    Chartered Accountant
    Reading Time 14 mins

    Hierarchy of FEMA

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 20 mins

    International Trade Settlement in Indian Rupees – New Mechanism

    By Chetan Shah | Kapil Bohra
    Chartered Accountants
    Reading Time 8 mins

    MSME Act, 2006 – 12 Compliance Action Points for Entities Dealing with MSMEs

    By Sunil Gabhawalla, Chartered Accountant
    Reading Time 20 mins

    The Risks Posed to Chartered Accountants by the Prevention of Money Laundering Act, 2002

    By Aditya Ajgaonkar, Advocate
    Reading Time 17 mins

    Liberalised Remittance Scheme – How Liberal It Is? (An Overview And The Recent Amendments)

    By Naresh Ajwani | Bhavya Gandhi
    Chartered Accountants
    Reading Time 41 mins

    The Retroactive Application of Special Criminal Laws – Recent Supreme Court Decisions

    By Aditya Ajgaonkar, Advocate
    Reading Time 24 mins

    Alternative Investment Funds (AIFs) — Examining the Application of PARI-PASSU and PRO-RATA Concepts

    By Dushyant Dalal, Chartered Accountant
    Reading Time 23 mins

    Reporting Under PMLA by Professionals – Deciphering ‘On Behalf Of’

    By Aditya Ajgaonkar, Advocate
    Reading Time 22 mins

    Navigating the “CA (E)Volution”: Balancing Responsibility and Compliance in the Fight Against Money Laundering

    By Dr. Durgesh Pandey, Chartered Accountant
    Reading Time 14 mins

    Navigating the Landscape: The Integration of ESG Factors Into Business Valuation

    By Raj Shroff and Srujan Poojary, Chartered Accountants
    Reading Time 8 mins

    Loan From Promoters: An Insight

    By Pramod Prabhudesai, Chartered Accountant
    Reading Time 18 mins

    Related Party Transactions and Minority Rights – Part 2

    By Dolphy D'Souza, Chartered Accountant
    Reading Time 0 mins

    Related Party Transactions and Minority Rights – Part 3

    By Dolphy D'Souza, Chartered Accountant
    Reading Time 0 mins

    Decoding Residential Status Under FEMA

    By Rajesh P. Shah, Chartered Accountant
    Reading Time 18 mins

    Dematerialisation of the Securities of Private Company

    By Swati Gor, Company Secretary
    Reading Time 13 mins
  • Cancerous Corruption

    Corruption — The scourge of India

    By N. Vittal, Former Central Vigilance Commissioner, Government of India
    Reading Time 5 mins

    Global Indian CAs

    By Extract from Internet
    Reading Time 2 mins

    Leading citizens speak up on graft, lack of governance

    By Extracts from various News Papers
    Reading Time 6 mins

    SC judge puts ex-CJI in dock over Raja Ex-CM Vilasrao shielded MLA’s money lender family : SCWhistleblower cop had no posting for eight months

    By Extracts from various News Papers
    Reading Time 9 mins

    Tackling Corruption Through Corruption Audits

    By Mohan Lavi | Chartered Accountant
    Reading Time 8 mins

    News report

    By Extract from News Paper
    Reading Time 2 mins

    I Hope the Tea is Hot

    By Hardayal Singh, Chief Commissioner of Income Tax (Rtd.)
    Reading Time 9 mins

    Vikram Aur Vetal

    By Avinash Rajopadhye, Chartered Accountant
    Reading Time 6 mins

    Vikram Aur Vetal

    By Avinash Rajopadhye, Chartered Accountant
    Reading Time 6 mins

    Vikram Aur Vetal

    By Avinash Rajopadhye, Chartered Accountant
    Reading Time 9 mins
  • Corporate Law Corner

    Practical aspects of acceptance of deposits by Private Companies and Non-Eligible Companies

    By Ashok . K. Dhere Chartered Accountant Sudhanwa Kalamkar Company Secretary
    Reading Time 8 mins

    Practical aspects of acceptance of deposits by Private Companies and Non-Eligible Companies1 – Part-II

    By Ashok K. Dhere Chartered Accountant Sudhanwa Kalamkar Company Secretary
    Reading Time 9 mins

    Buy Back of Shares by Private and Public unlisted Companies under the Companies Act, 2013

    By Ashok K. Dhere
    Chartered Accountant
    Reading Time 10 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain
    Chartered Accountants
    Kaushik M. Jhaveri
    Company Secretary
    Reading Time 12 mins

    CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW

    By Pramod Prabhudesai | Vikash Jain, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    CORPORATE LAW CORNER PART A : COMPANY LAW

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 6 mins

    CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW

    By Vikash Jain, Chartered Accountant
    Reading Time 4 mins

    Corporate Law Corner Part B: Insolvency and Bankruptcy Law

    By Vikash Jain, Chartered Accountant
    Reading Time 3 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    Corporate Law Corner : Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 12 mins

    Corporate Law Corner – Part A | Company Law

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

    Corporate Law Corner : Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 7 mins

    Corporate Law Corner : Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 7 mins

    Corporate Law Corner Part A : Company Law

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

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai | Vinod Agrawal, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 7 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 10 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 14 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 9 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 7 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 10 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 3 mins

    Corporate Law Corner Part B: Insolvency and Bankruptcy Law

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 5 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai | Vinod Agrawal, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 4 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai | Vinod Agrawal, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 2 mins

    Corporate Law Corner Part A : Company Law

    By Pramod Prabhudesai | Vinod Agrawal, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    Corporate Law Corner Part B: Insolvency and Bankruptcy Law

    By Pramod Prabhudesai | Vinod Agrawal, Chartered Accountants
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 8 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain
    Chartered Accountants | Kaushik M. Jhaveri
    Company Secretary
    Reading Time 8 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain
    Chartered Accountants | Kaushik M. Jhaveri
    Company Secretary
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 16 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain
    Chartered Accountants | Kaushik M. Jhaveri
    Company Secretary
    Reading Time 7 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 9 mins

    CORPORATE LAW CORNER

    By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
    Kaushik M. Jhaveri | Company Secretary
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 6 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 18 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 5 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 9 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 5 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 4 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 5 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 19 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 12 mins

    CORPORATE LAW CORNER

    By POOJA PUNJABI OBERAI | PRAMOD S. PRABHUDESAI
    Chartered Accountants
    Reading Time 18 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 7 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 15 mins

    CORPORATE LAW CORNER

    By POOJA PUNJABI OBERAI | PRAMOD S. PRABHUDESAI
    Chartered Accountants
    Reading Time 7 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S. Prabhudesai
    Chartered Accountants
    Reading Time 13 mins

    CORPORATE LAW CORNER

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 9 mins

    CORPORATE LAW CORNER

    By POOJA PUNJABI OBERAI
    Chartered Accountant
    Reading Time 6 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai
    Chartered Accountant
    Reading Time 12 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 10 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai
    Chartered Accountant
    Reading Time 4 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 8 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 5 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 13 mins

    CORPORATE LAW CORNER

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 9 mins

    CORPORATE LAW CORNER

    By POOJA PUNJABI OBERAI
    Chartered Accountant
    Reading Time 14 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 8 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai | Pramod S Prabhudesai
    Chartered Accountants
    Reading Time 4 mins

    CORPORATE LAW CORNER

    By Pooja Punjabi Oberai
    Chartered Accountant
    Reading Time 3 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 11 mins

    CORPORATE LAW CORNER

    By POOJA J. PUNJABI
    Chartered Accountant
    Reading Time 10 mins

    Corporate Law Corner

    By POOJA J. PUNJABI Chartered Accountant
    Reading Time 10 mins

    Corporate Law Corner

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 11 mins

    Corporate Law Corner

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 13 mins

    Corporate Law Corner

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 10 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 10 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 9 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 10 mins

    Corporate Law Corner

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 11 mins

    Corporate Law Corner

    By Pooja J. Punjabi
    Chartered Accountant
    Reading Time 13 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 9 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 7 mins

    Corporate Law Corner

    By Pooja J. Punjabi, Chartered Accountant
    Reading Time 8 mins

    Corporate Law Corner : Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    Corporate Law Corner : Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    Part A – Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    Corporate Law Corner – Part A | Company Law

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

    Part A : Company Law

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

    Part A : Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 9 mins

    Part A : Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 5 mins

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    Part A : Company Law

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

    Part A | Company Law

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

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant
    Kaushik M. Jhaveri, Company Secretary
    Reading Time 7 mins
  • Corporate Law Corner/Glimpses

    Submission of Annual Financial Statements and Annual Return by Private Limited Companies under the Companies Act 2013

    By As hok K. Dhere Chartered Accountant Sud hanwa Kalamkar Company Secretary
    Reading Time 5 mins
  • Ethics and U

    Attest function where the member is personally interested (Clause 4 of Part I of the Second Schedule).

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Moneys of client to be kept in a separate bank account (Clause 10 of Part I of Second Schedule)

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 5 mins

    Bringing disrepute to the profession (Clause 1 & 2 of Part IV of the First Schedule and Part III of Second Schedule)

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Gross negligence – Clause 7 of Part I of Second Schedule (contd.)

    By Chandrashekhar Vaze, Charted Accountant
    Reading Time 6 mins

    Communication with previous auditor

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 8 mins

    (Auditor’s appointment under Company Law)

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 7 mins

    Procedure of Enquiry (Continued) – Part III Shrikrishna

    By Chandrashekhar Vaze | Chartered Accountant
    Reading Time 5 mins

    Attitude – Professional Skepticism

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    (Advisory practice and Code of Ethics)

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Professional scepticism – continued

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    General Principles

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    (Ethical dilemma)

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 6 mins

    Knowledge Updation

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 5 mins

    (Gearing up!)

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 4 mins

    (Balanced behaviour)

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 4 mins

    Independence

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 4 mins

    Importance of Unity

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 5 mins

    Ethics and U

    By Chandrashekhar Vaze
    Reading Time 5 mins

    ETHICS AND U

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 5 mins

    ETHICS AND U

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Ethics and You

    By Chandrashekha Vaze, Chartered Accountant
    Reading Time 5 mins

    ETHICS AND U

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 5 mins

    Ethics and U

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 4 mins

    Ethics and You

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 5 mins

    Ethics And U

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 5 mins

    Ethics and U

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and U

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and U

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and U

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics And U

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze
    Chartered Accountant
    Reading Time 6 mins

    Ethics and U

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and You

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and U

    By chandrashekhar vaze Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 4 mins

    Ethics and You

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and You

    By Chandrashekhar Vaze Chartered Accountant
    Reading Time 5 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 8 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 7 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 8 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 5 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 6 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 4 mins

    Ethics and u

    By Chandrashekhar Vaze, Chartered Accountant
    Reading Time 5 mins
  • FEMA Focus

    OVERHAUL OF REGULATIONS GOVERNING FOREIGN DIRECT INVESTMENT IN INDIA

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 11 mins

    FDI IN E-COMMERCE

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 14 mins

    REVIEW OF FOREIGN DIRECT INVESTMENT POLICY DUE TO COVID-19 PANDEMIC

    By BHAUMIK GODA | SAUMYA SHETH
    Chartered Accountants
    Reading Time 18 mins

    ANALYSIS OF RECENT COMPOUNDING ORDERS

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 20 mins

    AMENDMENT IN FOREIGN DIRECT INVESTMENT RULES

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 21 mins

    FEMA FOCUS

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 8 mins

    FEMA FOCUS

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 25 mins

    FEMA FOCUS

    By BHAUMIK GODA | SAUMYA SHETH
    Chartered Accountants
    Reading Time 11 mins

    FEMA FOCUS

    By Bhaumik Goda / Saumya Sheth
    Chartered Accountants
    Reading Time 22 mins

    FEMA FOCUS

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 14 mins

    FEMA FOCUS

    By BHAUMIK GODA | SAUMYA SHETH
    Chartered Accountants
    Reading Time 14 mins

    FEMA FOCUS

    By BHAUMIK GODA | SAUMYA SHETH
    Chartered Accountants
    Reading Time 21 mins

    FEMA FOCUS

    By Bhaumik Goda | Saumya Sheth
    Chartered Accountants
    Reading Time 12 mins
  • IPR Laws

    Copyright – The Need for Registration?

    By Aditya Thakkar, Advocate and Solicitor
    Reading Time 14 mins

    Copyright Law — The test of originality

    By Aditya Thakkar, Solicitor & Advocate
    Reading Time 10 mins

    Infringement vs. Passing – off

    By Aditya Thakkar | Advocate
    Reading Time 12 mins

    Trade mark Law: ‘Parody’

    By Aditya Thakkar | Advocate
    Reading Time 16 mins

    Trade mark Licensing — Quality Control

    By Aditya Thakkar, Solicitor & Advocate
    Reading Time 14 mins

    JURISDICTION IN MATTERS RELATING TO VIOLATIONS OF INTELLECTUAL PROPERTY RIGHTS INCLUDING IN CYBERSPACE

    By Aditya Thakkar | Advocate
    Reading Time 13 mins

    Domain Names

    By Aditya Thakkar | Advocate
    Reading Time 13 mins

    Confidential Information

    By aditya thakkar Advocate
    Reading Time 12 mins
  • Is It Fair?

    Is It Fair to Compel an Auditor of a Co-operative Society to File an FIR?

    By Vinod Karandikar, Chartered Accountants
    Reading Time 5 mins

    IS IT FAIR TO INVOKE PROSECUTION PROCEEDINGS SO RAMPANTLY?

    By C. N. Vaze, Chartered Accountant
    Reading Time 4 mins

    IS IT FAIR TO LEVY MAT

    By Devendra Jain, Chartered Accountant
    Reading Time 4 mins

    Is It Fair to Levy stt on Traders?

    By Munish S Vakharia, Chartered Accountant
    Reading Time 5 mins

    IS IT FAIR TO ISSUE CERTIFICATES U/S. 197 WITH UNNECESSARY CONDITIONS?

    By C.N.Vaze, Chartered Accountant
    Reading Time 4 mins

    Is It Fair to Prohibit the Law Students from Pursuing any Other Studies?

    By S. G. Gokhale, Advocate
    Reading Time 4 mins

    Is it fair to Initiate Recovery Proceedings When Tax is Already Deducted?

    By Sunil Mone
    Chartered Accountant
    Reading Time 6 mins

    Is it fair to apply section 314 of the Companies Act, 1956 to private limited companies?

    By C. N. Vaze, Khushboo Mehta
    Chartered Accountants
    Reading Time 5 mins

    IS IT FAIR TO EXTEND PRESUMPTIVE TAXATION TO ALL BUSINESSES ?

    By Dhananjay Divekar Chartered Accountant
    Reading Time 4 mins

    IS IT FAIR FOR THE BUREAUCRATS TO INDULGE IN WASTEFUL FORMALITIES?

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

    Is it fair?

    By C. N. Vaze, Chartered Accountants
    Reading Time 5 mins

    Is It Fair Not To Exclude Personal Payments By Individuals/Hindu Undivided Families (for Any of Its Members) from TDS?

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

    Is It Fair to ignore prepaid taxes for penalty u/s. 271(1)(c) on escaped income?

    By C. N. Vaze Chartered Accountant
    Reading Time 5 mins

    IS IT FAIR TO CHARGE LATE FEES U/S. 234 E FOR DELAY IN FILING RETURN FOR TDS U/S. 194 IA?

    By C. N. Vaze Chartered Accountants
    Reading Time 3 mins

    [Sections 43CA, 50C and 56 of Income Tax Act, 1961 (“the Act”)] – need for some amendments

    By Devendra Jain Chartered Accountant
    Reading Time 5 mins

    Is it Fair to thrust the avoidable burden of compliance under the GST?

    By Samir Kapadia, Chartered Accountant
    Reading Time 4 mins

    Background: Gst Returns For Small And Medium Enterprises

    By Govind G. Goyal
    Chartered Accountant
    Reading Time 7 mins

    Is it Fair to have a Lopsided Tribunal Under GST?

    By Ishaan Patkar
    Chartered Accountant
    Reading Time 7 mins

    IS IT FAIR TO DENY BENEFIT OF TAX DEDUCTED AT SOURCE (TDS) IN ABSENCE OF SUCH TDS IN FORM 26AS

    By Pramod Prabhudesai
    Chartered Accountant
    Reading Time 7 mins

    IS IT FAIR TO EXPAND THE SCOPE OF SBO UNDER THE SECTION THROUGH SBO RULES, 2018?

    By Pramod Prabhudesai
    Chartered Accountant
    Reading Time 6 mins

    IS IT FAIR TO TREAT RCM SUPPLIES AS EXEMPT?

    By JIGAR DOSHI
    Chartered Accountant
    Reading Time 6 mins

    IS IT FAIR TO PUNISH TAXPAYERS FOR A FAULTY GSTN?

    By RUBINA D’SOUZA | Advocate
    CHIRAG CHAUHAN | Chartered Accountant
    Reading Time 9 mins
  • Laws And Business

    Limited Liability Partnerships Part-III

    By Anup P. Shah, Chartered Accountant
    Reading Time 7 mins

    Transmission Formalities (Part II)

    By Anup P. Shah, Chartered Accountant
    Reading Time 18 mins

    Land Acquisition Rehabilitation and Resettlement Bill, 2011

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

    Heritage TDR

    By Anup P. Shah, Chartered Accountant
    Reading Time 5 mins

    Maharashtra Housing (Regulation and Development) Act, 2012

    By Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Maharashtra Apartment Ownership Act

    By Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    Succession Documents

    By Anup P. Shah, Chartered Accountant
    Reading Time 20 mins

    Guarantor’s Liability

    By Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Transmission Formalities (Part I)

    By Anup P. Shah, Chartered Accountant
    Reading Time 17 mins

    Real Estate Act

    By Anup P. Shah | Chartered Accountant
    Reading Time 5 mins

    Legal compliance — Directors’ responsibility

    By Anup P. Shah, Chartered Accountant
    Reading Time 5 mins

    Corporatisation of Firms

    By Anup P. Shah | Chartered Accountant
    Reading Time 7 mins

    Penalties and prosecution under the Companies Act – Part 2

    By Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Partnership Firm — Stamp Duty Issues

    By Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Agricultural land laws : btala, 1948

    By Anup P. Shah | Chartered Accountant
    Reading Time 8 mins

    General Clauses Act

    By Anup P. Shah, Chartered Accountant
    Reading Time 18 mins

    Agricultural land Laws : MLRC, 1966

    By Anup P. Shah | Chartered Accountant
    Reading Time 11 mins

    Real Estate Laws : Recent developments — Part II

    By Anup P. Shah, Chartered Accountant
    Reading Time 10 mins

    Shops & Establishments Act

    By Anup P. Shah | Chartered Accountant
    Reading Time 6 mins

    Competition Law

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

    ENVIRONMENTAL LAWS

    By Anup P. Shah | Chartered Accountant
    Reading Time 14 mins

    Accounting Frauds : Prosecution under IPC

    By Anup P. Shah, Chartered Accountant
    Reading Time 13 mins

    Real Estate Laws: Recent Developments-II

    By Anup P. Shah | Chartered Accountant
    Reading Time 5 mins

    AGRICULTURAL LAND LAWS : BTALA, 1948

    By Anup P. Shah | Chartered Accountant
    Reading Time 8 mins

    Limitation period for economic offences

    By Anup P. Shah, Chartered Accountant
    Reading Time 7 mins

    Dissolution of a Partnership Firm : SC Decision

    By Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Development Control Regulations

    By Anup P. Shah | Chartered Accountant
    Reading Time 11 mins

    Penalties and prosecution under the Companies Act

    By Anup P. Shah, Chartered Accountant
    Reading Time 0 mins

    Legal compliance — Directors’ responsibility — Part 2

    By Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    DOMESTIC ARBITRATION

    By Anup P. Shah | Chartered Accountant
    Reading Time 7 mins

    PROBATES

    By Anup P. Shah | Chartered Accountant
    Reading Time 8 mins

    Stamp duty on conveyances — Across India

    By Anup P. Shah, Chartered Accountant
    Reading Time 0 mins

    Arbitration & Other Laws

    By Anup P. Shah | Chartered Accountant
    Reading Time 10 mins

    Real Estate Laws : Recent Developments

    By Anup P. Shah, Chartered Accountant
    Reading Time 7 mins

    Understanding Term Sheets

    By Anup P. Shah, Chartered Accountant
    Reading Time 2 mins

    Agricultural Land Laws – I : MLRC, 1966

    By Anup P. Shah | Chartered Accountant
    Reading Time 7 mins

    Real Estate Laws: Recent Developments-I

    By Anup P. Shah | Chartered Accountant
    Reading Time 11 mins

    SME Sector : Legal Overview

    By Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Repayment of Deposits

    By Anup P. Shah, Chartered Accountant
    Reading Time 13 mins

    AGRICULTURAL LAND LAWS: MALCHA, 1961

    By Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Bombay Money-Lenders Act

    By Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    Leases

    By Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    Maharashtra Housing (Regulation and Development) Act, 2012 (Part I)

    By Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    Gaming or Gambling?

    By Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Hindu Adoption Act

    By Anup P. Shah
    Chartered Accountant
    Reading Time 14 mins

    Commodity Markets

    By Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Special Marriage Act

    By Anup P. Shah
    Chartered Accountant
    Reading Time 9 mins

    Port Trust Land

    By Anup P. Shah | Chartered Accountant
    Reading Time 11 mins

    Coastal Regulation Zone

    By Anup P. Shah | Chartered Accountant
    Reading Time 13 mins

    Bombay Public Trusts Act

    By Anup P. Shah Chartered Accountant
    Reading Time 7 mins

    Slum Redevelopment part I

    By Anup P. Shah | Chartered Accountant
    Reading Time 9 mins

    Slum Redevelopment part II

    By Anup P. Shah | Chartered Accountant
    Reading Time 16 mins

    Jointly Acquired Immovable Property

    By Anup P. Shah Chartered Accountant
    Reading Time 16 mins

    Development Agrement

    By Anup P. Shah | Chartered Accountant
    Reading Time 12 mins

    Sale vs. Exchange

    By Anup P. Shah
    Chartered Accountant
    Reading Time 14 mins

    Sexual Harassment Law-I

    By Anup P. Shah Chartered Accountant
    Reading Time 8 mins

    Sexual Harassment Act-II

    By Anup P. Shah Chartered Accountant
    Reading Time 13 mins

    REITs: Providing Liquidity to Illiquid Assets!

    By Anup P. Shah Chartered Accountant
    Reading Time 14 mins

    Sale of Goods Act, 1930

    By Anup P. Shah Chartered Accountant
    Reading Time 21 mins

    Pyramid Schemes: Fortune only at the Top?

    By Anup P. Shah Chartered Accountant
    Reading Time 14 mins

    Stamp Act – Change is the Only Constant!

    By Anup P. Shah Chartered Accountant
    Reading Time 4 mins

    Release vs. Gift

    By Anup P. Shah Chartered Accountant
    Reading Time 14 mins

    Is Bombay a Bay?

    By Anup P. Shah Chartered Accountant
    Reading Time 8 mins

    Stamp Duty Ready Reckoner

    By Anup P. Shah Chartered Accountant
    Reading Time 21 mins

    Nominee vs. Will: The Tide Turns?

    By Anup P. Shah Chartered Accountant
    Reading Time 16 mins

    Arbitration Law Amendments – Cuts Both Ways!

    By Anup P. Shah Chartered Accountant
    Reading Time 9 mins

    Wife’s Share in an HUF, Et tu, Gender Equality?

    By Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Can You Gift Without Giving?

    By Anup P. Shah Chartered Accountant
    Reading Time 9 mins

    Female Intestate Succession – The Tide Turns (Sometimes)

    By Anup P. Shah Chartered Accountant
    Reading Time 10 mins

    Will Your Will Live On?

    By Anup P. Shah Chartered Accountant
    Reading Time 11 mins

    To Market , to Market to Save Stamp Duty

    By Anup P. Shah Chartered Accountant
    Reading Time 12 mins

    Domestic Violence and Endangered stridhan—sC to the Rescue!

    By Anup P. Shah
    Reading Time 12 mins

    The Most Unkindest Cut of All….. Or is it?

    By Anup P. Shah Chartered Accountant
    Reading Time 11 mins

    SICA vs. SARFAESI – And the Winner Is…..

    By Anup P. Shah Chartered Accountant
    Reading Time 11 mins

    The End of Male Exclusivity as HUF kartas

    By Anup P. Shah Chartered Accountant
    Reading Time 11 mins

    Property held by a Hindu Female is her Absolute Property – N’est-ce pas?

    By Anup P. Shah Chartered Accountant
    Reading Time 14 mins

    Nomination in a Flat

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Gratuitous Possession of Property

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    Joint Holder or Nominee is the Question

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    LIFTING THE CORPORATE VEIL

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    Maintenance of Parents

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Deficient Stamp Duty – Cause for Imprisonment?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    WhatsApp as Evidence….. What’s that?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    Staying In Parents’ House – A Matter of Right?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 7 mins

    New Construction in Mumbai

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    RERA: Some Issues

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    RERA: An Overview

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    Companies Act: Operation Delyening

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Maintenance Under Hindu Law

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    Insolvency and Bankuptcy Code: Pill for all Ills – Part II

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 18 mins

    Money Laundering Act: Arrest And Bail

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 13 mins

    Insolvency And Bankruptcy Code: An Inordinate Ordinance?

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    Fugitive Economic Offenders Ordinance 2018

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 10 mins

    Insolvency and Bankuptcy Code: Pill for all Ills – Part I

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Hindu Succession Amendment Act– Poor Drafting Defeating Gender Equalisation?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Euthanasia– The Right to Die

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

    2 States: The Story of Mergers and Stamp Duty

    By Anup p. Shah
    Chartered Accountant
    Reading Time 10 mins

    Adoption and Inheritance

    By Anup P. Shah
    Chartered Accountant
    Reading Time 14 mins

    Benami Transactions

    By Anup P. Shah, Chartered Accountant
    Reading Time 13 mins

    E-Waste Disposal

    By Anup P. Shah
    Chartered Accountant
    Reading Time 9 mins

    FAMILY SETTLEMENTS – PART II

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 16 mins

    Property Tax

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 8 mins

    Can A Step-Son Be Treated As A Legal Heir?

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 9 mins

    Civil Suit or Criminal Case?

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    FAMILY SETTLEMENTS – PART I

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 15 mins

    INSOLVENCY & BANKRUPTCY CODE, 2016 – SC’S BOOSTER SHOTS

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 17 mins

    ARBITRATION AWARD VS. EXCHANGE CONTROL LAW

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    Registration of Wills

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    OVERVIEW OF SECTION 138 OF THE NEGOTIABLE INSTRUMENTS ACT

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 16 mins

    ORDINANCE FOR CO-OPERATIVE HOUSING SOCIETIES

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 16 mins

    THE ANCESTRAL PROPERTY CONUNDRUM

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 10 mins

    UNDUE INFLUENCE AND FREE CONSENT

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 14 mins

    COURT AUCTION SALES: STAMP DUTY VALUATION

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    CAN A GIFT BE TAKEN BACK?

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    IBC OR RERA? AND THE WINNER IS…!

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 15 mins

    THE ANCESTRAL PROPERTY CONUNDRUM RELOADED

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 8 mins

    JOINT AND MUTUAL WILLS

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 10 mins

    RELATIVE IS RELATIVE TO THE ACT IN QUESTION

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 17 mins

    STAMP DUTY ON CHAIN OF DOCUMENTS

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 9 mins

    CAN AGRICULTURAL LAND BE WILLED TO A NON-AGRICULTURIST?

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 9 mins

    THE DOCTRINE OF ‘FORCE MAJEURE’

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 8 mins

    MAKING A WILL WHEN UNDER LOCKDOWN

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 16 mins

    FOREIGN INVESTMENT REGIME: NEW RULES

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 16 mins

    RELIGIOUS CONVERSION & SUCCESSION

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 9 mins

    TRANSMISSION OF TENANCY

    By DR. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    LIMITATION ON FILING A PROBATE PETITION

    By DR. ANUP P. SHAH
    Chartered Accountant
    Reading Time 7 mins

    COPARCENARY RIGHT OF A DAUGHTER IN FATHER’S HUF: FINAL TWIST IN THE TALE?

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

    LAW OF EVIDENCE RELATING TO WITNESSES TO A WILL

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    PENAL PROVISIONS OF FEMA AS ANALYSED BY COURTS

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 15 mins

    HINDU LAW – A MIXED BAG OF ISSUES

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    ANCESTRAL OR SELF-ACQUIRED? THE FIRE CONTINUES TO RAGE…

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    SUPREMACY OF THE DOMESTIC VIOLENCE ACT

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 16 mins

    CRYPTOCURRENCIES: TRAPPED IN THE LABYRINTH OF LEGAL CORRIDORS (Part – 1)

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 19 mins

    CRYPTOCURRENCIES: TRAPPED IN A LEGAL LABYRINTH (Part – 3)

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 15 mins

    CRYPTOCURRENCIES: TRAPPED IN A LEGAL LABYRINTH (Part – 2)

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 8 mins

    GAMING NOT GAMBLING

    By Dr. Anup P. Shah | Chartered Accountant
    Reading Time 17 mins

    PARTNERSHIP FIRM – STAMP DUTY ISSUES

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

    LIABILITY OF NON-EXECUTIVE DIRECTORS FOR BOUNCED CHEQUES

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    FAMILY SETTLEMENTS: OPENING UP NEW VISTAS

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

    HINDU LAW: THE RIGHTS OF AN ILLEGITIMATE CHILD

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    GIFTS FROM ‘GIFT CITY’

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    OCI: A FEW CHANGES, BUT LOTS OF CONFUSION

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    SALE DEED SANS CONSIDERATION IS VOID

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 10 mins

    IBC AND MORATORIUMS

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    IBC AND LIMITATION

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    PART PERFORMANCE OF CONTRACT

    By Dr. Anup Shah, Chartered Accountant
    Reading Time 15 mins

    GIFT BY HUF OF IMMOVABLE PROPERTY

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 13 mins

    SHARED HOUSEHOLD UNDER THE DOMESTIC VIOLENCE ACT

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 12 mins

    DONATIO MORTIS CAUSA – GIFTS IN CONTEMPLATION OF DEATH

    By Dr. Anup P. Shah
    Chartered Accountant
    Reading Time 11 mins

    BEQUESTS AND LEGACIES UNDER WILLS – PART I

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

    Bequests and Legacies Under Wills – Part 2

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Gift of Foreign Securities

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Debts and their Treatment

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Maintenance under Criminal Procedure Code

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    SPES Successionis: Expectation of a Heir to Succeed to Property of Deceased

    By Dr Anup P Shah, Chartered Accountant
    Reading Time 8 mins

    Guarantors, Beware!

    By Dr Anup P Shah, Chartered Accountant
    Reading Time 16 mins

    Hindu Gains of Learning Act

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Conditional Gifts Vs. Senior Citizens Act

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 17 mins

    IBC & SC in Vidarbha Industries: NCLT May or Should Admit a Financial Creditor’s Application?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Cross-Border Succession: Indian Assets Of A Foreign Resident

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

    Cross-Border Succession : Foreign Assets Of An Indian Resident

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 10 mins

    What’s In a Name? Immovable or Movable Could Be the Same

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Hindu Law: Rights of an Illegitimate Child in Joint Property

    By Dr Anup P Shah, Chartered Accountant
    Reading Time 10 mins

    Laws and Business

    By Anup P. Shah
    Chartered Accountant
    Reading Time 14 mins

    Laws and Business

    By Anup P. Shah | Chartered Accountant
    Reading Time 15 mins

    Limited Liability Partnerships

    By Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Limited Liability Partnerships

    By Anup P. Shah, Chartered Accountant
    Reading Time 12 mins

    Limited Liability Partnerships

    By Anup P. Shah, Chartered Accountant
    Reading Time 11 mins

    Limited Liability Partnerships

    By Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Limited Liability Partnerships

    By Anup P. Shah, Chartered Accountant
    Reading Time 10 mins

    Genuineness of A Will: Supreme Court Lays Down Guidelines

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

    IBC: Tax or Creditors – Who Wins?

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    Effect of Unregistered Documents

    By Dr Anup P. Shah,Chartered Accountant
    Reading Time 17 mins

    Shares ~ Nominee Vs. Will: And The Winner Is……?

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Direct Listing of Indian Companies On International Exchanges

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 9 mins

    Reconciling Inconsistencies in a Document

    By Dr Anup P. Shah,Chartered Accountant
    Reading Time 13 mins

    Minor’s Dealings – Major Implications

    By Dr Anup P Shah, Chartered Accountant
    Reading Time 16 mins

    Related Party Transactions: The Purpose & Effect Test

    By Dr. Anup P. Shah, Chartered Accountant
    Reading Time 15 mins

    Arbitration Clauses in Unstamped Agreements

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

    Burden of Proof in Case of Cheque Bouncing Cases

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 16 mins

    NBFCs: Scale-Based Regime

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 13 mins

    Debentures – An Analysis

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

    Would IBC Prevail Over The PMLA?

    By Dr Anup P. Shah,Chartered Accountant
    Reading Time 15 mins

    Audit Committee: Role and Responsibilities

    By Dr Anup P. Shah, Chartered Accountant
    Reading Time 21 mins
  • M & A

    Business Valuations – An Important Part of M&A

    By Sujal Shah
    Chartered Accountant
    Reading Time 18 mins

    VALUATION OF CUSTOMER-RELATED INTANGIBLE ASSETS

    By Aseem Mankodi Chartered Accountants
    Reading Time 6 mins
  • Revisiting FEMA

    Overseas Direct Investments – Write-Off of Investment

    By Anil D. Doshi, Dhishat B. Mehta, Gaurang V. Gandhi, Chartered Accountants
    Reading Time 9 mins

    Exports – Write-Off, Netting off Etc

    By Anil D. Doshi
    Dhishat B. Mehta
    Gaurang V. Gandhi
    Chartered Accountants
    Reading Time 13 mins

    Liberalised Remittance Scheme

    By Anil D. Doshi
    Dhishat B. Mehta
    Gaurang V. Gandhi
    Chartered Accountants
    Reading Time 14 mins
  • Right To Information

    PART A: High Court Decisions

    By Narayan Varma, Chartered Accountant
    Reading Time 11 mins

    PART A: Decisions of the Supreme Court

    By Narayan Varma, Chartered Accountant
    Reading Time 5 mins

    PART A: CIC Decision

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART A: order of high court

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART C: Information & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART A: Decision of the High Court

    By Narayan Varma, Chartered Accountant
    Reading Time 7 mins

    PART C: Informati on on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART A : ORDERS of CIC & the Supreme Court

    By Narayan Varma
    Chartered Accountant
    Reading Time 15 mins

    PART A: Decisions of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART A: Judgment of H.C. of Bombay

    By Narayan Varma, Chartered Accountant
    Reading Time 9 mins

    PART B: RTI Act, 2005 – The Use of Right to Information Laws in India:

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    Part D : Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    Part A : CIC’s decisions, Part B : The RTI Act, Part C : Other News

    By Narayan Varma, Chartered Accountant
    Reading Time 16 mins

    Securities Laws : A Tale of Two Amendments — Recent controversial amendments by SEBI

    By Narayan Varma
    Chartered Accountant
    Reading Time 10 mins

    ORDERS OF CIC/SICs

    By Narayan Varma | Chartered Accountant
    Reading Time 26 mins

    ORDERS OF THE COURT & CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 21 mins

    Decision of the Court

    By Narayan Varma | Chartered Accountant
    Reading Time 20 mins

    Decisions of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 21 mins

    PART A : JUDGMENT OF THE SUPREME COURT

    By Anil Kumar Asher, Advocate
    Notary Narayan Varma, Chartered Accountant
    Reading Time 17 mins

    PART A : Orders of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART A : Decision of CIC & Supreme Court

    By Narayan Varma, Chartered Accountant
    Reading Time 11 mins

    PART A : DECISIONS OF THE COURTS

    By Narayan Varma
    Chartered Accountant
    Reading Time 10 mins

    PART A: High Court Decision

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART D: Read , understand & take some action please

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART C: Information on Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART A : Decision of the CIC

    By Narayan Varma
    Chartered Accountant
    Reading Time 10 mins

    PART D: RTI & SUCESSS STORY

    By Narayan Varma
    Chartered Accountant
    Reading Time 7 mins

    PART A : Decision of the C.I.C.

    By Narayan Varma
    Chartered Accountant
    Reading Time 4 mins

    PART A: SUPREME COURT Decisions

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    Release of Publication on Digest of Full Bench Decisions of Central Information Commission

    By Narayan Varma, Chartered Accountant
    Reading Time 7 mins

    PART C: Information on & Around and Part D : RTI & SUCCESS STORIES

    By Narayan Varma
    Chartered Accountant
    Reading Time 5 mins

    PART B: The RTI Act , 2005

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Arround

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    Part A: PART A: ORDER of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 7 mins

    Part A: ORDERs of SIC & CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    Part A: ORDER of the Supreme Court

    By Narayan Varma, Chartered Accountant
    Reading Time 5 mins

    PART B: THE RTI ACT, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART A: ORDERS OF CIC & THE HIGH COURT

    By Narayan Varma Chartered Accountant
    Reading Time 6 mins

    PART B:

    By Narayan Varma | Chartered Accountant
    Reading Time 1 mins

    PART D: RTI & SUCCESS STORIES

    By Narayan Varma | Chartered Accountant
    Reading Time 2 mins

    PART A: orders of the court & CIC

    By Narayan Varma
    Chartered Accountant
    Reading Time 9 mins

    PART A: order of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 7 mins

    PART A: ORDERS OF CIC

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART D: GOOD GOVERNANCE

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    Section 8(1) (j) – Personal Information:

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    Part A Orders of the Supreme & CIC

    By Narayan Varma Chartered Accountant
    Reading Time 11 mins

    Part D: Ethics & Governance

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    Part A Article of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 5 mins

    Part D: Ethics & Governance & Accountability

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    Part A | Decision of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part B | RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    Part C | Information On & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part D | ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    PART B: RTI Act, 2005

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    Right to Information

    By Jinal Sanghvi
    Reading Time 23 mins

    ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Jinal Sanghvi
    Shraddha Bathija
    Chartered Accountants
    Reading Time 2 mins

    Part D REMEMBERING NARAYAN VARMA

    By Shailesh Gandhi Former Central Information Commissioner
    Reading Time 4 mins

    TRIBUTE TO MR. NARAYAN VARMA, RTI ACTIVIST

    By Author
    Reading Time 1 mins

    PART B: RTI Act, 2005

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    PART C: Information on & Around

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 3 mins

    Part D: Ethics, Governance & Accountability

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 5 mins

    PART A: Decision of Supreme Court

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Advocate
    Reading Time 7 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Advocate
    Reading Time 7 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 12 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Advocate
    Reading Time 8 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 25 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 10 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 14 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 30 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 10 mins

    RIGHT TO INFORMATION (r2i)

    By Jinal Sanghvi
    Reading Time 20 mins

    Part A Decision of CIC

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 2 mins

    Part B RTI Act, 2005

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 3 mins

    Part C Iinformation On & Around

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 3 mins

    Part D ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    Part C Information on & around

    By Jinal Sanghvi
    Shraddha Bathija
    Chartered Accountants
    Reading Time 6 mins

    Part A Decision of CIC

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 2 mins

    Part B RTI Act, 2005

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 3 mins

    Part C Iinformation On & Around

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 3 mins

    Part A Decision of CIC

    By Jinal Sanghvi; Shraddha Bathija
    Reading Time 2 mins

    Part B RTI Act, 2005

    By Jinal Sanghvi; Shraddha Bathija
    Reading Time 2 mins

    Part C Information on & Around

    By Jinal Sanghvi, Shraddha Bathija Chartered Accountants
    Reading Time 3 mins

    Part D ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Shailesh Gandhi, Former Central Information Commissioner
    Reading Time 5 mins

    Part A Decision of CIC

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 3 mins

    Part B RTI Act, 2005

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    Part C Information on & around

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 3 mins

    Part A Decision of Supreme Court

    By Jinal Sanghvi | Shraddha Bathija
    Reading Time 2 mins

    Part B RTI Act, 2005

    By Jinal Sanghvi | Shraddha Bathija
    Reading Time 2 mins

    Part C Information on & Around

    By Jinal Sanghvi Shraddha Bathija
    Reading Time 5 mins

    Part D ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Jinal Sanghvi Shraddha Bathija
    Reading Time 1 mins

    Part D ETHICS, GOVERNANCE & ACCOUNTABILITY

    By Jinal Sanghvi, Shraddha Bathija
    Reading Time 2 mins

    Part A Decision of Supreme Court

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 4 mins

    Part c Iinformation on & Around

    By Jinal Sanghvi
    Shraddha Bathija
    Reading Time 4 mins

    Part A DECISION OF H.C. & CIC

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part C Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    PART A: Decision Of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 6 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 5 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART A: Decision Of CIC & High Court

    By Narayan Varma Chartered Accountant
    Reading Time 15 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    PART B: RTI Act , 2005

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    PART A: Decision Of CIC & High Court

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part A DECISION OF H.C. & CIC

    By narayan varma Chartered Accountant
    Reading Time 8 mins

    Part B RTI act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    Part C Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    PART A: ORDERS OF CIC & the court

    By Narayan Varma Chartered Accountant
    Reading Time 11 mins

    PART B: RTI Act , 2005

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 5 mins

    Part A Decision of High Court

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part B RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part C Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 4 mins

    Part A Decision of High Court

    By Narayan Varma Chartered Accountant
    Reading Time 8 mins

    Part B RTI Act, 2005

    By Himanshu V. Kishnadwala Chartered Accountant
    Reading Time 3 mins

    Part C Information on & Around

    By Himanshu V. Kishnadwa la Chartered Accountant
    Reading Time 2 mins

    PART B: RTI Act, 2005

    By Author
    Reading Time 10 mins

    PART A: Decision Of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 6 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    Part B RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 5 mins

    Part C Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 6 mins

    Part A Decision of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 6 mins

    Part B RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    Part A Decision of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    PART A: Decision Of CIC

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 1 mins

    PART A: ORDERS OF CIC & the court

    By Narayan Varma Chartered Accountant
    Reading Time 5 mins

    PART B: RTI Act, 2005

    By Narayan Varma Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma Chartered Accountant
    Reading Time 3 mins

    PART A : Decision of the H.C.

    By Narayan Varma
    Chartered Accountant
    Reading Time 3 mins

    Part A : ORDERS OF the COURTS

    By Narayan Varma Chartered Accountant
    Reading Time 7 mins

    Part A : ORDERS OF the COURTS

    By Narayan Varma, Chartered Accountant
    Reading Time 7 mins

    PART A : Decision of the H.C.

    By Narayan Varma
    Chartered Accountant
    Reading Time 5 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART D: good governance

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART B: RTI Act , 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART D: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART B: RTI act , 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART A: Orders of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 9 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART D: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART d: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART d: GOOD GOVERNANCE

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART A: Orders of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART D: good governance

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART A: Orders of CIC

    By Narayan Varma, Chartered Accountant
    Reading Time 6 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART D: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART d: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 1 mins

    PART B: RTI act , 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma
    Chartered Accountant
    Reading Time 5 mins

    PART B: RTI Act, 2005

    By Narayan Varma, Chartered Accountant
    Reading Time 3 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 4 mins

    PART D: Good Governance

    By Narayan Varma, Chartered Accountant
    Reading Time 2 mins

    PART C: Information on & Around

    By Narayan Varma, Chartered Accountant
    Reading Time 8 mins

    ORDERS OF THE COURT

    By Narayan Varma | Chartered Accountant
    Reading Time 20 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 9 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 11 mins

    Right to Information

    By Narayan Varma
    Chartered Accountant
    Reading Time 15 mins

    Right to Information

    By Narayan Varma
    Chartered Accountant
    Reading Time 14 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 13 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 24 mins

    Right To Information

    By Narayan Varma | Chartered Accountant
    Reading Time 14 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 10 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 15 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 17 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 16 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 17 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 24 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 12 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 24 mins

    Right To Information

    By Narayan Varma, Chartered Accountant
    Reading Time 25 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 11 mins

    Right to Information

    By Narayan Varma | Chartered Accountant
    Reading Time 21 mins

    Right to Information

    By Narayan Varma
    Chartered Accountant
    Reading Time 25 mins

    Right To Information

    By Narayan Varma | Chartered Accountant
    Reading Time 16 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 14 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 10 mins

    Orders of The Court

    By Narayan Varma | Chartered Accountant
    Reading Time 14 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 12 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 29 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 25 mins

    ORDERS OF CIC

    By Narayan Varma | Chartered Accountant
    Reading Time 21 mins

    Right to Information

    By Narayan Varma, Chartered Accountant
    Reading Time 25 mins
  • Securities Laws

    Rewriting and Revising Securities Laws – Highlights of some recent amendments

    By Jayant Thakur
    Chartered Accountant
    Reading Time 10 mins

    Relief for Shareholders Agreements – SEBI Notifies Long-overdue Relaxations

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    US Decision Giving Relief to Satyam Directors – Implications for Independent Directors in India

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Shareholder Agreements — Bombay High Court Decides

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 11 mins

    When Can an Open Offer be Avoided? – Supreme Court Decides

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    Minority Shareholder Squeezeout – Multiple, Conflicting, Loosely Drafted Provisions

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    Ordinance Empowers SEBI Even More – and Brings Some Ambiguities

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Front Running by Non-intermediaries not a Crime – SAT

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Anxious Days for NBFCs – Some Policy Reversals, Some Amendments

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    Mandatory Imprisonment under Companies Bill 2012

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Zenith Infotech – A Mini-Satyam? — Disturbing Findings and an Unprecedented SEBI Order

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    WOULD BUYBACK RESULT IN AN OPEN OFER? — SAT says no and changes existing interpretation

    By Jayant Thakur
    Chartered Accountant
    Reading Time 7 mins

    SEBI Investment Advisers Regulations — Formal Birth of a New Profession

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    Rights Issue by Unlisted Company can Become a Public Issue – Kerala High Court

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 8 mins

    SAT speaks — a few recent and interesting decisions of SAT

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 13 mins

    SEBI amends lock-in and other requirements

    By Jayant Thakur, Chartered Accountant
    Reading Time 13 mins

    Pre-Emptive Rights Held Void — Trouble in Joint Venture Paradise

    By Jayant Thakur | Chartered Accountant
    Reading Time 10 mins

    Registration, restrictions, reprimands and retributions of intermediaries — the new all-in-one regulations for intermediaries

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Is levy of penalty mandatory for violation of securities laws ?

    By Jayant Thakur, Chartered Accountant
    Reading Time 14 mins

    Supreme Court on Takeover Regulations

    By Jayant Thakur | Chartered Accountant
    Reading Time 12 mins

    Recent relaxation to creeping acquisition limits

    By Jayant Thakur
    Chartered Accountant
    Reading Time 11 mins

    Open offer pricing — recent decisions

    By Jayant Thakur, Chartered Accountant
    Reading Time 11 mins

    Can Chartered Accountants be Punished by SEBI ?

    By Jayant Thakur | Chartered Accountant
    Reading Time 12 mins

    Satyam — is pledge of shares insider trading ?

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    Rebirth Of Stock Lending – Opportunities, Confusion and Contradictions

    By Jayant Thakur | Chartered Accountant
    Reading Time 11 mins

    Appealing Against Rejection of Takeover Exemption

    By Jayant Thakur | Chartered Accountant
    Reading Time 11 mins

    Insider Trading — Recent Amendments — Six-month lock-in on directors/officers and total ban on derivatives and many ‘outsiders’ now insiders

    By Jayant Thakur, Chartered Accountant
    Reading Time 11 mins

    The CII Corporate Governance Code — a fresh and realistic approach — and a glimpse of things to come

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    Whether issue of shares to persons or more is a public issue — recent controversial decision of SEBI

    By Jayant Thakur | Chartered Accountant
    Reading Time 11 mins

    Public Issue of Securitised Instruments — the new SEBI Regulations

    By Jayant Thakur
    Chartered Accountant
    Reading Time 10 mins

    Delisting of Shares — The newly notified regulations

    By Jayant Thakur, Chartered Accountant
    Reading Time 10 mins

    LISTED COMPANIES REQUIRED TO INCREASE AND MAINTAIN 25% PUBLIC SHAREHOLDING

    By Jayant Thakur | Chartered Accountant
    Reading Time 9 mins

    Recent Decisions of SAT

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 12 mins

    The SEBI Pyramid Order — A fascinating case study of greed, high-tech investigation and weak laws

    By Jayant Thakur, Chartered Accountant
    Reading Time 11 mins

    END TO ACCOUNTING ‘FLEXIBILITY’ IN CORPORATE RESTRUCTURING ? — Amends to The Listing Agreement

    By Jayant Thakur | Chartered Accountant
    Reading Time 11 mins

    Pledge of shares by promoters

    By Jayant Thakur, Chartered Accountant
    Reading Time 7 mins

    Promoter – to be or not to be? – the identity crisis of Promoters resolved partly by a recent SAT decision

    By Jayant Thakur | Chartered Accountant
    Reading Time 10 mins

    Core Investment Companies — large promoter holding companies now require registration and compliance

    By Jayant Thakur | Chartered Accountant
    Reading Time 9 mins

    Recent amendments relating to Corporate Governance

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Consent Orders to settle violations of Securities Laws — A review on completion of two years

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    Pushing corporate governance through mutual funds — SEBI’s recent circular creates unique dilemmas for listed companies

    By Jayant Thakur | Chartered Accountant
    Reading Time 8 mins

    Prosecution under Securities Laws

    By Jayant Thakur, Chartered Accountant
    Reading Time 11 mins

    Aiding investor litigation — SEBI provides financial aid to help investors obtain compensation

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    ACHIEVING ‘OTHER OBJECTIVES’ THROUGH DEMERGERS — High Court disallows achieving of certain other objects through schemes of restructuring

    By Jayant Thakur | Chartered Accountant
    Reading Time 9 mins

    SUPREME COURT ON PUNISHMENT UNDER SECURITIES LAWS — Prohibition to access securities markets is only a procedural direction

    By Jayant Thakur | Chartered Accountant
    Reading Time 8 mins

    SEBI order on share warrants and amendments relating to creeping acquisitions

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    Proposed recast of Takeover Regulations

    By Jayant Thakur | Chartered Accountant
    Reading Time 10 mins

    SEBI ORDERS ON TAX LAUN DERING – More orders and updates

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    Supreme Court on Sahara Matter – A Milestone Decision

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 12 mins

    PUNISHING INDEPENDENT DIRECTORS AND AUDIT COMMITTEE MEMBERS

    By Jayant Thakur
    Chartered Accountant
    Reading Time 11 mins

    CAs and insider trading — ‘guilty unles proven otherwise’ — deeming provisions

    By Jayant Thakur
    Chartered Accountant
    Reading Time 15 mins

    How Final are Consent Orders?

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    AN ARBITRARY DECISION OF SEBI/SAT – overturns its own consistent interpretation and levies penalty

    By Jayant Thakur, Chartered Accountant
    Reading Time 10 mins

    SEBI AMENDS GUIDELINES TO SETTLE VIOLATIONS — Complex Provisions Make Professional Help Inevitable

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 12 mins

    SEBI’s amended Consent Order Guidelines-2 — the Determination of Settlement Amount

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Catching Inside Traders – A Slippery Job Insider Trading Blatant in India, but Law is Hit or Miss

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    REPORTING OF HOLDINGS OF PROMOTERS — SAT Decides on The Recurring Issue of Non-Compliance of Reporting

    By Jayant Thakur
    Chartered Accountant
    Reading Time 8 mins

    SEBI’S ACTIONS AGAINST PROFESSIONALS — AN UPDATE

    By Jayant Thakur
    Chartered Accountant
    Reading Time 12 mins

    SAT Now Holds Front Running to be an Offence – SEBI Follows with Similar Amendments

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    SAT directs Mutual Fund to compensate unitholders — for loss in NAV on account of changes to Scheme

    By Jayant Thakur | Chartered Accountant
    Reading Time 11 mins

    SEBI Takeover Regulations, 2011— matters of regular compliance other than on open offer

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    LIMITS ON SEBI’S POWERS — another decision of SAT

    By Jayant M. Thakur Chartered Accountant
    Reading Time 7 mins

    Supreme Court upholds depositors’ protection laws of States

    By Jayant Thakur
    Chartered Accountant
    Reading Time 9 mins

    PROPOSED CONSOLIDATED REGULATIONS FOR PRIVATE INVESTMENT FUNDS — Draft Regulations for Alternate Investment Funds issued by SEBI

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 11 mins

    NEW SEBI TAKEOVER REGULATIONS — important changes

    By Jayant Thakur
    Chartered Accountant
    Reading Time 10 mins

    More Delays in Mergers/ Arrangements – A Recent MCA Circular Prescribes Further Requirements for Schemes

    By Jayant M. Thakur Chartered Accountant
    Reading Time 12 mins

    PLEDGE OF SHARES — DIFFICULTIES UNDER THE TAKEOVER REGULATIONS

    By Jayant Thakur
    Chartered Accountant
    Reading Time 12 mins

    VIOLATION OF CODE OF CONDUCT FOR INSIDER TRADING — whether punishable by SEBI?

    By Jayant Thakur | Chartered Accountant
    Reading Time 12 mins

    Securities Laws

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Sebi and Saving Schemes Gold Saving/Purchase Schemes – How Far Legal? – Review, in Context of Recent Bombay High Court Decision

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    SAT Discusses the Concept of “Due Diligence” – Decision Relevant to Merchant Bankers, Intermediaries, Directors and Other Professionals

    By Jayant M. Thakur Chartered Accountant
    Reading Time 12 mins

    New SEBI Corporate Governance Requirements – vis-à-vis New Companies Act – Overlap and Contradictions

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    Political Contributions by Companies-Delhi High Court Reminds Us of the Wide Prohibitory Law

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    Can consent orders be appealed against? — can rejection of consent application be appealed against?

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    Is levy of penalty mandatory and inevitable? – is the reliance on the decision of the supreme court correct?

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    SEBI corporate governance provisions further amended

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    Are sebi’s answers to Faqs binding on sebi and/or third parties?

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    Postal ballot, e-voting and meetings – Bombay High Court rules on the 2013 Act

    By Jayant M. Thakur Chartered Accountant
    Reading Time 12 mins

    The tightening noose around insider trading – net gets wider, more legal fictions applied to catch offenders

    By Jayant M. Thakur Chartered Accountant
    Reading Time 13 mins

    THE NEW INSIDER TRADING REGULATIONS – relevance to CAs as Auditors, Advisors, CFOs, etc.

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    SEBI ORDERS ON TAX LAUN DERING – More orders and updates

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    SEBI Regulations 2014 on Share Based Benefits – important changes over the ESOPs Guidelines

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    SEBI Uncovers Massive Tax Evasion In Certain Stock Market Transactions

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    SEBI to govern commodity contracts too – implications of this Finance Bill proposal

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    Powers to arrest – SEBI’s wide exercise curtailed by the Bombay High Court

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    New SEBI Listing Regulations – revised requirements of corporate governance, disclosures, etc.

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    SEBI’s jurisdiction over entities/transactions/GDRs outside India – Supreme court decides

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    Transactions of tax avoidance/evasion on the stock exchange and Securities Laws

    By Jayant M. Thakur Chartered Accountant
    Reading Time 12 mins

    Now alleged tax evasion even in derivatives – SEBI’s recent order

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    SEBI levies highest ever Rs.7,269 cr ore pena lty – but order creates certain concerns

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    Independent Directors – some issues

    By Jayant M. Thakur
    Reading Time 10 mins

    Liability of Stock Brokers for clients’ frauds – Supreme Court Decides

    By Jayant M. Thakur Chartered Accountant
    Reading Time 11 mins

    Huge penalties being levied by SEBI following A recent Supreme Court decision

    By Jayant M. Thakur Chartered Accountant
    Reading Time 9 mins

    SEBI debars Auditor for one year – a precedent for other professionals too?

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    Insider Trading – Impact of a Recent Decision

    By Jayant M. Thakur Chartered Accountant
    Reading Time 10 mins

    Side Incentives to Promoters and Management by PE Investors – SEBI Seeks to Address Conundrum

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SEBI’s Guidance Note On Board Evaluation – Much Needed Road Map

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    SEBI Again Initiates Action against Statutory Auditors for Fraud, Negligence, Etc.

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Whither Informal Guidance Scheme? – Whether An Obituary Is Due !

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    New Requirements for Profit Sharing Arrangements by Promoters, Directors & Others

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 8 mins

    SEBI Decision in Reliance’s Case – Allegations Of Serious Violations Including Fraud & Price Manipulation

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Wide Scope of Insider Trading Regulations & Severity of Punishment for Violation – Recent Orders of SEBI and SAT

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 12 mins

    PROPOSED AMENDMENTS TO INVESTOR ADVISERS’ REGULATIONS – WIDE RANGING IMPLICATIONS INCLUDING TO CHARTERED ACCOUNTANTS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Do Facebook Friendships Make Parties Co-Conspirators? – SEBI Passes Yet Another Order

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 11 mins

    Insider Trading – A Recent Comprehensive Case

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    What Type Of SEBI Orders Are Appealable? Supreme Court Decides

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    When Negligence/Lapses Become Knowing Frauds? Lesson From The Price Waterhouse Order

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Supreme Court Widens Powers of SEBI – Penalties Now Even More Easier to Levy

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    New Section 90 In Companies Amendment Act 2017 – Aims At Benami Shareholders, Shoots Everyone Else But Them

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Report On Corporate Governance – SEBI Committee Recommends Significant Changes In Norms

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Supreme Court Freezes Assets Of Independent Directors – A Thankless Job Made Worse

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Board Meetings By Video Conferencing Mandatory For Companies? – Yes, If Even One Director Desires

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 8 mins

    Shell-shocked – SEBI’s directions against ‘Shell’ Companies

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Tax Planning/Evasion Transactions On Capital Markets And Securities Laws – Supreme Court Decides

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SEBI imposes restrictions on Wilful defaulters – concerns also for independent directors & auditors

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SEBI Order Now Enables Investors To Recover Losses From Fraudsters In The Securities Markets

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Disgorgement of profits – profits made in violati on of SEBI directions vs. profits made in violation of law

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Withdrawal of Open offer – lessons from Supreme Court/SAT/SEBI decisions

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SEBI’s proposal to regulate Algo/Hi frequency trades

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    DIFFERENTIAL VOTING RIGHTS SHARES – AN INSTRUMENT WHOSE TIME HAS COME?

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    Beneficial/Benami Holdings In Companies – Disclosure Requirements Notified

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    Front Running – iII-Thought Out Law and iII-Considered Orders of SEBIi

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    SEBI HOLDS AUDITORS LIABLE FOR NEGLIGENCE/ CONNIVANCE IN FRAUD – DEBARS THEM FOR 5 YEARS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 8 mins

    APPLICABILITY OF MONEY LAUNDERING LAW TO SECURITIES LAWS VIOLATIONS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SEBI PROPOSES RULES TO PENALISE ERRANT AUDITORS, VALUERS, ETC. – YET ANOTHER LAW & REGULATOR WILL GOVERN SUCH ‘FIDUCIARIES’

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 9 mins

    SEBI ORDER ON ACCOUNTING & FINANCIAL FRAUD – CORPORATE GOVERNANCE & ROLE OF AUDITOR ETC., UNDER QUESTION AGAIN

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    IlI -Advised SEBI Move to Separate Chairman-CEO’s Post in Companies

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    MANAGERIAL REMUNERATION SHACKLES FINALLY REMOVED

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 8 mins

    CAESAR’S WIFE SHOULD BE ABOVE SUSPICION

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 8 mins

    THINK BEFORE YOU SPEAK, MR. CHAIRMAN!

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    RULING OF SAT IN PRICE WATERHOUSE / SATYAM CASE: SUMMARY AND SOME LESSONS FOR AUDITORS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    TAKE ACTION, BUT TREAD CAUTIOUSLY

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 9 mins

    INSIDER TRADING – LESSONS FROM A RECENT DECISION

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    NEW RULES FOR INDEPENDENT DIRECTORS: HASTY, SLIPSHOD AND BURDENSOME

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SUPERIOR VOTING RIGHTS SHARES: A NEW INSTRUMENT FOR FUNDING

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    CHASING FRONT RUNNERS: SEBI GETS BETTER AT THE GAME

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    DISCLOSURE OF PROMOTER AGREEMENTS: SEBI’S NDTV ORDER

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 9 mins

    PENALTY PROVISIONS UNDER SECURITIES LAWS – SUPREME COURT DECIDES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    PROPOSAL FOR SOCIAL STOCK EXCHANGES – BOLD, INNOVATIVE AND TIMELY

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SHARING INSIDE INFORMATION THROUGH WhatsApp – SEBI LEVIES PENALTY

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SEBI’S BROAD ORDER ON ENCUMBERED SHARES – REPERCUSSIONS FOR PROMOTERS

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 9 mins

    SAT RULES: WHETHER PUBLIC CHARITABLE TRUSTS CAN BE RELATED PARTIES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    IS BEING A PROMOTER A ONE-WAY STREET WITH NO EXIT OR U-TURN?

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 9 mins

    REGULATION OF RELATED PARTY TRANSACTIONS – PROPOSED AMENDMENTS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SEBI’S RECENT ORDER ON INSIDER TRADING – INTERESTING ISSUES

    By JAYANT M. THAKUR
    Chartered Accountant
    Reading Time 10 mins

    DISGORGEMENT OF ILL-GOTTEN GAINS – A US SUPREME COURT JUDGMENT AND A SEBI COMMITTEE REPORT

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    FRONT-RUNNING: SEBI RUNS EVEN FASTER AFTER PERPETRATORS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    INFORMAL GUIDANCE – A REFRESHER USING A RECENT CASE STUDY

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    FINALLY, ACCOUNTING / FINANCIAL FRAUDS ARE OFFENCES UNDER SECURITIES LAWS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    INTERIM ORDERS – POWERS OF SEBI RESTRICTED BY SAT

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 11 mins

    SEBI: REVISING ITS OWN ORDERS AND ENHANCING PENALTIES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    ACCREDITED INVESTORS – A NEW AVENUE FOR RAISING FINANCE

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    NEW FAQs ON INSIDER TRADING

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    TO BE OR NOT TO BE A PROMOTER

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SUPREME COURT FORMULATES GUIDELINES FOR COMPOUNDING; HOLDS THAT CONSENT OF SEBI NOT REQUIRED

    By Jayant M. Thakur | Chartered Accountant
    Reading Time 10 mins

    INDEPENDENT DIRECTORS AND QUALIFYING TEST

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    TRADING ON SELF-GENERATED RESEARCH – SEBI’S ORDERS MAKE IT ILLEGAL UNDER CERTAIN CIRCUMSTANCES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    FIT AND PROPER PERSON (A widely worded test to refuse entry in the securities market)

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 11 mins

    CONTRADICTIONS BETWEEN COMPANIES ACT AND SECURITIES LAWS: COMPOUNDED BY ERRANT DRAFTING

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    A LEG-UP FOR INDEPENDENT DIRECTORS – WILL SEBI’S PROPOSALS IMPROVE CORPORATE GOVERNANCE?

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SAT SETS ASIDE INSIDER TRADING ORDERS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    AMENDMENTS TO PROVISIONS RELATING TO RELATED PARTY TRANSACTIONS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    BOMBAY HIGH COURT ON RIGHTS OF SHAREHOLDERS – A RULING RELEVANT TO CORPORATE GOVERNANCE

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    IPO FINANCING – RECENT DEVELOPMENTS

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 9 mins

    SOME RECENT DEVELOPMENTS – SEBI’S GUIDANCE ON CROSS-REFERRALS, NSE RULING AND AMENDMENT TO FUTP REGULATIONS

    By Jayant Thakur, Chartered Accountant
    Reading Time 10 mins

    RIGHT OF ACCUSED TO RECEIVE RELEVANT DOCUMENTS FROM SEBI – SUPREME COURT LAYS DOWN IMPORTANT PRINCIPLES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SUPREME COURT ON INSIDER TRADING – PUTS GREATER ONUS OF PROOF ON SEBI, EFFECTIVELY READS DOWN PRECEDING DECISION

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    SUPREME COURT ON PLEDGE OF DEMATERIALIZED SHARES

    By Jayant M. Thakur
    Chartered Accountant
    Reading Time 10 mins

    THE WIDE NET CAST BY THE STRINGENT ANTI-MONEY LAUNDERING LAW – COVERS CORPORATE FRAUDS AND SECURITIES LAWS VIOLATIONS

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 11 mins

    Controversy on What is ‘Control’ Set at Rest

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Insider Trading Regulations for Mutual Funds – SEBI Issues Draft Consultation Paper

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Social Stock Exchange – A Marketplace for Philanthropy finally in place with a few final touches remaining

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Supreme Court Holds that Profit Motive Necessary for Charge of Insider Trading – But with Several Nuances and Riders

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 12 mins

    SEBI Lays down Clearer Guidelines on What Constitutes ‘Misleading Information’

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    SEBI Makes Significant Amendments to Corporate Governance Rules

    By Jayant Thakur, Chartered Accountant
    Reading Time 10 mins

    SEBI’s Consultation Papers On Suspicious Trading

    By Jayant Thakur, Chartered Accountant
    Reading Time 11 mins

    Proposed Changes to Reporting Material Developments

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    Of Mules and Securities Laws

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 10 mins

    SEBI Acts against Pump-N-Dump Operations through Telegram Channels

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 11 mins

    Major Changes in the Functioning of Listed Companies Imminent

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    SAT Dumps SEBI’S Pump-and-Dump Order in Bollywood Celebrity’s Case

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 9 mins

    Updated FAQS on Insider Trading Throw Light on Many Complex Issues

    By Jayant M. Thakur, Chartered Accountant
    Reading Time 11 mins

    SEBI Acts Tough against Market Manipulators

    By Jayant Thakur, Chartered Accountant
    Reading Time 9 mins

    Companies Act — Some Changes Upcoming Soon

    By Jayant Thakur, Chartered Accountant
    Reading Time 10 mins

    Reimagining Investment Advisory & Research Services

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

    Prevention Of Market Abuse In The Securities Market

    By Bhavesh Vora | Khushbu Shah, Chartered Accountants
    Reading Time 11 mins

    From Speculation to Stability: SEBI’s Comprehensive Regulatory Measures in Derivatives Markets

    By Bhavesh Vora | Khushbu Shah, Chartered Accountants
    Reading Time 12 mins
  • Spotlight : Part B Indirect Taxes

    Mandatory e-returns for employers registered under Profession Tax Act, 1975 —Trade Circular 1T of 2011 under Profession Tax, dated 14-1-2011.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Amendment to Central Sales Tax Act, 1956 —Trade Circular 2T of 2011, dated 17-1-2011.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Hire charges on installation of electricity meter in consumer’s premises exempted — Notification No. 131/13/2010-ST, dated 7-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notifications Nos. 02/2010-ST and 17/2010-ST, both dated 27-2-2010 rescinded — Notification No. 51/2010-ST and 52/2010-ST, both dated 21-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Taxable service of packaged or canned software exempted — Notification No. 53/2010-ST, dated 21-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Further amendments to Notification No. 24/2009-ST, dated 27-7-2009 — Notification No. 54/2010-ST, dated 21-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Transport services provided by Government Railways exempted — Notifications Nos. 55/2010-ST, 56/2010-ST & 57/2010-ST, all dated 21-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Certain general insurance business services exempted — Notification No. 58/2010-ST, dated 21-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Point of Taxation (Amendment) Rules, 2011 and other amendments – Notification Nos. 22 / 2011 to 27/2011 – Service Tax all dated 31st March, 2011

    By Taeun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah, Chartered Accountants
    Reading Time 2 mins

    Grant of Refunds against Bank Guarantee — Trade Circular 5T of 2011, dated 11-4-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Adjustment of Refund of F.Y 2010-11 to F.Y 2011-12 up to Rs.1 lakh — Trade Circular 6T of 2011, dated 15-4-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Erection, Commissioning & Construction Works Contract — CENVAT credit restricted to 40% when tax paid on the full value — Notification No. 01/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Service tax Valuation Rules amended — Notification 02/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Service tax rules amended — Notification No. 03/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Air travel service tax enhanced for domestic and international passengers — Notification No. 04/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 0 mins

    Organiser of business exhibition exempted for organising exhibition abroad — Notification No. 05/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Notification No. 09/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Notification No. 10/2011 & 11/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Interest on delayed payment of service tax hiked to 18%. — Notification No. 14/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    25% abatement for transportation of coastal goods — Notification No. 16/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Units located in SEZs to get benefit — Notification No. 17/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Interbank foreign currency transaction exempted — Notification No. 27/2011, dated 31-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Works Contract services for Rajiv Awass Yojna and JNURM — Notification No. 06/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Insurance under Rashtriya Swasthya Bima Yojna exempted — Notification No. 07/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins

    Transportation of goods from outside India to destination outside India exempted — Notification No. 08/2011, dated 1-3-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
    Reading Time 1 mins
  • Spotlight : Part C

    RBI/FEMA

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani, Chartered Accountants
    Reading Time 3 mins

    Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendmen

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendme

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Asian Clearing Union (ACU) Mechanism — Payments for import of oil or gas

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Asian Clearing Union (ACU) Mechanism — Indo-Iran Trade

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 47, dated 31-2-2011 — Export of goods and software — Realisation and repatriation of export proceeds — Liberalisation.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Government of India, Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) — F. No. 5(1)/2011-FC, dated 31-3-2011 — Circular 1 of 2011 — Consolidated FDI Policy.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 48, dated 5-4-2011 — Acquisition of credit/debit card transactions in India by overseas banks — payment for airline tickets.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 49, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 11 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Money-changing activities.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 50, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 12 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Cross-Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 51, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 13 — Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Standards — Money-changing activities.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 53, dated 7-4-2011 — Overseas forex trading through electronic/internet trading portals.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    FCRA Act 2010 comes into force

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 52, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 14 — Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Standards — Cross Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 13, dated 15- 9-2011 — NRIs PIOs holding NRE/FCNR(B) accounts jointly with Indian resident close relative — Liberalisation.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 14, dated 15-9-2011 — Foreign Investments in India — Transfer of security by way of gift — Liberalisation.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 15, dated 15-9-2011 — Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account — Joint holder — Liberalisation.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 16, dated 15-9- 2011 — Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts — Clarification.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 17, dated 16-9-2011 — Gift in Rupees by Resident Individuals to NRI close relatives.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 18, dated 16-9-2011 — Loans in Rupees by resident individuals to NRI close relatives.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 19, dated 16-9-2011 — Repayment of loans of nonresident close relatives by residents.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 20, dated 16-9-2011 — Meeting of medical expenses of NRIs close relatives by Resident Individuals.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 9, dated 29-8-2011 — Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 10, dated 7-9-2011 — Deferred Payment Protocols, dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 11, dated 7-9- 2011 — External Commercial Borrowings — Simplification of Procedure.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 12, dated 15- 9-2011 —Savings Bank account maintained by residents in India — Joint holder — Liberalisation.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    RBI /FEMA

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 4 mins

    RBI /FEMA

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 13 mins
  • Spotlight Part A

    United Stock Exchange of India notified as a recognised stock exchange.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Changes in conditions to be fulfilled by a recognised Stock Exchange — Incometax (First Amendment) Rules, 2011 dated 4-3-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Scrutiny norms for small taxpayers and senior citizens — Press Release dated 14-3-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins
  • SpotLight- Part E — Miscellaneous

    Notified rate of interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Rate of interest on Senior Citizens Savings Scheme 2004 increased.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins
  • Spotlight: Part C RBI/FEMA

    A. P. (DIR Series) Circular No. 116 dated 1st April, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 68, dated 17-1-2012 —Risk Management and Inter-Bank Dealings — Commodity hedging.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 103 dated 13th May, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 104 dated 17th May, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 52, dated 23-11-2011 — External Commercial Borrowings (ECB) Policy — Parking of ECB proceeds.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 98, dated 30-3- 2012 — Discontinuation of supplying printed GR forms by Reserve Bank.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 99, dated 30-3-2012 — External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 100, dated 30-3-2012 — Trade credits for imports into India — Review of all-in-cost ceiling.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 101, dated 2-4-2012 — Overseas Direct Investments — Liberalisation/Rationalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 104, dated 4-4- 2012 — Authorised Dealer Category-II — Permission for additional activity and opening of Nostro account.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 115 dated June 25, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 116 dated June 25, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 117 dated June 25, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 118 dated June 26, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 55, dated 9-12-2011 — Foreign Direct Investment (FDI) in India — Issue of equity shares under the FDI scheme allowed under the Government route.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 56, dated 9-12-2011 — Foreign investment in pharmaceuticals sector — Amendment to the Foreign Direct Investment Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 57, dated 13-12-2011 — Foreign Exchange Management Act, 1999 (FEMA) — Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) — Compounding of Contraventions under FEMA, 1999.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 58, dated 15-12-2011 — Risk management and interbank dealings.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 105 dated May 20, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 106 dated May 23, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 107 dated June 4, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Press note 2 (2013 Series) – D/o IPP F. No. 5/3/2005-FC.I Dated June 03, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 0 mins

    Clarification on Multi Brand Retail Trading Dated June 6, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 94 dated 1st April, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 14 dated 22nd July, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 50 dated 20th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Cross Border Inward Remittance under Money Transfer Service Scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 113 dated 24th June 24, 2013 External Commercial Borrowings (ECB) for low cost affordable housing projects

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 96, dated 28- 3-2012 — Overseas Direct Investments by Indian Party — Rationalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 97, dated 28-3- 2012 — Overseas Investments by Resident Individuals — Liberalisation/Rationalisation.

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 2 mins

    Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 Money changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs)

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Money changing activities

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Uploading of Reports on FINnet Gateway

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Reporting under Foreign Exchange Management Act, 1999 (FEMA)

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    External Commercial Borrowings (ECB) Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – $ 10 billion scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 71 dated 8th November, 2013 Advance Category – I Authorised Dealer Banks

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 72 dated 11th November, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 73 dated 11th November, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 74 dated 11th November, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 52 dated 20th November, 2012 Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 54 dated 26th November, 2012 External Commercial Borrowings (ECB) Policy for 2G spectrum allocation

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 55 dated 26th November, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 58 dated 14th December, 2012 Trade Credits for Imports into India – Review of all-in-cost ceiling

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 61 dated 17th December, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 63 dated 18th October, 2013 Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 68 dated 1st November, 2013 Notification No. FEMA.292/2013- RB dated 4th October, 2013, Press Note No. 2 (2013 Series) dated June 3, 2013 – DIPP Foreign Direct Investment (FDI) in India – definition of ‘group company’

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 69 dated 23rd November, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 70 dated 8th November, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 114 dated June 25, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 53 dated 24th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 54 dated 25th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 57 dated 30th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 59 dated 30th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 60 dated 1st October, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 61 dated 10th October, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 62 dated 10th October, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 99 dated 23rd April, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 100 dated 25th April, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Corrigendum dated 16th April, 2013 Consolidated FDI policy

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Notice dated 10th May, 2013 Format for seeking clarifications of FDI policy issues

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 58 dated 30th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 60 dated 14th December, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 96 dated 5th April, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 98 dated 9th April, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 63 dated 20th December, 2012 External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organizations (NGOs) – engaged in micro finance activities under Automatic Route

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 109 dated June 11, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Export of Goods and Services – Realisation and Repatriation period for units in Special Economic Zones (SEZ)

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 48, dated 21-11-2011 — Mid-sea trans-shipment of catch by deep sea fishing vessel.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 49, dated 22-11-2011 — Foreign investments in Infrastructure Debt Funds.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 15 dated 22nd July, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 17 dated 23rd July, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 18 dated 1st August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 19 dated 7th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 20 dated 12th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 23 dated 14th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 24 dated 14th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 4 mins

    A. P. (DIR Series) Circular No. 25 dated 14th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    Exchange Earner’s Foreign Currency (EEFC) Account, Diamond Dollar Account (DDA) & Resident Foreign Currency (RFC) Domestic Account

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Foreign investment in India by SEBI registered FIIs in Government securities and corporate debt

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Opening of NRO accounts by individuals of Bangladesh Nationality.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Foreign Exchange Management Act, 1999 – Import of precious and semi precious stones – Clarification

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 50, dated 23-11-2011 — Comprehensive guidelines on over-the-counter (OTC) foreign exchange derivatives — Foreign currency — INR swaps.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 51, dated 23-11-2011 — External Commercial Borrowings (ECB) Policy.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 84 dated 22nd February, 2013 Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/Combating the Financing of Terrorism (CFT) Standards – Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 as amended by PML (Amendment) Act 2009 Money Changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Risk Management and Inter-Bank Dealings

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA.256/2013-RB dated 6th February, 2013, notified vide G.S.R.No.125(E) dated 26th February, 2013 External Commercial Borrowings (ECB) Policy – Corporates under Investigation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    “Write-off” of unrealised export bills – Export of Goods and Services – Simplification of procedure

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    Money Transfer Service Scheme – Revised Guidelines

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Maintenance of Collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 119 dated June 26, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 120 dated June 26, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 121 dated June 26, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 122 dated June 27, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 01 dated July 04, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 02 dated July 04, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 6 dated July 8, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 07 dated July 08, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 08 dated July 11, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 09 dated July 11, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 10 dated July 11, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 11 dated July 11, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 12 dated July 15, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 110 dated June 12, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    Foreign investment in India by SEBI registered Long term investors in Government dated Securities

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 46 dated 8th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Company – Book Profits – Computation – Assessee is entitled to reduce from its book profits, the profit derived from captive power plants in determining tax payable for the purposes of section 115JA

    By Kishor Karia Chartered Accountant
    Atul Jasani Advocate
    Reading Time 11 mins

    A. P. (DIR Series) Circular No. 127 dated 2nd May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 94, dated 19-3- 2012 — Clarification — Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors/Non- Resident Indian limits for investments under the Portfolio Investment Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Press Note No.9 (2012 Series) dated 3rd October , 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 44 dated 12th October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 95, dated 21- 3-2012 —Foreign Exchange Management (Deposit) Regulations, 2000 — Credit to Non- Resident (External) Rupee Accounts.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 41, dated 11-2-2011 — Deferred Payment Protocols dated 30th April, 1981 and 23rd December, 1985 between Government of India and erstwhile USSR.

    By Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 45, dated 15-3-2011 — Introduction of annual return on foreign liabilities and assets reporting by Indian companies and discontinuation of the Part B of Form FC-GPR.

    By Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 32 dated September 21, 2012 Foreign investment in Single–Brand Product Retail Trading/ Multi- Brand Retail Trading/Civil Aviation Sector/ Broadcasting Sector/Power Exchanges – Amendment to the Foreign Direct Investment Scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 5 mins

    A. P. (DIR Series) Circular No. 34 dated 24th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 35 dated 25th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 36 dated 26th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 39 dated 9th October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 19 dated 28th August, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 40 dated 9th October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 41 dated October 10, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 131 dated 31st May, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 132 dated 8th June, 2012 Money Transfer Service Scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 133 dated 20th June, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 134 dated 25th June, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 135 dated 25th June, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 136 dated 26th June, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 137 dated 28th June, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 1 dated 5th July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 5 dated 12th July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 7 dated 16th July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 8 dated 18th July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 11 dated 31st July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 12 dated 31st July, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 15 dated 21st August, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 16 dated 22nd August, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 20 dated 29th August, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 21 dated 31st August, 2012 Foreign investment by Qualified Foreign Investors (QFIs) – Hedging facilities

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 25 dated 7th September, 2012 Overseas Investment by Indian Parties in Pakistan

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 26 dated 11th September, 2012 External Commercial Borrowings (ECB) Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – $ 10 billion scheme

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 27 dated 11th September, 2012 External Commercial Borrowings (ECB) Policy – Bridge Finance for infrastructure sector

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 28 dated 11th September, 2012 Trade Credits for Import into India

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 29 dated 12th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 30 dated 12th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    15 A. P. (DIR Series) Circular No. 31 dated 17th September, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 81, dated 21- 2-2012 — Export of goods and services — Receipt of advance payment for export of goods involving shipment (manufacture and ship) beyond one year.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 82, dated 21- 2-2012 — Release of foreign exchange for imports — Further liberalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 83, dated 27-2-2012 — Import of gold on loan basis — Tenor of loan and opening of stand-by letter of credit.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 85, dated 29- 2-2012 — External Commercial Borrowings (ECB) for Infrastructure facilities within National Manufacturing Investment Zone (NMIZ).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 87, dated 29-2-2012 — Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Cross-Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 88, dated 1-3- 2012 — Clarification — Establishment of Branch Offices (BO)/Liaison Offices (LO) in India by Foreign Entities — Delegation of powers.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 89, dated 1-3-2012 — Foreign Institutional Investor (FII) investment in ‘to be listed’ debt securities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 90, dated 6-3- 2012 — Clarification — Liberalised remittance scheme for resident individuals.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 92, dated 13- 3-2012 — Opening of Diamond Dollar Accounts (DDAs) — Change in periodicity of the reporting.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 93, dated 19-3- 2012 — Investment in Indian Venture Capital Undertakings and/or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 118, dated 7-5-2012 — Release of foreign exchange for miscellaneous remittances.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 119, dated 7-5-2012 — External Commercial Borrowings (ECB) Policy — Utilisation of ECB proceeds for Rupee expenditure.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 120, dated 8-5-2012 — Foreign Direct Investment (FDI) in India — Issue of equity shares under the FDI scheme allowed under the Government Route.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 121, dated 8-5-2012 — Foreign investment in Commodity Exchanges and NBFC Sector — Amendment to the Foreign Direct Investment (FDI) Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 122, dated 9-5-2012 — Risk Management and Inter-Bank Dealings.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 123, dated 10-5-2012 — Risk Management and Inter-Bank Dealings.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 124, dated 10-5-2012 — Exchange Earner’s Foreign Currency (EEFC) Account.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 127, dated 15-5-2012 — Foreign investment in NBFC Sector under the Foreign Direct Investment (FDI) Scheme — Clarification.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 128, dated 16-5-2012 — Exchange Earner’s Foreign Currency (EEFC) Account.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 129, dated 21-5-2012 — Risk Management and Inter-Bank Dealings.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 107, dated 17-4-2012 — Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) Standards — Money changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 108, dated 17-4-2012 — Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) Standards — Cross Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 109, dated 18-4-2012 — Authorised Dealer Category II — Permission for additional activity and opening of Nostro account.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 111, dated 20-4-2012 — External Commercial Borrowings (ECB) Policy — Liberalisation and Rationalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 112, dated 20-4-2012 — External Commercial Borrowings (ECB) Policy — Refinancing/Rescheduling of ECB.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 113, dated 24-4-2012 — External Commercial Borrowings (ECB) for Civil Aviation Sector.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 44 dated 13th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 45 dated 16th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 67, dated 13-1- 2012 — Foreign investment in Single Brand Retail Trading — Amendment to the Foreign Investment (FDI) Scheme. Press Note No. 1 (2012 Series), dated 10-1-2012.

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 46 dated 17th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 48 dated 18th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 51 dated 20th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 69, dated 25- 11-2012 External Commercial Borrowings — Simplification of procedure.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 70, dated 25- 1-2012 — External Commercial Borrowings (ECB) Policy — Infrastructure Finance Companies (IFCs).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 73, dated 21-1- 2012 — Opening of Diamond Dollar Accounts (DDAs)

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 74, dated 1-2-2012 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 75, dated 7-2- 2012 — External Commercial Borrowings — Simplification of procedure.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 76, dated 9-2-2012 — Clarification — Establishment of project offices in India by foreign entities — General permission.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 79, dated 15-2- 2012 — Clarification — Purchase of immovable property in India — Reporting requirement

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 80, dated 15-2-2012 — Export of goods and services — Simplification and revision of Softex procedure.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 117, dated 7-5- 2012 — Transfer of Funds from Non- Resident Ordinary (NRO) Account to Non- Resident External (NRE) Account.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 131, dated 31-5-2012 — Overseas Direct Investments by Indian Party — Online Reporting of Overseas Direct Investment in Form ODI.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 132, dated 8-6-2012 — Money Transfer Service Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 59, dated 19-12-2011 — External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organisations (NGOs) — Engaged in micro finance activities under Automatic Route.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 60, dated 22-12- 2011 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Money changing activities.

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 63, dated 29-12-2011 — External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) — Hedging facilities for non-resident entities

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 64, dated 5-1-2012 — External Commercial Borrowings (ECB).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 28 dated 19th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 29 dated 20th August, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 30 dated 4th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 31 dated 4th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 36 dated 4th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 37 dated 5th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 32 dated 4th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 38 dated 6th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 39 dated 6th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 65, dated 12-1-2012 — Foreign Exchange Management Act, 1999 — Export of Goods and Services — Forwarders Cargo Receipt.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 40 dated 10th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 41 dated 10th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 42 dated 12th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 43 dated 13th September, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 66, dated 13-1- 2012 — (I) Scheme for Investment by Qualified Foreign Investors in equity shares — (II) Scheme for Investment by Qualified Foreign Investors in Rupee Denominated Units of Domestic Mutual Funds — Revision.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 4 mins

    A. P. (DIR Series) Circular No. 45 dated 22nd October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 46 dated 23rd October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 47 dated 23rd October, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 48 dated 6th November, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 49 dated 7th November, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 50 dated 7th November, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 51 dated 15th November, 2012

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 35, dated 14-10-2011 — Processing and settlement of export-related receipts facilitated by Online Payment Gateways — Enhancement of the value of transaction.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 36, dated 19-10-2011 — Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency — Liberalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 37, dated 19- 10-2011 — (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme — Clarification.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    This Circular clarifies that: (a) In terms of s.s 4 of section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was: (i) Acquired, held or owned by such person when he was resident outside India or (ii) Inherited from a person who was resident outside India. (b) An investor can retain and reinvest overseas the income earned on invest<

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 41, dated 1-11-2011 — Memorandum of Instructions governing money changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 42, dated 3-11-2011 — Foreign investment in India by SEBI registered FIIs in other securities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 43, dated 4-11-2011 —Foreign Direct Investment — Transfer of shares.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 32, dated 10-10- 2011 — Liberalised Remittance Scheme for Resident Individuals — Revised applicationcum- declaration form.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 73, dated 29-6-2011, Overseas Direct Investment — Liberalisation/Rationalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 74, dated 30-6-2011 — FDI in India — Issue of equity shares under the FDI Scheme allowed under the Approval Route

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 25, dated 23-9-2011 — External Commercial Borrowings (ECB) for the Infrastructure Sector — Liberalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 2, dated 15-7-2011 — Regularisation of Liaison/Branch Offices of foreign entities established during the pre-FEMA period.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. l8, dated 9-8-2011 — Investment in units of Domestic Mutual Funds.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 21, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Money changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 22, dated 19-9-2011 —Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Cross- Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 23, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Money changing activities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 24, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Cross-Border Inward Remittance under Money Transfer Service Scheme.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 44, dated 15-11-2011 — Trade credits for imports into India — Review of all-in-cost ceiling.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 45, dated 16-11- 2011 Foreign Direct Investment — Reporting of issue/transfer of ‘participating interest/ right’ in oil fields to a non-resident as a Foreign Direct Investment transaction.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 46, dated 17-11-2011 — Overseas forex trading through electronic/internet trading portals.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 47, dated 17-11-2011 — ‘Set-off’ of export receivables against import payables — Liberalisation of procedure.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Press Note No. 3 (2011 Series) — D/o IPP File No.: 1/16/2010-FC-I, dated 8-11-2011 — Review of the policy on Foreign Direct Investment in pharmaceuticals sector insertion of a new paragraph 6.2.25 to ‘Circular 2 of 2011-Consolidated FDI Policy’.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 26, dated 23-9-2011 — External Commercial Borrowings (ECB) — Bridge Finance for Infrastructure Sector.

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 27, dated 23-9-2011 — External Commercial Borrowings (ECB) — Rationalisation and liberalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 28, dated 26-9-2011 — External Commercial Borrowings (ECB) Policy — Structured obligations for infrastructure sector.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 29, dated 26-9- 2011 — External Commercial Borrowings (ECB) from the foreign equity holders.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 30, dated 27-9-2011 — External Commercial Borrowings (ECB) in Renminbi (RMB).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 31, dated 3-10-2011 — Appointment of Agents/Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers — Revised guidelines.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Circular No. 2 — D/o IPP F. No. 5(19)/2011- FC-I Dated 30-9-2011 — Consolidated FDI Policy.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 56, dated 29-4- 2011 — Foreign Exchange Management Act, 1999 — Advance remittance for import of goods — Liberalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 57, dated 2-5-2011 — Pledge of shares for business purpose.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 58, dated 2-5-2011 — Opening of Escrow Accounts for FDI transactions.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 60, dated 16-5-2011 — Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Hedging of Commodity Price and Freight Risks.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 67, dated 20-5-2011 — Forward cover for Foreign Institutional Investors — Rebooking of cancelled contracts.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 68, dated 20-5-2011 — Hedging IPO flows by Foreign Institutional Investors (FIIs) under the ASBA mechanism.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 69, dated 27-5-2011 — Overseas Direct Investment — Liberalisation/Rationalisation.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 5 mins

    A.P. (DIR Series) Circular No. 70, dated 9-6-2011 — Remittance of assets by foreign nationals — Opening of NRO Accounts.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 75, dated 30- 6-2011 — Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 1, dated 4-7- 2011 — Redemption of Foreign Currency Convertible Bonds (FCCBs).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 2, dated 15- 7-2011 — Regularisation of Liaison/Branch Offices of foreign entities established during the pre-FEMA period.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 54, dated 29-4-2011 — Issue of Irrevocable Payment Commitment (IOCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs).

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 55, dated 29- 4-2011 —Foreign Investments in India by SEBI-registered FIIs in other securities.

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 99 dated 29th January, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 100 dated 4th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 102 dated 11th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 101 dated 4th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 103 dated 14th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 104 dated 14th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 105 dated 17th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 83 dated 3rd January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 127 dated 2nd May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 128 dated 9th May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 129 dated 9th May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 130 dated 16th May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 84 dated 6th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 85 dated 6th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 86 dated 9th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 87 dated 9th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 88 dated 9th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 90 dated 9th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 92 dated 13rd January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 93 dated 15th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 94 dated 16th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 95 dated January 17, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 97 dated 20th January, 2014

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 122 dated 10th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 123 dated 16th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 6 mins

    A. P. (DIR Series) Circular No. 124 dated 21st April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 82 dated December 31, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    D/o IPP F. No. 5(1)/2014-FC.I dated the 17-04- 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 109 dated 28th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 110 dated 4th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 111 dated 13th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 107 dated 20th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 75 dated November 19, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 106 dated 18th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 112 dated 25th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 4 mins

    A. P. (DIR Series) Circular No. 113 dated 26th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 114 dated 27th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 115 dated 28th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 117 dated 4th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 118 dated 7th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 119 dated 7th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 120 dated 10th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 121 dated 10th April, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 77 dated November 22, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 78 dated December 3, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 81 dated 24th December, 2013

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 146 dated 19th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 147 dated 20th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 148 dated 20th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 149 dated 25th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 151 dated 30th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Master Circulars dated 1st July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 2 dated 7th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 3 dated 14th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 4 dated July 15, 2014 Notification No. FEMA.306/2014-RB dated May 23, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 5 dated 17th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 6 dated 18th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 7 dated 18th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 8 dated 18th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 1 dated 3rd July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 21 dated 27th August, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 22 dated 28th August, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 23 dated 2nd September, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 25 dated 3rd September, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 34 dated 30th September, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 35 dated 9th October, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 36 dated 16th October, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    Press Note No. 9 – DIPP File No. 9(8)/2014-IL(IP) dated 20th October, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 131 dated 19th May, 2014Notification No. FEMA.299/2014-RB dated 24th March, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 132 dated 21st May, 2014 Export of Goods – Long Term Export Advances

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 133 dated 21st May1, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 135 dated 21st May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 136 dated 28th May, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 138 dated 3rd June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 139 dated 5th June, 2014 Press Note No.2 (2014 Series) issued by the DIPP dated 4th February, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 140 dated 6th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 141 dated 6th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 142 dated June 12, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 144 dated 16th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 145 dated 18th June, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 16 dated 28th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 17 dated 28th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 18 dated 30th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 19 dated 11th August, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 9 dated 21st July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 10 dated 21st July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 11 dated July 22, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 14 dated 25th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Press Note No. 7 (2014 Series) issued by DIPP dated 26th August, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Press Note No. 8 (2014 Series) issued by DIPP dated 27th August, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 28 dated 8th September, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 30 dated 15th September, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 15 dated 28th July, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 31 dated 17th September, 2014

    By Puloma Dalal, Jayesh Gogri, Mandar Telang Chartered Accountants
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 80 dated March 3, 2015 External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 58 dated January 14, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 59 dated January 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 60 dated January 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 61 dated January 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 62 dated January 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 41 dated 25th November, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 42 dated 28th November8, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 43 dated 2nd December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Press Note No. 10 (2014 Series) dated December 03, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 45 dated 8th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 46 dated 8th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 47 dated 8th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 48 dated December 09, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 49 dated 16th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 50 dated 16 December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 51 dated 17th December, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Black holes in the economy: Noida engineer’s case shows why India must get to the roots of black money generation

    By Tarunkumar G. Singhal, Raman Jokhakar Chartered Accountants
    Reading Time 4 mins

    A. P. (DIR Series) Circular No. 37 dated 20th November, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 38 dated 20th November, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 39 dated 21st November, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 40 dated 21st November, 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 54 dated 29th December , 2014

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 55 dated 1st January, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 56 dated 6th January, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Given below are the highlights of certain RBI Circulars, 2 DIPP Press Notes and 1 DIPP Circular

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP Press Note No. 5 (2015 Series) dated April 27, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 97 dated April 30, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP – Circular F. No. 5(1)/2015-FC-1 dated the 12th May, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 98 dated May 14, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 101 dated May 14, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 63 dated January 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 94 dated April 8, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 95 dated April 17, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 64 dated January 23, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 67 dated January 28, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 68 dated January 27, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 70 dated February 2, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 71 dated February 3, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 72 dated February 5, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 73 dated February 6, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 74 dated February 9, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 76 dated February 12, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 77 dated February 12, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 78 dated February 13, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 79 dated February 18, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 85 dated March 18, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 90 dated March 31, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 92 dated March 31, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 93 dated April 1, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 81 dated March 3, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 83 dated March 11, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP, Ministry of Commerce & Industry, Government of India

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Press Note No. 3 (2015 Series) dated March 2, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 112 dated 25th June, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Master Circulars dated 1st July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 1 dated 2nd July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 2 dated 3rd July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 4 dated 16th July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 5 dated 16th July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 102 dated May 21, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 103 dated May 21, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 106 dated June 1, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 107 dated June 11, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 108 dated June 11, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 109 dated June 11, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 110 dated June 18, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP – Press Note No. 6 (2015 Series) dated June 3, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 15 dated September 24, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 16 dated 24th September, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 17 dated 24th September, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 18 dated 30th September, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    DIPP Press Note No. 11 (2015 Series) dated 1st October, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA. 353 /2015-RB dated 6th October, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 19 dated October 6, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 20 dated 8th October, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 21 dated 8th October, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    DIPP – Press Note No. 7 (2015 Series) dated June 3, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP – Press Note No. 8 (2015 Series) dated July 30, 2015 Introduction of Composite Caps for Simplification of Foreign Direct Investment (FDI) policy to attract foreign investments

    By Gaurang Gandhi Chartered Accountant
    Reading Time 6 mins

    A. P. (DIR Series) Circular No. 6 dated 16th July, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP – undated

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 9 dated August 21, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 11 dated September 10, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 12 dated September 10, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 13 dated September 10, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    DIPP Press Note No. 9 (2015 Series) dated September 15, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP Clarification dated September 15, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP Press Note No. 10 (2015 Series) dated September 22, 2015

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 54 dated March 23, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 55 dated March 29, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    DIPP – Press Note No. 12 (2015 Series) dated 24th November, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 29 dated 26th November, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 30 dated 26th November, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 31 dated 26th November, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 32 dated 30th November, 2015

    By Gaurang Gandhi
    Reading Time 2 mins

    Notification No. FEMA 359/2015-RB dated 2nd December, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    Notification No. FEMA 358/2015-RB dated 2nd December, 2015

    By Gaurang Gandhi
    Reading Time 2 mins

    Notification No. FEMA 357/2015-RB dated 7th December, 2015

    By Gaurang Gandhi
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 35 dated 10th December, 2015

    By Gaurang Gandhi
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 47 [(1)/11(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 48 [(1)/15(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 49 [(1)/18(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 50 dated February 11, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 51 dated February 11, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 52 dated February 11, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No.FEMA.361/2016-RB dated February 15, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No.FEMA.362/2016-RB dated February 15, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 53 dated March 03, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 40 dated February 1, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 42 dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 43 [(1)/7(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 44 [(1)/10(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 45 [(1)/6(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 46 [(1)/9(R)] dated February 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 56 dated March 30, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 57 dated March 31, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 58 dated March 31, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 22(R) /RB-2016 dated March 31, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 5(R)/2016-RB dated April 01, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 13 (R)/2016-RB dated April 01, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 59 dated April 13, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 60 dated April 13, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 61 dated April 13, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 62 dated April 13, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    FED Master Directions dated January 4, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 39 dated January 14, 2016

    By Gaurang Gandhi Chartered Accountant
    Reading Time 1 mins

    Part C | RBI/FEMA

    By Gaurang Gandhi Chartered Accountant
    Reading Time 5 mins

    Notification No. FEMA 375/2016-RB dated September 9, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 3 dated September 29, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 4 dated September30, 2016

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 5 dated October 6, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 5(R)/2016-RB dated September 8, 2016

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 368/2016-RB dated May 20, 2016

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 72 dated May 26, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 73 dated May 26, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    A. P. (DIR Series) Circular No. 74 dated May 26, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    Notification No. FEMA 10 (R)/(1)/2016-RB dated June 01, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    Notification No. FEMA 10 (R) / 2015-RB dated January 21, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 79 dated June 30, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 71 dated May 19, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 80 dated June 30, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 81 dated June 30, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 1 dated July 7, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 63 dated April 21, 2016

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] dated April 28, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 65 dated April 28, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 66 dated April 28, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 67/2015- 16[(1)/23(R)] dated May 02, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 68[(1)/23(R)] dated May 12, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 69[(1)/22(R)] dated May 12, 2016

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 70 dated May 19, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 77[2]/10[R] dated June 23, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 78 dated June 23, 2016

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 1 mins

    RBI /FEMA

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 6 mins

    RBI /FEMA

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 5 mins

    RBI /FEMA

    By Gaurang Gandhi, Chartered Accountant
    Reading Time 2 mins

    RBI /FEMA

    By Gaurang Gandhi
    Chartered Accountant
    Reading Time 4 mins
  • Spotlight: Part D

    Establishment of Offices of the Registrar of Companies-cum-Official Liquidator.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Relaxation of Additional Fees for some forms till 31-03-2013

    By Sejal Vasa, Company Secretary
    Reading Time 3 mins

    Cost Accounting Records and Cost Audit Record Rules — Clarifications about coverage of certain sectors thereunder.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Cost Accounting Records and Cost Audit Record Rules — Clarifications regarding applicability and compliance requirements.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Extension of date for submission of PAN details In DIN-4.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Company Law Settlement Scheme (CLSS 2011) extended to 15th January 2012.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Allocations of regions under the Regional Director.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Unlisted Public Companies (Preferential Allotment) Amendment Rules, 2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Cost Accounting Records Rules prescribed for various products in supersession of the earlier Rules.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Companies Bill.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Withdrawal of draft Dematerialisation of Certificate Rules.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Amendments to the Equity Listing Agreement — Change in format for interim disclosure of results.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Timeline for submission of annual audited financial results for financial year 2011-12.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Alteration to Schedule XIV of Companies Act — Inclusion of intangible assets created under certain circumstances.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    CAS-14 — Cost Accounting Standard on pollution control cost.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Power of ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Investor Education and Protection Fund ( Uploading of Information regarding unpaid and unclaimed amounts lying with Companies) Rules, 2012

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Amendments to Form DIN1, DIN 4 and Form 18

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Extension of time limit for form 23 AC/ACA XBRL

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Applicability of Regulation 17(6) in processing the work items.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Relaxation of last date and additional fee in filing of e-Form 23C for Appointment of Cost Auditor.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Exemption of section 182(1) to Companies incorporated as Electoral Trusts

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarification with regard to applicability of provision of section 372A of Companies Act 1956

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    List of Companies and Directors under Prosecution

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    NOC for registration of companies or LLP’s for professional work

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Form 68 for rectification of mistakes in Form 1, Form 1a and Form 44

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    The new contact numbers for the DIN cell and Help desk No. for the MCA w.e.f. 17.01.2013 are

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Companies ( Acceptance of Deposits Amendments) Rules 2013

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Revision of Stamp Duty on Registration of Articles of Association in Kerala State

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Balance Sheet and Profit and Loss Account in XBRL mode for the financial year commencing on or after 01.04.2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Relaxation of Additional Fees and Extension of the last date of filing various forms with the Registrar of Companies.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Extension of Time Limit for Filing Form 23AC/ACA XBRL

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Extension of Time Limit for Filing Cost Audit Reports and Compliance Reports for the year 2011-12

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarification for Section 372A(3)

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Amendments To Din Rules 2006

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    The MCA has revised Form 1 and Form 32 vide Notification GSR 848(E) dated 15-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 1 mins

    The MCA has revised Form DIN1 and Form DIN3 vide Notification GSR 849(E) dated 15-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Reopening/revision of annual accounts after their adoption in the annual general meeting — General Circular No. 5/2010, dated 2-11-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Suggestions on issues related to Convergence of Indian Accounting Standards with IFRS.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Status of action initiated against vanishing companies and its promoters/directors.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 1 mins

    New versions of Form 21A, Form 23AC and Form 23ACA

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Amendments to SEBI Equity Listing Agreement — Circular No. CIR/CFD/DIL/10/2010, dated 16-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    SEBI vide Notification No. LAD-NRO/GN/ 2010-11/22/30364, dated 21-12-2010, Foreign Venture Capital Investors (Amendment) Regulations, 2010 has further amended Foreign Venture Capital Investors, Regulations, 2000, to include after paragraph 9.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    SEBI Notification No. LAD-NRO/GN/2010-11/21/29390, dated 10-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Acceptance of third party address as correspondence address.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Submission of balance sheet and profit & loss account by NBFCs — Notification No. DNBS.217/CGM (US)-2010, dated 1-12-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Certification of forms under the Companies Act, 2013 by practicing professionals

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    Amendments to XBRL filing rules

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Extension of filing date for Forms 23AC and ACA ( Form for filing of Balance Sheet and Profit and Loss Account)

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Product or activity groups classification:

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Amendment to companies (fees on applications) rules 1999:

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Extension of time for filing PAN details for DIN (Allotment of Director’s Identification) under Companies Act, 1956.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    In principle approval required for registration of Companies/LLP’s having one of their objects as to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary, etc.

    By Sejal Vasa
    Company Secretary
    Reading Time 1 mins

    ‘PAY Later’ option for payment of ROC fees.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    General exemption under Section 211 for public financial institutions (PFIs).

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    General exemption under section 211 for companies

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Revised Schedule VI

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Indian Accounting Standards converged with IFRS — Notified.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Exemption from taking Central Government for managerial remuneration.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Payment of MCA fees — Only in electronic mode — Up to Rs.50000 w.e.f. 27-3-2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Process of incorporation of companies (Form-1) and establishment of principal place of business in India by foreign companies (Form-44) — Procedure simplified.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Simplification of DIN Rules.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    New Rules for the availability of names have been issued by the Central Government ‘Companies (Name Availability) Rules, 2011’.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Clarification on Para 46A of Notification No. GSR 914(E) dated 29.12.2011 on AS 11 relating to “ Effects of Changes in Foreign Exchange Rates”

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Applicability of Service Tax on commission payable to Non- Whole Time Directors of a Company u/s 309(4) of the Companies Act, 1956

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Company Law Settlement Scheme, (Jammu & Kashmir) 2012

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Delegation of powers to Regional Directors u/s 17, 18, 19, 141 and 188 of the Companies Act, 1956

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Balance Sheet and Profit and Loss Account by Companies in Non-XBRL for accounting year commencing on or after 01.04.2011

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of B alance Sheet and Profit and Loss Account by Companies in Non-XBR L for accounting year commencing on or after 01.04.2011

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Conditions imposed for Conversion of Ordinary Society into Producer Company, under part-IX A of the Companies Act, 1956.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Refund of the unlinked incorrect NEFT Payments

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Form 5 INV – Returns of unclaimed amounts filed prior to 1st August 2012 should be filed again in a consolidated manner

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    New form 24 aaa and modification to form 21 and 23:

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Amendments to the Companies Accounting Standards Rules 2006.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarifications for Video Conferencing at General Body Meetings and E-voting.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Companies Bill, 2011 and corrigenda can be accessed on MCA website.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Public Search of Trademarks database can be done through MCA21 portal.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) — Mode for financial year commencing on or after 1-4-2011.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Extension of time in filing Annual Return by Limited Liability Partnerships.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Cost Audit Report (Form I) and Compliance Report (Form A) in the XBRL mode.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Insertion of Rule 4BBB to Companies (Central Government’s) General Rules and Forms.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    The Ministry of Corporate Affairs has decided to impose fees with effect from 22nd July 2012 on certain e-forms.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarifications on filing of conflicting returns by contesting parties.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Company Law Forms changing where new Schedule VI is applicable.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Cost Audit Reports and Compliance Reports to be filed after 30th June 2012 in new XBRL formats.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Limited Liability Partnerships integrated on MCA21.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Ministry extends time limit for filing Form 11 for F.Y. 2011-12.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Ministry grants exemption from Mandatory Cost Audit to all units located in specified zones.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Ministry issues general clarification on Cost Accounting and Cost Audit Order.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    The Ministry of Corporate Affairs has vide General Circular No. 10, dated 21st May 2012 issued Guidelines for declaring a financial institution as a Public Financial Institution.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Limited Liability Partnership (Winding up and Dissolution) Rules, 2012.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing fees on Form 23B.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Extension of time limit for filing XB RL Form 23 AC/ACA to 15th December 2012

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Time Limit for Filing of Form 23D extended to 16th December 2012

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Appointment of cost auditor by companies

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Examination of Balance Sheets by ROC’s

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Integration of Director’s Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Delegation u/s. 637 of the Companies Act by the Central Government of its powers and functions under Act — Powers and functions delegated to Registrars of Companies for specified provisions of the Act — Supersession of Notification G.S.R. No. 506(E), dated 24-6-1985.

    By Sejal Vasa | Company Secretary
    Reading Time 3 mins

    Prosecution of Directors.

    By Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Companies (Director Identification Number) Amendment Rules, 2011.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Improving service delivery time of approval of company’s registration and critical services (Registration in 24 hours)

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Vide Notification dated 2nd June 2011, the MCA has issued ‘The Companies Director Identification Number (Second Amendment) Rules, 2011’ which are effective from 12th June, 2011 and wherein the Annexure I and II to the Din Forms 1 and 4 have been modified and the form can also be digitally signed by a Company Secretary in full-time employment of the company.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Notification dated 30th May 2011, the MCA has issued the Companies (passing of resolution by postal Ballot) Rules, 2011 to include voting by electronic mode and sending of notices through e-mail for listed companies for certain business as listed therein in Rule 5.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide notification dated 23rd May 2011, the MCA has issued amendments to Schedule XII of the Companies Act, 1956 pertaining to remuneration of Managing Director or Whole-Time Director for a subsidiary of a listed company.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Notification dated 3rd June, 2011, the MCA has issued ‘The Companies (Cost Audit Report) Rules, 2011 which shall apply to every company in respect of which an audit of the cost records has been ordered by the Central Government under sub-section (1) of section 233B of the Act.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    PAN to be updated by DIN and DPIN holders.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Name Availability Guidelines, 2011 effective 24 July 2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Modifications to form for availability/change of name and increase in fees effective 24th July 2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Master Circular for Prosecution of Officer in Default. [Circular_1-2011_28july2011.pdf]

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarification regarding easy-exit schemes.

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    IFRS developments.

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    NBFCs not to be partners in partnership firms

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Increase in Filing Fee for Name Availability.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Launch of Company Law Settlement Scheme 2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Certification of Information for Companies under Liquidation.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Balance Sheet for Phase-I Companies in XBRL mode without any additional fee up to 30-11-2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Statement of Affairs for Companies under Liquidation.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    XBRL Filing Rules notified.

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Timelines for clearance/approvals for ROC defined.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Architects denied registration of companies/ LLPs.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Timelines for submission of PAN extended.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Timelines for Company Law Settlement Scheme extended.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Online incorporation of companies within 24 hours will not be implemented.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    Applicability of Revised Schedule VI for Companies having IPO/FPO.

    By Gaurang Gandhi | Chartered Accountant
    Reading Time 1 mins

    Filing of certain forms by Directors of defaulting Companies for Defaulting Companies/Dormant Companies/Active Companies.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    E-filing of statutory Forms with ROC.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Vide Circular No. 30A/2011, dated 26th May 2011, the MCA has clarified that Limited Liability Partnership (LLP)’s of Chartered Accountants will not be treated as body corporate for the limited purpose of section 226(3) of the Companies Act.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Ciruclar No. 32/2011, dated 31st May 2011, the Ministry has issued clarifications u/s. 616 (C) the Companies Act, 1956 pertaining to depreciation for the purpose of declaration of dividend u/s. 205 in case of Companies engaged in the generation or supply of electricity

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Circular No. 32/2011, dated 31st May 2011, the Ministry has decided that w.e.f. 12th June 2011 all DIN-1 and DIN-4 applications will be signed by practising Chartered Accountants, Company Secretaries or Cost Accountants, who will verify the particulars given in the applications. To avoid duplicate DINs all existing DIN holders require to submit their PAN details by filing DIN-4 e-form by 30th September, failing which their DIN will be disabled and be liable for heavy penalty.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide General Circular No. 33/2011, dated 1st June 2011, the Ministry has notified various forms that would be accepted by the ROC of defaulting companies — that is companies which have not filed their annual forms but are filing only event based forms

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Circular No. 35/2011, dated 6th June 2011, the MCA has issued clarification to the General Circulars No. 27/2011 and 28/2011, dated 20-5-2011, with regard to participation by shareholders or Directors in meetings held under the Companies Act, 1956, through electronic mode. In respect of shareholders’ meetings to be held during financial year 2011-12, video conferencing facility for shareholders is optional. Thereafter, it is mandatory for all listed companies.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    In order to give an opportunity for fast track exit to a defunct company i.e., for getting its name struck off from the Register of Companies, the MCA has decided to modify the existing route through e-form 61 and has prescribed the guidelines for ‘Fast-Track Exit mode’ for such defunct companies, vide General Circular No. 36/2011, dated 7th June 2011. The Guidelines will be implemented with effect from 3 July 2011.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Circular No. 37/2011, dated 7th June, 2011, the Ministry has mandated the following companies to financial statements in XBRL form only from the year 2010-11

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Vide Notification dated 3rd June 2011, the MCA has issued the Companies (Cost Accounting Records) Rules, 2011. They will apply to every company which is engaged in the production, processing, manufacturing, or mining activities and wherein,

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Waiver of approval of Central Government for payment of remuneration to professional managerial person by companies having no profits or inadequate profits.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Suggested methodology for obtaining audit evidence while reporting default of Directors u/s. 274(1)(g) available online.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    PAN mandatory for allotment of DIN and existing DIN holders to furnish their PAN.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    List of defaulting companies, directors and professionals.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Digitally signed certificates to be issued by the ROC.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Payment of MCA fees by NEFT mode.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    E-filing of income-tax return in respect of companies under liquidation.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Filing of Balance Sheet and Profit and Loss Account in XBRL mode.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Implementation of enhanced regulatory framework on annual statutory filings.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 — Amendment in Form 61.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Applicability date of Revised Schedule VI.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    XBRL filing of balance sheet and profit and loss account

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Amendment to Companies (Particulars of Employees) Rules, 1975 — Increase in the limits.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011.

    By Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Provisions regarding Stamp Duty.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Certification of e-forms under the Companies Act, 1956 by the practising professionals.

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Simplification of procedure for winding-up petitions.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Guidelines for Scheme of Amalgamation/Arrangement.

    By Sejal Vasa
    Company Secretary
    Reading Time 1 mins

    Simplification of procedure for delay in filing forms for charges and for shifting of registered office from one state to another.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Online Incorporation of Companies in 24 Hours.

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Clarification with regard to section 185 of the Companies Act, 2013.

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    USC of word ‘National’ in the names of Companies or Limited Liability Partnerships (LLPs).

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Report u/s. 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RDs.

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    Delegation of Powers u/s. 458 to ROC

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Delegation of powers u/s 153 and 154 of Companies Act, 2013 to Regional Director, Noida

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Delegation of powers u/s 458 of Companies Act 2013 to the Regional Directors

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Certification of forms under the Companies Act, 2013 by practicing professionals

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    Applicability of PAN requirement for Foreign Nationals

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Clarification with regard to Holding of shares or exercising power in a fiduciary capacity – Holding and Subsidiary relationship u/s. 2(87) of Companies Act 2013

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins

    Change in Depreciation Rates:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Names of Forms for e-filing on the MCA site have been Changed:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Central Government notifies 183 additional new sections:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Clarification in respect of resolutions u/s. 293 of Companies Act, 1956 wrt to compliance u/s. 180 of Companies Act, 2013:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Enabling payment of Stamp Duty and Court fees through MCA site:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Waiver of fees for all event based filing for April 2014 :

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Fees Table notified

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Clarification regarding maintenance of books of accounts and preparation of financial statements:

    By Sejal Vasa Company Secretary
    Reading Time 1 mins

    Rules prescribed under Companies Act 2013:

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    The Ministry of Corporate Affairs has vide General circular 19/2013 dated 10.12.2013 issued clarification on disclosures to be made with regard to applicability of Section 182(3) of Companies Act 2013 pertaining to Prohibition and restriction regarding political contributions

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    The Companies (Audit And Auditors) Amendment Rules, 2015

    By Sejal Vasa
    Reading Time 2 mins

    The Companies (Meetings of Board And Its Powers) Second Amendment Rules, 2015.

    By Sejal Vasa
    Reading Time 2 mins

    Company Law

    By Sejal Vasa
    Company Secretary
    Reading Time 7 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 5 mins

    Company Law

    By Sejal Vasa
    Reading Time 5 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 6 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 8 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 19 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 3 mins

    Company Law

    By Sejal Vasa
    Reading Time 2 mins

    Company Law

    By sejal vasa Company Secretary
    Reading Time 8 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 2 mins

    Company Law

    By Sejal Vasa
    Reading Time 4 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 10 mins

    Company Law

    By Sejal Vasa
    Reading Time 13 mins

    Company Law

    By Sejal Vasa Company Secretary
    Reading Time 3 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 3 mins

    Company Law

    By Sejal Vasa | Company Secretary
    Reading Time 9 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 2 mins

    Company Law

    By Sejal Vasa, Company Secretary
    Reading Time 1 mins
Cover Feature : Startups
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    By Sanjay Mehta
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    Reading Time 6 mins

    TAXATION OF STARTUPS

    By Gautam nayak
    Chartered Accountant
    Reading Time 22 mins

    VALUATION OF STARTUPS

    By Lata R. Gujar More
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    Timeless Words of Bapu

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    By C. N. Vaze
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    By Shailesh Gandhi
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    Reading Time 16 mins
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    By Dharmesh Shah | Chartered Accountant
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    Reading Time 16 mins

    Is there a limitation for ‘reassessment’ when the return is processed U/s.143(1)?

    By V.K. Subramani Chartered Accountant
    Reading Time 14 mins

    TAXABILITY OF LOAN WAIVER POST SC DECISION IN CASE OF MAHINDRA & MAHINDRA

    By Pinakin Desai | Ravikant Kamath | Sambhav Mama
    Chartered Accountants
    Reading Time 17 mins

    PROSECUTION AND COMPOUNDING

    By Chetan Shah
    Chartered Accountant
    Reading Time 22 mins

    SECTION 115BAA AND 115BAB – AN ANALYSIS

    By Anil Sathe
    Chartered Accountant
    Reading Time 18 mins

    THE FINANCE (No. 2) ACT, 2019

    By P.N. Shah | Arti Shah
    Chartered Accountants
    Reading Time 61 mins

    FINANCE (NO. 2) ACT, 2019 – ANALYSIS OF BUY-BACK TAX ON LISTED SHARES

    By Janhavi Pandit
    Chartered Accountant
    Reading Time 10 mins

    CASE STUDY: SECTION 36(1)(III) OF THE I.T. ACT, 1961 WITH SPECIAL REFERENCE TO PROVISO

    By Kirit S. Sanghvi
    Chartered Accountant
    Reading Time 15 mins

    TAX AND TECHNOLOGY – GETTING FUTURE-READY

    By Aravind Srivastsan
    Chartered Accountant
    Reading Time 17 mins

    SPECIFIED DOMESTIC TRANSACTIONS: RETROSPECTIVE OPERABILITY OF OMISSION OF CLAUSE (i) TO SECTION 92BA(1)

    By V.N.Dubey | Rohit Dubey
    Advocates
    Reading Time 18 mins

    INCOME-TAX E-ASSESSMENTS – YESTERDAY, TODAY & TOMORROW

    By Nitish Ranjan | Dinesh Chawla | Bangaru Eswar Teja
    Chartered Accountants
    Reading Time 22 mins

    ASSUMPTION OF JURISDICTION U/S 143(2) OF THE INCOME TAX ACT, 1961

    By Fenil Bhatt
    Advocate
    Reading Time 27 mins

    PROSECUTION UNDER THE INCOME TAX ACT, 1961 – LIABILITY OF DIRECTORS

    By Rahul Hakani
    Advocate
    Reading Time 27 mins

    REMUNERATION BY A FIRM TO PARTNERS: SECTION 194J ATTRACTED?

    By JIGNESH R. SHAH
    Advocate
    Reading Time 12 mins

    Domestic Tax Considerations Due To Covid-19

    By BHAUMIK GODA | SAUMYA SHETH
    Chartered Accountants
    Reading Time 16 mins

    TAXABILITY OF FORFEITURE OF SECURITY DEPOSIT

    By Ritu Punjabi
    Advocate
    Reading Time 25 mins

    TAXABILITY OF PRIVATE TRUST’S INCOME – SOME ISSUES

    By Dr. Rakesh Gupta
    Chartered Accountant
    Reading Time 11 mins

    SHOULD CHARITY SUFFER THE WRATH OF SECTION 50C?

    By K.K.Chythanya | Advocate
    Vipul K.V. Kamath | Chartered Accountant
    Reading Time 14 mins

    UNFAIRNESS AND THE INDIAN TAX SYSTEM

    By K.K.Chythanya
    Advocate | Vipul Kamath
    Chartered Accountant
    Reading Time 9 mins

    SLUMP SALE – AMENDMENTS BY FINANCE ACT, 2021

    By Abhijeet Shah
    Chartered Accountant
    Reading Time 14 mins

    FACELESS REGIME UNDER INCOME-TAX LAW: SOME ISSUES AND THE WAY FORWARD

    By Sanjay Sanghvi | Raghav Bajaj | Advocates
    Ujjval Gangwal | Chartered Accountant
    Reading Time 15 mins

    I HAD A DREAM

    By Naman Shrimal
    Chartered Accountant
    Reading Time 6 mins

    COVID IMPACT AND TAX RESIDENTIAL STATUS: THE CONUNDRUM CONTINUES

    By T. P. Ostwal | Kush Vatsaraj
    Chartered Accountants
    Reading Time 23 mins

    JDA STRUCTURING: A 360-DEGREE VIEW

    By
    Reading Time 35 mins

    CHANGES IN PARTNERSHIP TAXATION IN CASE OF CAPITAL GAIN BY FINANCE ACT, 2021

    By K.K. Chythanya
    Advocate
    Reading Time 22 mins

    THE GHOST OF B.C. SRINIVASA SETTY IS NOT YET EXORCISED IN INDIA

    By K. K. Chythanya | Senior Advocate
    Vipul V Kamath | Chartered Accountant
    Reading Time 16 mins

    DOES TRANSFER OF EQUITY SHARES UNDER OFFER FOR SALE (OFS) DURING THE PROCESS OF LISTING TRIGGER ANY CAPITAL GAINS?

    By Sneh Haresh Machchhar
    Chartered Accountant
    Reading Time 16 mins

    FUNGIBILITY OF DIRECT TAX AND INDIRECT TAX FOR INDIVIDUAL INCOME TAXPAYERS AND INCOME TAX RETURNS FILERS

    By Homeyar Jal Tavaria
    Chartered Accountant
    Reading Time 4 mins

    THE FINANCE ACT, 2022

    By P. N. Shah | Arti Shah
    Chartered Accountants
    Reading Time 45 mins

    RECENT AMENDMENTS IN TAXATION OF CHARITABLE TRUSTS

    By P.N. Shah
    Chartered Accountant
    Reading Time 25 mins

    DISCLOSURE OF FOREIGN ASSETS AND INCOME IN THE INCOME-TAX RETURN

    By Ritu Punjabi, Advocate
    Reading Time 20 mins

    RECENT AMENDMENTS FOR TAX DEDUCTION AND TAX COLLECTION AT SOURCE

    By P. N. Shah, Chartered Accountant
    Reading Time 31 mins

    Intricate Issues in Tax Audit

    By Sanjeev Lalan, Chartered Accountant
    Reading Time 22 mins

    Charitable Trusts – Recent Amendments Pertaining to Books of Accounts and Other Documents – Part I

    By R. S. Kadakia, Chartered Accountant
    Reading Time 30 mins

    Charitable Trusts – Recent Amendments Pertaining to Books of Accounts and Other Documents – Part 2

    By R. S. Kadakia, Chartered Accountant
    Reading Time 27 mins

    New Provisions for Filing an Updated Return of Income

    By P. N. Shah | Arti Shah
    Chartered Accountants
    Reading Time 8 mins

    Immunity from Penalty for Under-Reporting and from Initiation of Proceedings for Prosecution – Section 270AA

    By Jagdish Punjabi, Chartered Accountant
    Reading Time 30 mins

    Corpus Donations – Recent Developments

    By Anil Sathe, Chartered Accountant
    Reading Time 20 mins

    Reopening of Assessments under section 147 with effect from 1st April 2021

    By Nilesh Patel, Certified Public Accountant
    Reading Time 25 mins

    Conundrum on Section 45(4) – Pre- and Post-SC Ruling in the case of Mansukh Dyeing

    By Sneh Haresh Machchhar, Chartered Accountant
    Reading Time 33 mins

    Important Amendments by the Finance Act, 2023

    By
    Reading Time 64 mins

    Union Budget Receipt Side Movement Trends of Last 20 Years

    By Homeyar Jal Tavaria, Chartered Accountant
    Reading Time 6 mins

    Taxation of Life Insurance Policies

    By Radhakishan Rawal, Chartered Accountant
    Reading Time 26 mins

    Notice under Section 148 of The Income-Tax Act, Post Faceless Reassessment Scheme

    By Jagdish T Punjabi, Chartered Accountant
    Reading Time 18 mins

    Angel Tax — Amendment and Its Implications

    By Shripal Lakdawala, Janak Thakkar, Sneh Bhuta, Paridhi Agrawal, Chartered Accountants
    Reading Time 13 mins

    Scope of Reassessment Proceedings in Search Cases In The Light of CBDT Instruction No. 1 of 2023

    By Gunjan Kakkad, Advocate
    Reading Time 28 mins

    Section 43B(h) – The Provisions And Debatable Issues

    By Chandrakant K Thakkar, Chartered Accountant
    Reading Time 21 mins

    Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars

    By Jagdish T Punjabi, Chartered Accountant
    Reading Time 56 mins

    Tax Implications in the Hands of Successor / Resulting Company

    By Viral Shah, Chartered Accountant, LLB
    Reading Time 25 mins

    Whether an Inordinate Delay in the Disposal of Appeals by the First Appellate Authorities is Justifiable?

    By Pankaj R. Toprani, Advocate
    Reading Time 15 mins

    Important Amendments by The Finance (No. 2) Act, 2024 – Charitable Trusts

    By Gautam Nayak, Chartered Accountant
    Reading Time 14 mins

    Important Amendments by The Finance (No. 2) Act, 2024 – Capital Gains

    By Yogesh Thar | Anjali Agrawal, Chartered Accountants
    Reading Time 21 mins

    Important Amendments by The Finance (No. 2) Act, 2024 – Buy-Back of Shares

    By Bhaumik Goda, Chartered Accountant
    Reading Time 34 mins

    Important Amendments by The Finance (No. 2) Act, 2024 – Re-Assessment Procedures

    By Jagdish T Punjabi, Chartered Accountant
    Reading Time 35 mins

    Important Amendments by The Finance (No. 2) Act, 2024 – Block Assessment

    By Bhadresh Doshi, Chartered Accountant
    Reading Time 15 mins

    Important Amendments By The Finance (No. 2) Act, 2024 – Other Important Amendments

    By Anil Sathe | Chaitee Londhe, Chartered Accountants
    Reading Time 19 mins

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

    By Pankaj R. Toprani, Advocate
    Reading Time 30 mins
  • Closements

    Whether interest u/s.234A can be levied in case of delayed Return of Income even if self-assessment tax is paid before the due date ?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 14 mins

    Whether Concealment Penalty can be levied in case of reduction in loss ?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 11 mins

    Whether free/subsidised transport facility is liable to Fringe Benefit Tax — S. 115WB(3)

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 23 mins

    Concealment Penalty — Whether mens rea is essential ?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 19 mins

    Payment to Non-Resident in Respect of Income Not Chargable to Tax — Obligation of TDS u/s.195

    By Kishor Karia
    Atul Jasani
    Advocate
    Reading Time 22 mins

    Whether Reassement u/s.147 is Permissible on a Mere ‘Change of Opinion’

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 21 mins

    Whether disputed Enhanced Compensation is taxable in the year of receipt – section 45(5)

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 28 mins

    In case of expatriate, seconded to Indian Company, liability of TDS on ‘Home Salary’ paid by the Foreign Company outside India — Sec. 192

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 17 mins

    Concealment Penalty — Whether Disallowed Claim For Expenditure Amounts to “Furnishing Inaccurate ‘Particulars’ ”

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 19 mins

    Whether Rectification Order can be passed beyond the time limit of four years ?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 14 mins

    Withdrawal from Revaluation Reserve— Effect on ‘book profit’U/s.115jb

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 17 mins

    Whether accrued interest will be nullified by subsequent modification in terms ?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 18 mins

    Whether amendment relating to payment of P.F., etc. by ‘due date’ of furnishing return is retrospective ? — S. 43B

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 14 mins

    Status of ‘Not Ordinarily Resident’ — S. 6(6)

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 17 mins

    Cryptic order of the AO dropping penalty proceedings Revision u/s.263

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 10 mins

    Quantum of Exclusion of Export Profit From Book Profit— MAT

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 24 mins

    Deductibility of additional liability arising on account of exchange rate difference (on revenue account) at the year end

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 21 mins

    OffShore Transaction of Transfer of Share between Two NRs Resulting in Change in Control & Management of Indian Company —Withholding Tax Obligation and Other Implications

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 17 mins

    Whether Assessee is Entitled to Interest on Delayed Payment of Interest on Refund? – Section 244A – Part II

    By Kishor Karia, Chartered Accountants
    Atul Jasani, Advocate
    Reading Time 29 mins

    Whether Assessee is Entitled to Interest on Delayed Payment of Interest on Refund? – Section 244A – Part I

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 28 mins

    OffShore Transfer of Shares Between Two NRs Resulting in Change in Control OF Indian Company — Withholding Tax Obligation and Other Implications

    By Kishor Karia | Chartered Accountants
    Atul Jasani | Advocate
    Reading Time 25 mins

    OffShore Transaction of Transfer of Shares Between Two NRs Resulting in Change in Control of Indian Company — Withholding Tax Obligation and Other Implications

    By Kishor Karia | Chartered Accountants
    Atul Jasani | Advocate
    Reading Time 30 mins

    The power of parliament to make law with respect to extra-territorial aspects or causes — Part i

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 12 mins

    The power of parliament to make law with respect to extra-teritorial aspects or causes — Part iI

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 30 mins

    Upfront payment of interest on debentures in one year – the year of deductibility – Part II

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 22 mins

    Upfront payment of interest on debentures in one year – the year of deductibility– Part I

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 31 mins

    Whether payment of transaction charges to stock exchange amounts TO FTS – SecTION 194J – Part – I

    By Kishor Karia
    Chartered Accountant
    Reading Time 22 mins

    Loan or Advance to Huf by Closely Held Company – Whether Deemed Dividend U/S. 2 (22)(E) – Part I

    By Kishor Karia, Chartered Accountant, Atul Jasani,Advocate
    Reading Time 20 mins

    Loan or Advance to HUF by Closely Held Company – Whether Deemed Dividend U/S. 2 (22)(e) – Part II

    By Kishor Karia, Chartered Accountant
    Atul Jasani,Advocate
    Reading Time 14 mins

    Loan Or Advance To Specified ‘Concern’ By Closely Held Company Which Is Deemed As Dividend U/S. 2 (22) (E) – Whether Can Be Assessed In The Hands Of The ‘Concern’? – Part II

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 22 mins

    Loan or Advance to Specified ‘Concern’ by Closely Held Company which is Deemed as Dividend U/S. 2 (22) (E) – Whether can be Assessed in the Hands of the ‘Concern’? – Part I

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 17 mins

    Whether payment of transaction charges to stock exchange amounts FTS – SecTION 194J – Part – II

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 14 mins

    APPLICABILITY OF SECTION 14A – RELEVANCE OF ‘DOMINANT PURPOSE’ OF ACQUISITION OF SHARES/ SECURITIES – PART – I

    By Kishor Karia
    Chartered Accountant / Atul Jasani
    Advocate
    Reading Time 24 mins

    Taxability of interest of NPAs in case of NBFCs

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 23 mins

    APPLICABILITY OF SECTION 14A – RELEVANCE OF ‘DOMINANT PURPOSE’ OF ACQUISITION OF SHARES/ SECURITIES – PART – II

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 28 mins

    DEDUCTIBILITY OF EXPENDITURE INCURRED BY PHARMACEUTICAL COMPANIES FOR PROVIDING FREEBIES TO MEDICAL PRACTITIONERS UNDER SECTION 37 (Part 1)

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Harsh Kothari | Advocates
    Reading Time 20 mins

    DEDUCTIBILITY OF EXPENDITURE INCURRED BY PHARMACEUTICAL COMPANIES FOR PROVIDING FREEBIES TO MEDICAL PRACTITIONERS UNDER SECTION 37 (Part 2)

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Harsh Kothari | Advocates
    Reading Time 23 mins

    Whether Belated Deposit of Employees’ Contribution to PF/ESI is Deductible? – Section 36(1)(va)

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari
    Advocate
    Reading Time 31 mins

    Eligibility of Educational Institutions to Claim Exemption Under Section 10(23C) of the Income-Tax Act – Part I

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocates
    Reading Time 27 mins

    Eligibility of Educational Institutions to Claim Exemption under Section 10(23C) of the Income-Tax Act – Part II

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocates
    Reading Time 34 mins

    ‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility for Exemption under Section 11- Section 2(15) – Part I

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocates
    Reading Time 27 mins

    ‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility for Exemption under Section 11 – Section 2(15) – Part II

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocates
    Reading Time 16 mins

    ‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility For Exemption U/S 11- Sec 2(15)- Part III

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocates
    Reading Time 47 mins

    Principle Of Mutuality Cannot Be Extended To Interest Earned By Mutual Concern On Fixed Deposits Placed With Member Banks

    By Kishor Karia, Chartered Accountant | Atul Jasani and Harsh Kothari, Advocates
    Reading Time 17 mins

    Closements

    By Kishor Karia, Chartered Accountant
    Atul Jasani | Harsh Kothari, Advocate
    Reading Time 20 mins
  • Controversies

    Ownership of a Part of the House and Exemption u/s. 54F

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 20 mins

    Deductibility of ‘set-on’ amount under Payment of Bonus Act

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 19 mins

    Allowability of Broken Period Interest

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 13 mins

    Slump sale and S. 50B

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 13 mins

    ‘Urban Land’ Under Wealth Tax Act

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 19 mins

    Monetary limit for filing of appeal by Income-tax Department

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 12 mins

    TDS on Discount on Airline Tickets

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 16 mins

    Taxability of interest on disputed compensation

    By Pradip Kapasi, Gautam Nayak
    Chartered Accountants
    Reading Time 12 mins

    Deductibility of expenditure on stamp duty and registration charges

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 15 mins

    Exemption for Educational Institution

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 14 mins

    Waiver of interest

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 9 mins

    Interest income and mutuality

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 19 mins

    Sum Payable — s. 43B

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 11 mins

    Sale of scrap — Whether income derived from industrial undertaking ?

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 10 mins

    Reopening of a block assessment

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 23 mins

    S. 14A WHERE NO EXPENDITURE INCURRED

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 13 mins

    Revision u/s.264 — Additional Evidence

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 14 mins

    Power to examine the validity of search

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 15 mins

    Netting of interest and S. 80HHC

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 30 mins

    Interest u/s.234A — Taxes paid but return delayed

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 25 mins

    Restriction on Deduction due to section 80-IA(9)

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 17 mins

    Capital Gains Account Scheme — Due Date for Deposit

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 11 mins

    PF Payments u/s.43B —Retrospectivity of Amendment

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 12 mins

    Tax Deduction at Source u/s.195

    By Pradip Kapasi
    Gautam Nayak | Chartered Accountants
    Reading Time 19 mins

    Reopening of a completed assessment

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 16 mins

    Service of notice u/S.143(2)

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 16 mins

    Scope of Revision of orders by the Commissioner u/s.263

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 19 mins

    Eligibility for Deduction u/s. 80-IB(10) in Respect of Amount Disallowed u/s. 40(a)(ia)

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah, Chartered Accountants
    Reading Time 17 mins

    Charitable Trusts – Depreciation on Cost of Assets Allowed as Application of Income

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 14 mins

    Commission to Non-resident Agents – Whether Accruing or Arising in India

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah, Chartered Accountants
    Reading Time 14 mins

    Activities Relating to Purchase of Goods from India by a Liaison Office

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 30 mins

    Section 50C and Tolerance Band

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 14 mins

    Disallowance of an expenditure ‘Payable’ u/s. 40(a)(ia)

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 24 mins

    Set-off of Brought Forward Busines Losses against Capital Gains u/s.50

    By Pradip Kapasi, Gautam Nayak
    Chartered Accountants
    Reading Time 11 mins

    Due Date of Payment for Allowability of Employee PF Contribution

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 15 mins

    ‘Turnover Filter’ in ‘Comparability Analysis’ for Benchmarking

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah, Chartered Accountants
    Reading Time 13 mins

    Deemed Registration and Time Limit for Disposal of Application for Registration of Charitable Trusts u/s.12AA

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah, Chartered Accountants
    Reading Time 20 mins

    Acquisition of New Asset by Assessee for Capital Gains Exemption

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 14 mins

    Section 14A and its Applicability to Cases of Stock-in-trade

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 22 mins

    DEDUCTIBILITY OF ADVANCE PAYMENTS – Section 43B

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 22 mins

    FINALITY OF PROCEEDINGS

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 10 mins

    “Used for the purposes of business or profession” for depreciation u/s 32

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 18 mins

    Global Income of a Resident- Right to Tax and Dtaa

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 47 mins

    EXEMPTION U/S.54F IN CASES WHERE SECTION 50C APPLICABLE

    By Pradip Kapasi, Gautam Nayak Chartered Accountants
    Reading Time 7 mins

    Aplicability of Explanation to Section 73

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 12 mins

    Section 40(b) and Interest to partners

    By Pradip Kapasi, Gautam Nayak
    Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 16 mins

    Commencement of Activity – whether pre-requisite for registration u/s.12AA

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah, Chartered Accountants
    Reading Time 12 mins

    Eligibility of Contractual workers for inclusion in Number of Workers

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 12 mins

    REINVESTMENT IN OVERSEAS PREMISES

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 18 mins

    Use of Borrowed Funds for Reinvestment

    By Pradip Kapasi, Gautam Nayak
    Chartered Accountants
    Reading Time 19 mins

    Cost of acquisition in case of Property of Ex-Rulers

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 22 mins

    Demed Dividend — Loans or Advances to Related Concerns

    By Pradip Kapasi, Gautam Nayak
    Chartered Accountants
    Reading Time 18 mins

    Taxability of Income from ‘sale of computer software’ as ‘royalty’

    By Pradip Kapasi, Gautam Nayak, Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 19 mins

    Taxability of Long Outstanding Liability Not Written Back

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 17 mins

    Year of Taxability of Interest on Refund of Tax

    By Pradip Kapasi
    Gautam Nayak
    Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 33 mins

    ‘Additional Depreciation’ where assets used for less than 180 days

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 20 mins

    TDS on Premium Paid for Grant of Lease

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 24 mins

    TDS on Aircraft Landing & Parking Charges

    By Pradip Kapasi
    Gautam Nayak
    Ankit Virendra Sudha Shah
    Chartered Accountants
    Reading Time 14 mins

    Taxability of a Subvention Receipt

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 21 mins

    Period of Holding on Conversion of Leasehold Property into Ownership

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 27 mins

    Fresh Claim outside Return of Income or in Appeal

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 15 mins

    Acceptance and Repayment of Loans & Deposits – Applicability Journal Entries

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 25 mins

    Taxability of Carbon Credits

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 25 mins

    Interest u/s. 244A on Refund of Self Assessment Tax

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 33 mins

    Jewellery & Ornaments – Acceptable holdings

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 13 mins

    Income from Flats held as Stock in Trade

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 14 mins

    Payment of Ransom or Protection money and section 37

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 16 mins

    PAN AND NON RESIDENT – Section 206AA

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 23 mins

    Order for Levy of Fees u/s. 234E and Intimation u/s. 200A

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 20 mins

    Reassessment beyond Reasons

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 27 mins

    Disallowance u/s. 40(a)(ia) – Deduction of tax under Wrong Section

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 12 mins

    Admission Of Appeal and Section 271(1)(c)

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 15 mins

    Deductibility of Brokerage from Rent u/S. 23

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 16 mins

    Deduction u/s 80-IB(10) – Delay in Receipt of Completion Certificate

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 31 mins

    Obligation of Foreign Company to File Return of Income where Income Exempt under DTAA

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 20 mins

    Carry Forward of Loss and SECTION 79

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 19 mins

    Receipt of Interest and Full Value of Consideration

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 24 mins

    Date & Cost of Acquisition of Capital Asset Converted from Stock in Trade

    By Pradip Kapasi
    Gautam Nayak Chartered Accountants
    Reading Time 21 mins

    WRITE – BACK OF LOANS – SECTIONS 41 (1) & 28 (iv)

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 35 mins

    Section 35DDA and Payments under Voluntary Retirement Scheme

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 19 mins

    RATE OF TAX APPLICABLE TO CAPITAL GAINS ON LOSS OF EXEMPTION BY A CHARITABLE OR RELIGIOUS TRUST

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 15 mins

    Payments for Use of Online Database – Whether Royalty?

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 30 mins

    Allowability of Expenditure towards Corporate Social Responsibility

    By Pradip Kapasi, Gautam Nayak, Namrata Dedhia
    Chartered Accountants
    Reading Time 21 mins

    Interest Income of a Credit Society and Deductibility U/S. 80p

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 32 mins

    Expenditure by Pharmaceutical Companies On Doctors

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 18 mins

    Taxability of Contingent Consideration on Transfer of Capital Asset

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 20 mins

    Depreciation on Non-Compete Fees

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 20 mins

    Applicability of Section 68 to Cash Credits in Absence of Books of Account

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 20 mins

    Applicability of Section 14A – Interest To Partners

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 25 mins

    Allowability Of Interest On Delayed Payment Of Tax Deducted At Source

    By Pradip Kapasi
    Gautam Nayak
    Namrata Dedhia
    Chartered Accountants
    Reading Time 14 mins

    Can Box Collection By Charitable/Religious Trusts Be In The Nature Of Corpus?

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 21 mins

    Set-Off of Losses from an Exempt Source Of Income

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 23 mins

    Annual Value of a Vacant Property

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 20 mins

    Derived or not Derived From …….. ……

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 16 mins

    Taxability of Foreign Salary Credited to NRE Bank Account

    By Pradip Kapasi, Gautam Nayak; Chartered Accountants
    Reading Time 27 mins

    Rate of Taxation and Deemed Short-term Capital Gains

    By Pradip Kapasi
    Gautam Nayak
    Chartered Accountants
    Reading Time 13 mins

    NEED FOR DEPOSITS UNDER CAPITAL GAIN ACCOUNTS SCHEME

    By Pradip Kapasi, Gautam Nayak, Chartered Accountants
    Reading Time 21 mins

    Interest paid on borrowings for purchase of house- SECTION 24 & SECTION 48

    By Pradip Kapasi, Gautam Nayak; Chartered Accountants
    Reading Time 11 mins

    Business of Derivatives Trading & Explanation to Section 73

    By Pradip Kapasi, Gautam Nayak Chartered Accountants
    Reading Time 15 mins

    TAXABILITY OF PROPORTIONATE DEEMED DIVIDEND IN CASE OF LOANS TO CONCERNS

    By PRADIP KAPASI | GAUTAM NAYAK | BHADRESH DOSHI
    Chartered Accountants
    Reading Time 17 mins

    Failure To Dispose Of Objections – Whether Renders Reassessment Void Or Defective And Curable?

    By Pradip Kapasi, Gautam Nayak, Bhadresh Doshi, Chartered Accountants
    Reading Time 26 mins

    Scope of The Definition of The Term ‘Interest’ – Section 2(28a)

    By Pradip Kapasi
    Gautam Nayak
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 28 mins

    BOOK PROFIT – WHETHER ADJUSTMENT REQUIRED FOR SHARE OF LOSS FROM PARTNERSHIP FIRM?

    By Pradip Kapasi / Gautam Nayak / Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    BOOK-PROFIT FOR PAYMENTS TO PARTNERS – SECTION 40(B)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 21 mins

    TDS On Provision For Expenses Made At Year-End

    By PRADIP KAPASI I GAUTAM NAYAK I BHADRESH DOSHI Chartered Accountants
    Reading Time 23 mins

    REVENUE EXPENDITURE ON TECHNICAL KNOW-HOW AND SECTION 35 AB

    By PRADIP KAPASI I GAUTAM NAYAK I BHADRESH DOSHI
    Chartered Accountants
    Reading Time 36 mins

    Gift From ‘HUF’ and Section 56(2)

    By Pradip Kapasi
    Gautam Nayak
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 17 mins

    AMOUNTS NOT DEDUCTIBLE U/S. 40(a)(ii) AND TAX

    By Pradip Kapasi / Gautam Nayak / Bhadresh Doshi
    Chartered Accountants
    Reading Time 17 mins

    PERIOD OF LIMITATION PROVIDED IN SECTION 154(7) VIS-À-VIS DOCTRINE OF MERGER

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 23 mins

    CO-OWNERSHIP AND EXEMPTION UNDER SECTION 54F

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    TDS – YEAR OF TAXABILITY AND CREDIT UNDER CASH SYSTEM OF ACCOUNTING

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 25 mins

    TDS UNDER SECTION 194A ON PAYMENT OF ‘INTEREST’ UNDER MOTOR ACCIDENT CLAIM

    By PRADIP KAPASI | GAUTAM NAYAK | BHADRESH DOSHI
    Chartered Accountants
    Reading Time 31 mins

    PERIOD OF INTEREST ON REFUND IN CASES OF DELAYED CLAIMS OF DEDUCTIONS

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 24 mins

    SPORTS ASSOCIATIONS AND PROVISO TO SECTION 2(15)

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 48 mins

    REOPENING CASES OF INTIMATION u/s. 143(1)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 18 mins

    A ‘RESIDENTIAL HOUSE’ FOR SECTIONS 54 AND 54F

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    RETROSPECTIVE IMPACT OF BENEFICIAL PROVISO – SECTION 40(a)(ia) & (i)

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 33 mins

    INTEREST U/S 201(1A) WHERE PAYEE IS INCURRING LOSSES

    By Pradip Kapasi|Gautam Nayak|Bhadresh Doshi
    Chartered Accountants
    Reading Time 17 mins

    DOUBLE DEDUCTION FOR INTEREST UNDER SECTIONS 24 AND 48

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 20 mins

    DEPRECIATION ON GOODWILL ARISING DUE TO AMALGAMATION

    By PRADIP KAPASI | GAUTAM NAYAK | BHADRESH DOSHI
    Chartered Accountants
    Reading Time 19 mins

    FAILURE TO CLAIM DEDUCTION IN RETURN OF INCOME AND SECTION 80A(5)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 27 mins

    ACCUMULATION OF INCOME U/S 11(2) – STATEMENT OF PURPOSES

    By PRADIP KAPASI | GAUTAM NAYAK | BHADRESH DOSHI
    Chartered Accountants
    Reading Time 20 mins

    INTERPLAY BETWEEN DEEMING FICTIONS OF SECTIONS 45(3) AND 50C

    By PRADIP KAPASI | GAUTAM NAYAK | BHADRESH DOSHI
    Chartered Accountants
    Reading Time 26 mins

    DEDUCTIBILITY OF FOREIGN TAXES

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 25 mins

    SET OFF OF UNABSORBED DEPRECIATION WHILE DETERMINING BOOK PROFIT u/s 40(B)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 17 mins

    TAXATION OF RECEIPT BY RETIRING PARTNER

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 43 mins

    UNEXPLAINED DEPOSITS IN FOREIGN BANK ACCOUNTS

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 47 mins

    DEEMED GRANT OF REGISTRATION U/S 12A

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 33 mins

    TAXABILITY OF INTEREST ON ENHANCED COMPENSATION OR CONSIDERATION

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 30 mins

    TAX EXEMPTION FOR A REWARD

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    IMPACT OF WAIVER OF LOAN ON DEPRECIATION CLAIM

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 24 mins

    DEDUCTION OF MAINTENANCE CHARGES IN COMPUTING INCOME FROM HOUSE PROPERTY

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    BUSINESS INCOME OF A CHARITABLE INSTITUTION

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 25 mins

    DEDUCTION FOR CONTRIBUTION BY EMPLOYER TO SPECIFIED FUNDS – SECTION 40A(9)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 16 mins

    ALLOWABILITY OF PORTFOLIO MANAGEMENT FEES IN COMPUTING CAPITAL GAINS

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 32 mins

    TAXABILITY OF CORPUS DONATIONS RECEIVED BY AN UNREGISTERED TRUST

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 31 mins

    DEDUCTION FOR PENALTIES AND FINES UNDER THE MOTOR VEHICLES ACT, 1988

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 19 mins

    RATE OF TAX ON DEEMED SHORT-TERM CAPITAL GAINS U/S 50

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 21 mins

    NAMING OF BENEFICIARIES IN TRUST DEED – EXPLANATION TO SECTION 164(1)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 26 mins

    TAXABILITY OF MESNE PROFITS

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

    PREMIUM RECEIVED BY LANDLORD ON TRANSFER OF TENANCY RIGHTS – CAPITAL OR REVENUE?

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 19 mins

    CLAIM FOR RELIEF OF REBATE OUTSIDE REVISED RETURN OF INCOME

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 22 mins

    CONTROVERSIES

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 15 mins

    FRESH CLAIM IN A RETURN FILED IN RESPONSE TO A NOTICE ISSUED UNDER SECTION 148

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 24 mins

    EXTENDING THE SCOPE OF REASSESSMENT

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 33 mins

    POINT OF TAXABILITY – SECTION 56(2)(viib)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 12 mins

    HRA EXEMPTION FOR RENT PAID TO WIFE OR MOTHER

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 18 mins

    ALLOWABILITY OF PROVISION FOR SALES RETURNS

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 23 mins

    Disallowance u/s 14A Where No Exempt Income and Effect of Explanation

    By Pradip Kapasi, Gautam Nayak, Bhadresh Doshi
    Chartered Accountants
    Reading Time 32 mins

    Retention in Escrow Account – Liability to Capital Gains

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 28 mins

    Location of Source of Income in Case of Exports

    By Pradip Kapasi, Gautam Nayak, Bhadresh Doshi
    Chartered Accountants
    Reading Time 20 mins

    Adjustment u/s 143(1) in Respect of Employees’ Contribution to Welfare Funds

    By Pradip Kapasi, Gautam Nayak, Bhadresh Doshi
    Chartered Accountants
    Reading Time 30 mins

    Tax Audit and Penalty under Section 271B

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 12 mins

    Payment of Taxes Pending Appeal before Tribunal

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 29 mins

    Letter of Allotment and Receipt of Immovable Property

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 31 mins

    Validity of Reassessment Proceedings

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 49 mins

    Claim of Additional Depreciation – Additional Issue

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 15 mins

    Loan – Whether A Capital Asset?

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 14 mins

    Indexation of Cost Where Cost Paid In Instalments

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 17 mins

    Charitable Trusts Exemption – Application in India or Purposes in India

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi
    Chartered Accountants
    Reading Time 21 mins

    The Requirement To Provide Materials And Evidences Along With Show Cause Notice U/S 148A(B)

    By Pradip Kapasi , Gautam Nayak , Bhadresh Doshi
    Chartered Accountants
    Reading Time 23 mins

    ‘Only Source of Income’ For S. 80-IA/80IB and Other Provisions

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 21 mins

    Claim of Loss in Revised Return of Income

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 36 mins

    Revision under Section 264 of Intimation Issued Under Section 143(1)

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 19 mins

    Loss on Reduction of Capital without Consideration

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 36 mins

    Validity of Notice under Section 148 Issued By the JAO

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 25 mins

    Taxation of Interest on Compensation

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 30 mins

    Applicability of Section 50c to Rights in Land

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 21 mins

    Whether the Order Passed Under Section 139(9) Invalidating the Return Is Appealable?

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 17 mins

    Taxability of Compensation for Reduction in Value of ESOPs

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

    Transfer of Capital Asset to Subsidiary / Holding Company

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 25 mins

    Validity Of Reassessment Notice Issued U/S 148 By Jurisdictional Assessing Officer

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 57 mins
  • Glimpses Of Supreme Court Rulings

    Foreign Exchange Regulation Act— Contravention of provisions of Act — Adjudication proceedings and criminal prosecution can be launched simultaneously — If the exoneration in the adjudication proceedings is on merits criminal prosecution on same set of facts cannot be allowed.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 9 mins

    Writ petition — Dispute between Government Undertaking and Union of India could be ordinarily proceeded with only after receipt of permission of COD — As the matter was covered by decision of Supreme Court, as an exception, High Court was directed to deci

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Question of Law — Investment allowance — Whether allowable in one year or in several years is a question of law — Decision of Madras High Court not applicable.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Settlement of cases — Settlement Commission — S. 234B applies to the proceedings of the Settlement Commission — The terminal point for levy of such interest is the date of the order u/s.245D(1) — The Settlement Commission cannot reopen its concluded proce

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Assessment — Reference to Departmental Valuer

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    Reassessment — Opinion of DVO alone cannot be the basis for reopening the assessment.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    Companies — Special provisions — Minimum Alternate Tax — In determining the book profit of a private limited company whether depreciation should be allowed as per Income-tax Rules or as per the Companies Act — Matter referred to Larger Bench.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Industrial undertaking — Deduction u/s.80-IB — DEPB/Duty drawback benefits flow from the schemes framed by the Central Government or from S. 75 of the Customs Act or from S. 37 of the Central Excise Act, hence incentives profits are not profits derived fr

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Interest-tax — Interest on bonds and debentures bought by a non-banking financial company as and by way of investment would not be liable to interest-tax.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Search and seizure — Block assessment — If the assessment is to be completed u/s.143(3) r.w. S. 158BC, notice u/s.143(2) should be issued within prescribed time.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Appeal — Order set aside to the High Court as the relevant decision was not considered.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Interest — Tax — Interest as Government securities not chargeable to Interest Tax

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Capital gains — Gains/loss arising on renunciation of right to subscribe is a short-term gain — Deduction u/s.48(2) is to be applied to the long-term capital gains before set-off of short-term loss, if any.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Manufacture or production of article or thing — Activity of extraction of marble blocks, cutting into slabs, polishing and conversion into polished slabs and tiles would amount to ‘manufacture’ or ‘production’ for the purpose of claiming deduction u/s.80-

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Manufacture — Duplication from the master media of the application software commercially to sub-licence a copy of such application software constitutes manufacturing of goods in terms of S. 80-IA.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Minimum Alternative Tax — For making an addition under clause (b) of S. 115JB, two conditions must be jointly satisfied, namely, (i) there must a debit to the profit and loss account, and (ii) the amount so debited must be carried to the reserve.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Manufacture — Twisting and texturising partially oriented yarn amounts to manufacture in terms of S. 80-IA of the Act.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Substantial Question of Law — Applicability of S. 35AB — For applicability of S. 35AB, the nature of expenditure is required to be decided at the threshold because if the expenditure is found to be revenue in nature, then S. 35AB may not apply — However,

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Export business — Deduction u/s.80HHC (prior to 1989) — Deduction only to the extent it is covered by the reserve created for the said reserve.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Export business — Deduction u/s.80HHC — If the assessee is a supporting manufacturer, on producing disclaimer certificates from export house, he would be entitled to claim the benefit u/s.80HHC.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Appellate Tribunal — Scope of powers — The Tribunal is not authorised to take back the benefit granted to the assessee by the Assessing Officer — The Tribunal has no power to enhance the assessment.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Substantial Question of Law — Cancellation of penalty on the ground that the benefit under the amnesty scheme was available to the assessee even though there was material to show that the return was not voluntary gives rise to a substantial question of la

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Substantial Question of Law — Whether on conversion of a partnership firm into a company under Part IX of the Companies Act the revaluation of the depreciable assets prior to conversion would be liable to capital gain tax is a question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Search — Levy of surcharge on block assessment — Surcharge is leviable even to cases relating to assessment years prior to the insertion of S. 113.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Manufacture/Production — Conversion of jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture /production of a article or thing.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Appeals — Revenue cannot file an appeal involving a dispute for which no appeal is filed for earlier years if there is no change in the fact situation.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Industrial undertaking — In order to constitute an industrial undertaking the important criteria to be applied is to identify the item in question, the process undertaken by it and the resultant output

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Business expenditure — Interest expenditure — Matter remanded to the High Court to determine whether the transactions were entered into with the idea of evading tax.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Rectification — Mistake apparent from record — Failure to apply judgment of jurisdictional High Court is a mistake apparent from record.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Export Business — Deduction U/s. 80 HHC — For the Assessment Year 1990-91, Section 80 HHC(3) statutorily fixes the quantum of deduction on the basis of proportion of business profits under the head ‘Profits and gains of business or profession’, irrespecti

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Companies — MAT — Provision for bad and doubtful debts is not for meeting liability and cannot be added back in computing ‘book profits’ under Section 115JA(2)(c).

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Kar Vivad Samadhan Scheme — Though the declaration was originally rejected for the reason that no appeal was pending as the delay was not condoned, the declaration ought to have been subsequently accepted when Tribunal held that there was no delay.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Questions of Law — No interference made on findings — Questions of law left open.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Rectification of mistake — Non-consideration of material on record amounts to mistake apparent from record.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Valuation of closing stock — Application to review the decision in CIT v. Hindustan Zinc Ltd. — Rejected

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Assessment — Evidence — Out of the ten summons issued five parties appeared and gave evidence in favour of the assessee, but other five did not appear as the summons could not be served upon them — No adverse inference can be drawn against the assessee.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Search and seizure — Amounts lying in the bank account cannot be withdrawn and seized.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Writ petition — Even if small fraction of cause of action accrued within the territories of a State, the High Court of that State will have jurisdiction

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

    Rectification of mistake — Whether power subsidy received by an assessee is revenue receipt or capital receipt has to be decided on the facts of each case after examining the scheme of subsidy and therefore cannot be a subject matter of rectification on t

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Estate duty — Valuation of goodwill — Super Profits method — There is no hard and fast rule regarding multiplier to be applied for evaluating goodwill — Value would depend on the nature of business and prevailing market conditions — Property passing on de

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Income from undisclosed sources — Should be taxed in the year of receipt — Matter remanded for fresh adjudication.

    By Kishor Karia
    Atul Jasani
    Reading Time 7 mins

    Refund — Interest on amount to be refunded would partake the character of ‘amount due’ u/s.244A.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    which had read down Rule 3.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Income-tax return — Must be filed in the form prescribed by the statutory authority.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Constitutional validity — National Tax Tribunal — Challenge not similar to the appeal relating to the constitutional validity or National Company Law Tribunal — Matter separated.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Litigation — Public Sector undertakings — Clearance of Committee on Disputes — Time for reference within a period of one month is not rigid — Delay in approaching the Committee does not make it illegal but the delay should not be due to lethargy.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Search and seizure — Surcharge is leviable on income assessed under Chapter XIV-B and the proviso to S. 113 inserted by Finance Act, 2002 was only clarificatory in nature.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    New industrial undertaking in backward areas — Deduction u/s.80HH — In the absence of particulars of outsourcing activity deduction cannot be allowed.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Industrial undertaking — Deduction u/s. 80-I — To determine whether manufacturing is carried out in the industrial undertaking, assessee should place all the relevant material before the Tribunal which is the highest fact finding authority — Whether the a

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Depreciation — Manufacture of tea — In cases where Rule 8 applies, the income which is brought to tax as ‘business income’ is only 40% of the composite income and consequently proportionate depreciation is required to be taken into account because that is

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Income or capital — Compensation received for sterilisation of the profit-earning source, not in the ordinary course of business, was a capital receipt.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Deduction of Tax at source — When 85% of the fish catch is received after valuation in India by the non-resident company, the same is chargeable to tax in India — Tax ought to have been deducted at source on such value.

    By Kishor Karia
    Atul Jasani
    Reading Time 6 mins

    Income — S. 94(7) applies to transactions entered into after its insertion vide Finance Act, 2001 w.e.f. April 1, 2002.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Business expenditure — Differential payment to cane-growers — Matter remanded.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Exemption — Amount received by employees of Reserve Bank of India opting for Optional Early Retirement scheme was eligible for exemption u/s.10(10C).

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Block assessment proceedings — The question whether the proviso appended to S. 113 imposing surcharge from 1-6-2002 is prospective or retrospective referred to a Larger Bench by the Supreme Court.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Agricultural income — Even in case of an assessee having composite business of growing and manufacturing tea, income from sale of green tea leaves is purely income from agricultural products and is liable to be entirely taxed under the State Act and canno

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Circulars — Issued by the Board — It is not open to the officers administering the law working under the Board to say that the Circulars issued by Board are not binding on them.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Film production — Amortisation of expenses — Amortisation loss computed under Rule 9A is not subject to provisions of S. 80 and S. 139 of the Act.[CIT v. Joseph Valakuzhy, (2008) 302 ITR 190 (SC)]

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Business Expenditure – Allowable only on actual payment – Bank guarantee is nothing but a guarantee for payment on some happening and cannot be equated with actual payment as required under section 43B of the Act for allowance as deduction in the computat

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Manufacture or production of article – Ship breaking activity gives rise to the production of a distinct and different article

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Assessment Order passed at the dictates of higher authority is a nullity – Though the revision and reassessment were held to be not maintainable, the Supreme Court in the exercise of its jurisdiction under 142 of the Constitution of India, directed the as

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

    Interest u/s.234B — Interest can be charged on tax calculated on book profits u/s.115JA/115JB.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Interconnect agreements — Transaction relating to technology should be examined by technical experts from the side of the Department before deciding the tax liability arising from such transaction.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Companies — Minimum Alternate Tax — Credit is admissible against tax payable before calculating interest u/s.234A, u/s.234B and u/s.234C. Interpretation of statutes — A form prescribed under the rules can never have any effect on the interpretation or ope

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Charitable purpose — Charitable Institution — Statutory body established for the predominant purpose of development of minor ports the management of which is with the State Government and where there is no profit motive covered within the meaning of the w

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Kar Vivad Samadhan Scheme, 1998 — What is conclusive is the order passed U/ss.(1) of S. 90 of the Scheme determining the sum payable under the Scheme and the terms ‘direct tax enactment’ or ‘indirect tax enactment’ or ‘any other law for the time being in

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Penalty — Concealment of income — Matter remanded to the High Court since it had relied upon its earlier decision which, though approved by the Supreme Court in some other matter, was later held to not lay down the correct law by Larger Bench of the Supre

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Supreme Court — Special Leave Petition — Order passed by the High Court should be a speaking order — Matter remanded.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    Substantial question of law — Whether the assessee was entitled to deduction u/s.80-IA of the Act on the amount of entire eligible income without reducing the amount of export incentives from the same.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    Export — Deduction u/s.80HHC — Duty drawback and cash compensatory allowance received in the year other than the year of exports is eligible for deduction u/s.80HHC of the Act in the year of receipt, in a case where assessee is following the cash system o

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Recovery of Tax — Strangers to the decree are afforded protection by the Court because they are not connected with the decree.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Capital or revenue expenditure – Replacement of machinery in a spinning mill is not revenue expenditure.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Co-operative Society – Deduction under Section 80P(2)(e): An assessee-society engaged in distribution of controlled commodities on behalf of the government under Public Distribution System and getting commission is not entitled to deduction under section

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

    High Court — Appeal lies only when substantial question of law is involved — Cash credits — Where any sum is found credited in the books of the assessee for any previous year, the same may be charged to income-tax as income of the assessee of that previou

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Agreement — Law permits the contracting parties to lawfully change their stipulations by mutual agreement

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Penalty — Concealment of income — Penalty leviable even in a case where the concealed income reduces the returned loss and finally the assessed income is also a loss or minus figure — Also illustrative guidelines for Courts while writing orders/judgments.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Block assessment — Appeal to the Tribunal (prior to 1-10-1998) against the assessment order could be filed even in the absence of payment of admitted tax.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Co-operative society — Whether the society could be said to be engaged in a cottage industry or whether it could be said to be engaged in a collective disposal of labour of its members — Though Court did not interfere in the matter in absence of material,

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Bad debt — After April 1, 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Bad debt — Write-off — After 1st April, 1989, if an assessee debits an amount of doubtful debt to the profit and loss account and credits the asset account like Sundry Debtors’ Account, it could constitute a write-off of an actual debt and it is not neces

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 10 mins

    Assessment — Intimation u/s.143(1)(a) — Effect of amendment of S. 143(1A) by Finance Act, 1993 — Whether retrospective in case of reduction of loss ? — Matter remanded to the High Court.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Penalty — Concealment of income — Penalty could be imposed u/s.271(1)(c) of the Act even if the returned income as well as the assessed income is a loss.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Search and seizure — Whether the High Court was justified in holding that the Additional Director (Investigation) do not have jurisdiction to authorise Joint Director to effect search ? — Matter left open since it had become academic.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    The liability Special Court (Trial of offences relating to Transaction in Securities) Act, 1992. Has precedence over other liability u/s.11(2)(a) — Scope of powers under the Act

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 14 mins

    Purchase of immovable property by Central Government — Lease for 9 years renewable at option of lessee for a further period of 9 years would be covered by Explanation to S. 269UA(f)(i) attracting the provisions of Chapter XX-C.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Double Taxation Avoidance Agreement — India and Malaysia — Dividend income received from Malaysian company is not liable to be taxed in India in the hands of the recipient assessee

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Reference — Penalty — High Court cannot go into facts in the absence of the question that the finding of the Tribunal was perverse.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Appeal — Appeals of Revenue cannot be entertained if it has accepted and not challenged the ruling of the High Court passed on the issue.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Companies — Minimum Alternate Tax — In respect of company consistently following the practice of debiting the depreciation at the rates prescribed by the Income-tax Rules, the Assessing Officer cannot for the purposes of S. 115J rework the net profit by s

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Transfer of a case — Power u/s.127 can also be exercised in respect of a block assessment.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Substantial question of law — Whether credit for MAT is to be allowed before charging of interest u/s.234B and u/s.234C of the Act is a question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Special audit of accounts — Order u/s. 142(2A) cannot be passed without giving reasonable opportunity of being heard.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Business expenditure — Provision for warranty expenses at certain percentage of turnover of the company based on past experience is allowable as a deduction u/s.37.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Capital or revenue expenditure — Matter remanded to the High Court to decide whether the assessee had acquired assets of enduring benefit.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Block assessment — Only brought forward losses of the past years under Chapter VI and unabsorbed depreciation u/s.32(2) were to be excluded while aggregating the total income or loss of each previous year in the block period, but set-off of the loss suffe

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Depreciation — Balancing charge — Assets whose cost does not exceed Rs.5,000 — Depreciation claimed at 100% — Sale of scrap — Those purchased after 1-4-1995 taxable u/s.50 — Those purchased prior to 1-4-1995, not liable to tax.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Exemption — Income not forming part of the total income — Whether State-controlled Committee/Boards and companies constituted to implement the educational policy of the State should be treated as educational institution eligible for exemption u/s.10(22) o

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    High Court — Writ petition — Whether appeal lies to the Division Bench or not is not to be decided on the basis of nomenclature given in writ petition.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Gift Tax — Deemed Gift — Allotment of rights shares do not constitute transfer — Renunciation for inadequate consideration in a given case may attract S. 4(1)(a), but the Department has to proceed against the renouncer — Recipient of bonus shares from the

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 9 mins

    Method of accounting — Before rejecting the method of accounting regularly followed by the assessee, the Assessing Officer should demonstrate that the method of accounting so followed results in underestimation of profits.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Investment allowance — Whenever there is exchange fluctuation in any previous year, S. 43A(1) comes into play — the increase in liability should be taken as ‘actual cost’ within the meaning of section and extra benefit when liability is reduced must be ta

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Exemption — S. 10(5) — Leave travel concession/Conveyance allowance — For the purpose of S. 192, employer need not collect and examine the supporting evidence to the deduction submitted by the employees.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Export business — Deduction u/s.80HHC — ‘Rights’ of movies for telecasting for a period of five year would fall in the category of articles of trade and commerce, hence merchandise — So far as films are concerned the word ‘lease’ is included in the meanin

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Penalty — Concealment of income — Penalty can be levied u/s.271(1)(c) even in a case where positive income is reduced to nil after set off of carried forward losses of earlier years.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Substantial question of law — While allowing the deduction of expenditure, nature of such expenditure is required to be examined — Question of nature of expenses is a substantial question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Substantial questions of law — Whether the freight paid by the assessee (AOP) to truck owners who in turn are members of the said AOP is subject to TDS u/s.194C(2) of the Act, is a substantial question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Writ petition — Under Income-tax Act, the unit of assessment is a ‘year’ and hence it is not open to a court to direct by an omnibus order that all subsequent years are connected years and that income be treated in same manner for all the years.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Interest — Waiver of interest u/s.220(2) — Case of genuine hardship — Merely because a person has large assets could not per se lead to the conclusion that he would never be in difficulty as he can sell those assets and pay the amount of interest levied —

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Capital or Revenue — If the object of the subsidy scheme is to enable the assessee to run the business more profitably the receipt is on revenue account — if the object of the assistance under subsidy scheme is to enable the assessee to set up a new unit

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Capital gains — In a case where computation provision cannot apply, such a case would not fall within S. 45 — Artex Manufacturing’s case distinguished on facts.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Business expenditure — Whether aid given to the residents living in the vicinity of the factory of the assessee is a business expenditure allowable u/s.37 of the Act is a question on which finding of fact should be given by the Tribunal.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Capital or revenue expenditure — Development and prospecting expenditure — The question is to be considered in the light of the provisions of S. 35E(2) and not in the context of S. 37(1).

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Appeal by the Revenue — Merely because in some cases the Revenue has not preferred appeal that does not operate as a bar for the Revenue to prefer an appeal in another case where there is a just cause.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Exemption — Local Authority — Marketing Committee to provide facilities for marketing of agricultural produce in a locality is not a ‘local authority’ and there fore its income is not exempt u/s.10(20) (after amendment by Finance Act, 2002). Its income is

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Business Expenditure — S. 42(1) — Special provisions for prospecting for mineral oil — Production sharing contract accounts is an independent accounting regime — Foreign exchange losses on account of foreign currency transaction is allowable as a deductio

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 9 mins

    Depreciation — Higher depreciation could not be allowed on the motor trucks used in business of running them on hire, unless there is an evidence that the assessee was in the business of hiring out motor vehicles.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Appeal to the High Court — Finding of facts recorded by the Tribunal that machinery was not idle for the entire block period — hence it was not necessary to go into the connotation of the word ‘used’ appearing in S. 32 of the Act.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Assessment — Prima facie adjustments — When there are conflicting judgments or interpretations of a Section, prima facie adjustment contemplated u/s.143(1)(a) was not applicable and in such cases there was no liability to pay additional tax u/s.143(1A).

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Method of Accounting — Chit fund — Chit discount accounting on completed contract method cannot be rejected, especially when it is revenue neutral.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Business expenditure — Interest on borrowings — Assessee has to establish, in the first instance, its right to claim deduction under one of the Sections between S. 30 to S. 38, and in the case of a firm if it claims special deduction, it has also to prove

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Head of income — Business income or income from other sources — Interest on short-term deposits with bank — In the absence of factual matrix, matter remanded to the Tribunal for fresh adjudication.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Heads of income — Business income or income from other sources — Interest on short-term deposits with bank of surplus fund — Income from other sources — No deduction u/s.80P is allowable as it is not a part of operational income.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Diversion overriding title — Whether the payment of citizen tax payable to the employees who were Japanese citizens constituted an overriding charge on the salary and therefore would not be income of such employees and consequently no tax was to be deduct

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    National Tax Tribunal — Petitions to be heard after the amendments in the provisions of the Act were made.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Charitable Trust — For claiming benefit u/s.11(1)(a), registration u/s.12A is a condition precedent.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Loan in foreign currency for acquisition of capital asset — Forward contract for obtaining foreign currency at a pre-determined rate — Roll-over charges paid to carry forward the contract have to be capitalised in view of S. 43A.

    By Kishor Karia
    Atul Jasani
    Reading Time 8 mins

    Business expenditure — Foreign exchange borrowings — Loss on account of fluctuation in rate of foreign exchange on the last date of balance sheet — If the borrowings are on revenue account, the loss is allowable as deduction u/s.37(1) and if the same is o

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Depreciation — Membership card of Bombay Stock Exchange is an ‘intangible asset’ on which depreciation is allowable u/s.32(1)(ii).

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Substantial Question of Law — Whether reassessment made without issue of notice u/s.143(2) of the Act is invalid, is a substantial question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Export — Deduction u/s.80 HHC — Export profits in the business of growing, manufacturing and exporting of tea — Deduction u/s.80 HHC to be computed after apportionment, only against 40% of proportionate income

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Export — Deduction u/s.80HHC — Amendment made by the Finance (No. 2) Act, 1991, in S. 80HHC of the Income-tax Act, 1961, with effect from April 1, 1992, to the effect that for the purpose of the special deduction thereunder business profits will not inclu

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Salary — Perquisite — Stock option issued subject to conditions is not a ‘perquisite’ — Law amended by insertion of S. 17(2)(iii)(a) in the Act w.e.f. 1-4-2000 is not retrospective.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Method of Accounting — Chit fund — Chit discount accounting on completed contract method cannot be rejected especially when it is revenue neutral.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Business expenditure — Interest on borrowed capital — Prior to insertion of proviso to S. 36(1)(vi) w.e.f. 1-4-2004, an assessee was entitled to claim deduction of interest on capital borrowed for the purposes of its business, irrespective of its use bein

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Business expenditure — Interest on borrowings — Assessee has to establish, in the first instance, its right to claim deduction under one of the Sections between S. 30 to S. 38 and in the case of the firm if it claims special deduction, it has also to prov

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Business expenditure — If income from an activity is assessed as an income, expenditure incurred in respect of that activity should be allowed.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    New Industrial Undertaking — Special deduction — The gross total income of the assessee has first got to be determined after adjusting losses, etc., and if the gross total income of the assessee is ‘nil’, the assessee would not be entitled to deductions u

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Exports — Taxability of profits u/s.28 — Deduction under Chapter VIA — DEPB is ‘cash assistance’ receivable by a person against exports and fall under clause (iiib) of section 28 and is chargeable to tax even before it is transferred by the assessee (in the year of entitlement) and profit on transfer of DEPB fall under clause (iiid) of section 28 and were chargeable to tax in the year of transfer — If the assessee having export turnover of more than Rs.10 crore does not satisfy the two conditio<

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 14 mins

    Right to information – The details disclosed by a person in his income-tax returns are “personal information” which stand exempted from disclosure under clause (j) of section 8(1) of the Right to Information Act, 2005.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Business Expenditure – Interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year is allowable as a deduction u/s. 36(1)(iii).

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 2 mins

    Co-operative Society – Income from underwriting commission and interest on PSEB Bonds and IDBI Bonds derived by a banking concern is income from banking business and hence qualified for deduction u/s. 80P(2)(a)(i).

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 1 mins

    Export – Profits derived from export of granite not eligible for deduction under section 80HHC

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 2 mins

    Advance Tax – Levy of interest u/s. 234A/234B/234C is mandatory and the interest could be levied without specific direction in the assessment order.

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 3 mins

    Appeal to High Court – Fresh material produced before the Supreme Court – The Supreme Court remanded the matter to the High Court to consider the said material as it was of relevance.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Principle of mutuality – Interest earned on surplus funds placed by the members club with members bank not covered by mutuality principle, liable to be taxed in the hands of the club.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Exemption – Trust issuing a receipt on 31st March, 2002 for the cheque of donation dated 22nd April, 2002 – No Violation of provisions of section 13 since the Trust had shown the amount as donation receivable in the Balance Sheet and the donor had not availed the exemption in accounting year 2001-02 but claimed it in 2002-03 only.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Industrial Undertaking – Deduction u/s. 80 HH and 80-I – Neither section 80HH nor section 80-I (as it stood in assessment year 1992-93) statutorily obliged an assessee to maintain its accounts unit-wise and it was open to maintain accounts in a consolidated form from which unit-wise profits could be worked out for computing deduction u/s. 80HH/80I.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Small Scale Industrial Undertaking – Reference not to be made to the Eleventh Schedule for the purposes of consideration of the claim u/s. 80-IB. Manufacture – Process of blending of Extra Neutral Alcohol (ENA) to make various products like whiskey, brandy, rum, etc. is a manufacturing activity.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Business Expenditure – Scheduled Commercial Banks – Bad and doubtful debts – Entitled to deduction of irrecoverable debts written off u/s. 36(1)(vii) in addition to the deduction of provision for bad and doubtful debts u/s. 36(1)(viia).

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Method of Accounting – Valuation of Stock – Manufacturer of sugar – the closing stock of incentive sugar to be valued at levy price which was less than the cost

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Income – In determining whether a receipt is liable to be taxed, the taxing authorities cannot ignore the legal character of the transaction which is the source of the receipt – Amounts collected from customers towards disputed Sales Tax liability were not kept in a separate bank account and hence formed part of business turnover and thus constituted income.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Business Expenditure – Interest on borrowed capital by an assessee carrying on manufacture of ferro-alloys and setting up a sugar plant – where there is unity of control and management in respect of both the plants and where there is intermingling of funds and dovetailing of business the interest could not be disallowed on the ground that the assessee had not commenced its business.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Exports – Profits on telecasting rights of a T.V. Serial are entitled to the benefit of section 80HHC

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Industrial Undertaking – Deduction u/s. 80IA – Texturing and twisting of polyester yarn amounts to manufacture.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Writ – When an alternative remedy is available to the aggrieved party it must exhaust the same before approaching the writ court—order of High Court quashing the notices issued u/s. 153C as being without jurisdiction set aside by the Supreme Court.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Appeal to High Court – Substantial Questions of Law framed for consideration by court – The High Court’s power to frame substantial question(s) of law at the time of hearing of the appeal other than the questions on which appeal has been admitted remains u/s. 260A(4) but this power is subject, however, to two conditions, (one) the court must be satisfied that appeal involves such questions, and (two) the court has to record reasons therefor

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Reassessment – Reason to believe that income had escaped assessment – The subsequent reversal of the legal position by the judgment of the Supreme Court does not authorise the Department to reopen the assessment [beyond a period of four years in a case where original assessment is made u/s. 143(3)], which stood closed on the basis of law, as it stood at the relevant time.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Exports—Exemption u/s. 10A—Matter remanded to the Tribunal to consider the transaction of earning of interest on foreign currency deposit in detail to determine whether there existed any nexus between interest and industrial undertaking.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Co-operative Society—Deduction u/s. 80P(2) (a)(iii)—Matter remanded to the Commissioner of Income-tax (Appeals) to determine whether the activity of obtaining sugar from the sugar cane constituted manufacture?

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    High Court—Matter remanded for de novo consideration as no reasons were given for dismissal of the writ petition.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Substantial Question of Laws – Whether gains on forward currency contract is not to be excluded from the profits eligible for deduction u/s. 80HHC, is a substantial question of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Business expenditure- Amount lying credited in the Modvat account at the end of the accounting year was expenditure allowable u/s. 37 read with section 43B.

    By Kishor Karia, Chartered Accountants
    Atul Jasani, Advocate
    Reading Time 1 mins

    Assessment – Supreme Court dismissed the Special Leave Petition arising from the order of the High Court in view of concurrent finding of facts where the High Court had held that statements recorded during survey operation do not have any evidentiary value when the same are subsequently retracted and no addition could be made solely on the basis of such statement.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Chafer VI-A – Special Deduction – Duty drawbacks is not derived from industrial undertaking and thus is not eligible for deduction u/s. 80 IA.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Exports – Special deduction – Leasing right are ‘goods’ and transfer of such rights constitute ‘sale’ of merchandise / goods and the profits thereon are eligible for deduction u/s. 80HHC.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 1 mins

    Motor Accident–Compensation on account of death–In law the presumption is that the employer at the time of payment of salary deducts income tax on the estimated income of the deceased employee from the salary and in the absence of any evidence to the contrary the salary as shown in the last pay certificate should be accepted for calculating the compensation payable to the dependent(s).

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

    Receipt — Whether sales tax incentive is a capital receipt is a substantial question of law which ought to have been considered by the High Court.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Bad Debt – Prior to 1-4-1989 – Allowable as deduction even in cases in which the assessee(s) made only a provision in its accounts for bad debts and interest thereon and even though the amount is not actually written off by debiting the profit and loss account of the assessee and crediting the amount to the account of the debtor.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Rectification of mistakes – Issue involving moot question of law at the relevant time – Rectification not permissible.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Investment Allowance – Whenever the assessee claims investment allowance u/s. 32A of the Act, it has to lead evidence to show that the process undertaken by it constitutes “production”.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Interest u/s. 234B and 234C—Credit for minimum alternate tax has to be set off from the tax payable before levy of interest u/s. 234B and 234C of the Act.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Export — Deduction u/s.80HHC — Only ninety percent of the net amount of any receipt of the nature mentioned in clause (1), which is actually included in the profits of the assessee is to be deducted from the profits of the assessee for determining ‘profits of the business’ of the assessee under Explanation (baa) to section 80HHC.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Search and seizure – Block Assessment – Undisclosed Income – If the search is conducted after the expiry of the due date of filing return, payment of advance tax or deduction of tax at source is irrelevant in construing the intention of the assessee to disclose income – The ‘disclosure of income’ is disclosure of total income in a valid return u/s. 139.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 9 mins

    Depreciation – Assessee is entitled to depreciation in respect of vehicles financed by it but registered in the name of third parties and is eligible to claim it at a higher rate where such vehicles are used in the business of running on hire.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 11 mins

    Gift Tax – Deemed Gift – Whether there is deemed gift of bonus shares (retained by the Donee) by the Donor in the year of revocation of gift of shares with proviso that gift shall not include bonus shares? – Matter remanded.

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

    Business Expenditure – Disallowance under section 40A(9) – The Supreme Court refrained from going into the scope and applicability of section 40A(9) when the proper foundation of facts had not been laid.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Appeal to High Court – High Court should not overrule the findings of the Tribunal and Commissioner (Appeals) on the factual aspects and in case of doubt should remit the matter for deciding the matter afresh after giving reasonable opportunity to the assessee.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Penalty – Concealment of income – Suit for recovery by bank settled at Rs.42,45,477 as against Rs.52,07,873 outstanding in the assessee’s books of account – Not a case to which section 271(1)(c) would apply.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Section 17 incentive bonus received by LIC Development Officer to be treated as salary and no expenses deductible.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Writ – Non-entertainment of petitions under writ jurisdiction by the High Court when an efficacious alternative remedy is available is a rule of self-imposed limitation. It is essentially a rule of policy, convenience and discretion rather than a rule of law.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Search and seizure – Block assessment – Assessment of third person – For the purpose of section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person u/s. 158BC of the Act;

    By Kishore Karia Chartered Accountant; Atul Jasani Advocate
    Reading Time 9 mins

    Business Expenditure – Disallowance u/s. 40A(3) of payments in cash in excess of specified limit in an assessment made for a block period – Provisions to be applied as applicable for the assessment years in question

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Interest expenditure – Advances to sister concerns – Commercial expediency – S. A. Builders v. CIT needs reconsideration.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 2 mins

    Appeal u/s. 260A – High Court ought to give its findings in detail – High Court should not set aside the order of the Tribunal in an appeal filed by the Department without hearing the assessee.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Central Board of Direct Taxes – Representation should not be rejected without hearing and that the case should be disposed of by a reasoned order.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    High Court – If the High Court finds that the Tribunal has not answered some issues which arose before it in an appeal, instead of itself answering those issues, it should remit the case back to the Tribunal.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Delegation of Legislative Power – Two broad principles are (i) that delegation of non-essential legislative function of fixation of rate of imposts is a necessity to meet the multifarious demands of a welfare state, but while delegating such a function laying down of a clear legislative policy is pre-requisite, and (ii) while delegating the power of fixation of rate of tax, there must be in existence, inter alia, some guidance, control, safeguards and checks in the concerned Act. The question o<

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 9 mins

    The mechanism set up by Supreme Court requiring clearance of the Committee on Disputes in litigation between Ministry and Ministry of Government of India, Ministry and public sector undertakings of the Government of India and public sector undertakings between themselves and also in disputes involving the State Governments and their instrumentalities recalled.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 7 mins

    Penalty – u/s. 271(1)(c) – Penalty cannot be imposed on the additions made under the normal provisions of the Act when the income is assessed u/s. 115JB –SLP dismissed.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Interest – Before any amount paid is construed to be interest, it has to be established that the same is payable in respect of debt incurred – Discounting charges paid for getting the export bill discounted is not interest within the ambit of section 2(28A) – SLP dismissed.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Reassessment – An assessment cannot be reopened on the basis of change of opinion.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Interest – Whether interest is payable by the Revenue to the assessee if the aggregate of installments of Advance tax/TDS paid exceed the assessed tax is a question of law – Correctness of the judgement in Sandvik Asia Ltd. v. CIT doubted.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Depreciation – Goodwill is an intangible asset under Explanation 3(b) of section 32(1) of the Act and is entitled to depreciation under that section.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Authority of Advance Ruling – Advance Ruling of the Authority could be challenged before the appropriate High Court under Article 226 and/or 227 of the Constitution of India and is to be heard by the Division Bench hearing income tax matters expeditiously.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Capital or revenue receipt — Non-competition fee is a capital receipt — Not exigible to tax prior to amendment of Finance Act, 2002.

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 4 mins

    Industrial undertaking – Deduction under section 80IA – In the absence of separate books of accounts in respect of manufacturing activity and trading activity, the Assessing Officer was justified in working out the manufacturing account.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Double Taxation Avoidance Agreement — While India is not a party to the Vienna Convention, it contains many principles of customary international law, and the principle of interpretation of Article 31 of the Vienna Convention, provides a broad guide-line as to what could be an appropriate manner of interpreting a treaty in Indian context also.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Business expenditure — Banks — The provisions of clause (viia) of section 36(1) relating to the deduction on account of the provision for bad and doubtful debt(s) are distinct and independent of the provisions of section 36(1) (vii) relating to allowance of the bad debts — The scheduled commercial banks would continue to get the full benefit of the writeoff of the irrecoverable debt(s) u/s.36(1)(vii) in addition to the benefit of deduction for the provision made for bad and doubtful debt(s) u/s<

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 16 mins

    Penalty – Concealment of Income – There is no time limit prescribed for payment of tax with interest for the grant of immunity under clause (2) of Explanation 5 to section 271(1)(c).

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Deduction of tax at sources – The Transaction of purchase of stamp papers at discount by the Stamp Vendors from the State Government is a transaction of sale and there is no obligation on the State Government to deduct tax at source u/s. 194 H on the amount of discount.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Charitable Purpose – Application of income – Amounts transferred by the Mandi Samiti to the Mandi Parishad in accordance with the Adhiniyam constitutes application of income for charitable purposes.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 5 mins

    Doctrine of merger — If for any reason an appeal is dismissed on the grounds of limitation and not on merits, that order would not merge with the orders passed by the Appellate Authority.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Valuation of stock – In valuing the closing stock the element of excise duty is not to be included.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Business Expenditure – Where payment is for acquisition of know-how to be used in the business of the assessee, deduction is to be allowed u/s. 35AB and section 37 has no application.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 3 mins

    Appeal to Supreme Court – Special Leave Petition – Delay by the Government bodies – Unless there is a reasonable and acceptable explanation for the delay and there is bona fide effort, the usual explanation regarding procedural delay should not be accepted.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    Reassessment — Assessee allowed to raise all contentions on merits in the reassessment proceedings

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Penalty – Furnishing inaccurate particulars of income – Assessee inadvertently claiming a deduction though in tax audit report it was clearly stated that the amount debited to Profit & Loss Account was not allowable as deduction indicated that the assessee made a computation error in its return of income – Imposition of penalty was not justified.

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 4 mins

    Search and Seizure – Section 132B(4)(b) as it stood dealt with pre-assessment period and there is no conflict between this provisions and section 240 or 244A which deals with post-assessment period after the appeal – Assessee is entitled to interest for the period from expiry of period of six months from the date of the order u/s. 132(5) to the date of the regular assessment order in respect of amounts seized and appropriated towards tax but which became refundable as a result of appellate orde<

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 3 mins

    Power to call for information – Powers u/s. 133(6) are in nature of survey and general enquiry to identify persons who are likely to have taxable income and whether they are in compliance with provisions of Act – The notice seeking information from a cooperative Bank in respect of its customers which had cash transactions on deposits of Rs. 1,00,000 and above for a period of three years without reference to any proceeding or enquiry pending before any authority under the Act was valid.

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 6 mins

    International transactions — Transfer price — Arm’s-length price — Order of remand of the High Court modified so that the TPO would be uninfluenced by the observations given by the High Court.

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

    Transfer pricing — Foundational facts were not established — Assessee relegated to adopt proceedings that were pending before various authorities and each of the authorities to decide the matter uninfluenced by the observation of the High Court.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 12 mins

    Interest-tax — Supreme Court — Matter remanded for determining the questions that arose in accordance with the law.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 7 mins

    Appeals to the Appellate Tribunal, High Court and Supreme Court — Circular laying down monetary limit not to apply ipso facto.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    Offences and prosecution — False verification in return — Since the signature on return was not disputed at the time of assessment and penalty proceedings, it amounted to admission and the accused could not have been acquitted for the reason that prosecution was not able to prove the signature of the accused.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    Rectification of mistake — Tribunal should have regard to all the facts — Capital or revenue expenditure — Business loss — Loss incurred due to fluctuation of foreign exchange rate — To be decided in the light of CIT v. Woodward Governor India P. Ltd.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 6 mins

    Natural Justice — Order passed in violation of principles of natural justice should not be quashed, but the matter should be remanded to grant an opportunity of hearing.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Appeal to the High Court — Delay in filing the appeal — High Court to examine the cases on merits and should not dispose of cases merely on the ground of delay.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 1 mins

    Deduction u/s.80HHE in case of MAT assessment is to be worked out on the basis of adjusted book profit u/s.115JA and not on the basis of profit computed under regular provisions of the law applicable to the computation of profits and gains of business or profession.

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    Penalty – Concealment of Income-Voluntary disclosures do not release the assessee from the mischief of penal proceedings.

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 7 mins

    Export – Deduction u/s. 80HHC – DEPB credit – Matter remanded to the Assessing Officer in accordance with the law laid down in Topman Exports.

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 4 mins

    Offences and Prosecution – Section 276CC applies to situations where an assessee has failed to file a return of income as required u/s. 139 of the Act or in response to notice issued to the assessee u/s. 142 or section 148 of the Act.

    By Kishor Karia Chartered Accountant
    Atul Jasani Advocate
    Reading Time 12 mins

    Income from property held for charitable or religious purposes – A charitable and religious trust which does not benefit any specific religious community would not be covered by section 13(1)(b) of the Act and would be eligible to claim exemption u/s. 11 of the Act.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 10 mins

    Search and seizure – Block assessment – Assessment of third person – For the purpose of section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person u/s. 158BC of the Act;

    By Kishore Karia Chartered Accountant; Atul Jasani Advocate
    Reading Time 9 mins

    Interest – Refund of excess of payment of tax paid u/s. 195(2) to the depositor – the assessee/ depositor is entitled to interest from the date of payment of such tax.

    By Kishore Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 10 mins

    Interest on excess refund – Section 234D is not retrospective and does not apply to assessments that are completed prior to 01-06-2003.

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 2 mins

    Accrual of Income – Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay to amount.

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

    Appeal to the High Court – The High Court has the power to frame substantial questions of law at the time of hearing of the appeal other than the questions on which appeal had been admitted.

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 2 mins

    Company – Book Profits – Computation – Assessee is entitled to reduce from its book profits, the profit derived from captive power plants in determining tax payable for the purposes of section 115JA

    By Kishor Karia Chartered Accountant
    Atul Jasani Advocate
    Reading Time 11 mins

    Recovery of tax – Garnishee notice – Stock exchange membership card is a privilege and not a property capable of attachment and the proceeds of the a card which has been auctioned cannot be paid over to Income-tax – Membership security which is handed over to the Exchange continues to be the assets of the members which can be liquidated on default – Stock Exchange has a lien over membership security and being a secured creditor, would have priority over Government Dues

    By Kishor Karia Chartered Accountant
    Atul Jasani Advocate
    Reading Time 16 mins

    Exemption – Educational Institute – Application for grant of certificate u/s. 10(23C)(vi) was rejected for the reason that the applicant was not using the entire income for the educational purposes – In view of the amendment to the objects, the Supreme Court set aside the orders of the High Court and authorities concerned with liberty to apply for registration afresh.

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 2 mins

    Assessment – Best judgment assessment – Assessee not very educated person, not properly represented – Supreme Court refused to interfere with assessment but directed that no interest be recovered and no penalty proceedings be initiated.

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 3 mins

    Export – Deduction u/s. 80HHC – Turnover to include sale of goods dealt in and sale of scrap is not includible

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 6 mins

    Capital gains –Exemption – In peculiar facts of the case, namely that the sale deed could not be executed in pursuance of agreement to sell for the reason that the assessee had been prevented from dealing with the residential house by an order of a competent court, which could not have been violated, the relief u/s. 54 should not be denied.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 8 mins

    Wealth Tax – Valuation of asset – If in the opinion of the Assessing Officer, if the value determined by the taxpayer on the basis of rules 3 to 7 is absurd or has no correlation to the fair market value or otherwise not practicable, in such a case, it is open to the Assessing Officer to invoke rule 8 of Schedule III and determine the value of the asset either under rule 20 or refer u/s. 16A, for determination of the valuation of the asset

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 5 mins

    Search And Seizure – Block Assessment – Surcharge – The charge in respect of surcharge, having been created for the first time by insertion of proviso to section 113 was substantive provision and hence was to be construed as prospective in operation and was effective from 1st June, 2002.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 8 mins

    Capital Gains – Status of Assessee – Compensation received on acquisition of inherited land by the Government is to be assessed in the hands of the sons in their status as “individual’s” and not jointly in the status of “Association of Persons.”

    By Kishor Karia Chartered Accountant, Atul Jasani Advocate
    Reading Time 4 mins

    Reference- High Court- Question of Law- The legal inferences that should be drawn on the primary facts is eminently a question of law.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 8 mins

    Exemption – Educational Institution – When a surplus is ploughed back for educational purposes, the educational institution exists solely for educational purposes and not for purposes of profit.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 5 mins

    Reassessment – Full and true disclosure of materials facts – Supreme Court directed the Commissioner of Income Tax (Appeals) to decide the appeal without being influenced by the observation of the High Court that though the Assessing Officer enquired into the matter and the assessee having furnished the material still there was no full and true disclosure as the Assessing Officer had not applied his mind to a particular aspect of the issue.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 6 mins

    Agricultural Income-tax – Legislative Powers – Retrospective Legislation – The Legislature has powers to render the judicial decision in a case ineffective by enacting a valid law on a topic within the legislative field which fundamentally alters or change the character of legislation retrospectively. The changed or altered conditions are such that the previous decision would not have been rendered by the court if those conditions had existed at the time of declaring the law as invalid.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 6 mins

    Fees for technical services – The services of qualified and experienced professional who could prepare a scheme for raising requisite finances and tie-up loans for the power projects could be said with certainty would come within the ambit and sweep of the term ‘consultancy service’ in section 9(1)(vii)(b) and, therefore, the tax at source should have been deducted as the amount paid as fee could be taxable as ‘fees for technical service’

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 18 mins

    Assessment – Intimation – Prima Facie Adjustments – Additional tax – Retrospective amendment made in 1993 was only clarificatory of the position that existed in 1989 and was valid but 143(1A) could be invoked only where it was found in facts that the lesser amount stated in the return filed by the assessee was a result of an attempt to avoid tax lawfully payable by the assessee.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Trust – Private Discretionary Trust – A discretionary trust is one which gives a beneficiary no right to any part of the income of the trust property, but vests in the trustees a discretionary power to pay him, or apply for his benefit, such part of the income as they think fit. The trustees must exercise their discretion as and when the income becomes available, but if they fail to distribute in due time, the power is not extinguished so that they can distribute later. They have no power to bi<

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 7 mins

    Business Expenditure – Disallowance u/s. 40A(3) of payments in cash in excess of specified limit in an assessment made for a block period – Provisions to be applied as applicable for the assessment years in question

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Depreciation – Once the assessee proves the ownership of the assets and its use for the business purpose, he is entitled to depreciation u/s. 32

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Appeal to the High Court – Circular No. 3 of 2011 (which stipulates monetary limit for appeals by Department) should not be applied ipso facto, particularly, when the matter has cascading effect.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 1 mins

    Appeal to the Supreme Court – No question of law arises from the finding of fact that the sale and lease back transactions was a sham

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 1 mins

    Co-operative Society – Special Deduction – Matter remanded to the Commissioner to decide as to whether the society is entitled to deduction u/s. 80P(2)(a)(iii) and whether benefit earned under Sampath Incentive Scheme, 1997 was a capital receipt

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Wealth Tax – Valuation of Asset – “Price that asset would fetch in market” – Valuation of vacant land in excess of ceiling limit could only be valued at the amount of maximum compensation under the Ceiling Act.

    By kishor karia- Chartered Accountant
    Reading Time 8 mins

    Power of High Court to Review – High Courts being courts of record under Article 215 of the Constitution of India, the power of review would inherent in them and section 260A(7) does not purport in any manner to curtail or restrict the application of the provisions of the Code of Civil Procedure.

    By kishor karia- Chartered Accountant
    Reading Time 3 mins

    Capital Gains – Exemption u/s. 54G – Transfer of Unit from Urban Area to Non-Urban Area – Advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilisation by the assessee of the capital gains made by him for the purpose of purchasing and/ or acquiring the aforesaid assets.

    By kishor karia- Chartered Accountant
    Reading Time 7 mins

    Non-Resident – Income deemed to accrue or arise in India – Prospecting, extraction or production of mineral oils – Presumptive Tax – If the works or services mentioned under a particular agreement was directly associated or inextricably connected with prospecting, extraction or production of mineral oils, payments made under such agreement to a non-resident/foreign company would be chargeable to tax under the provisions of section 44BB and not section 44D of the Act.

    By kishor karia- Chartered Accountant
    Reading Time 5 mins

    Surtax – Exemption – Agreements with foreign companies for services or facilities for supply of ship, aircraft, machinery and plant to be used in connection with the prospecting or extraction or production of mineral oils – Chargeable profits are liable to tax under the Companies (Profits) Surtax Act, 1964 – Exemption vide Notification No.GSR 370(E) dated 31-3-1983 u/s. 24AA not available.

    By Kishor Karia- Chartered Accountant
    Reading Time 5 mins

    Housing Project – Special Deduction- Section 80IB(10) – Change of Law with effect from 1st April, 2005 – Cannot be applied to those projects which were sanctioned and commenced prior to 1st April, 2005 and completed by the stipulated date though such stipulated date is after 1st April, 2005.

    By Kishor Karia- Chartered Accountant
    Reading Time 6 mins

    Housing Project – Special Deduction – Law before 1st April, 2002 – There was no limit fixed in section 80-IB(10) regarding built-up area to be used for commercial purpose in a housing project and it could be constructed to the extent provided in local laws under which local authority gives sanction to the housing project.

    By Kishor Karia- Chartered Accountant
    Reading Time 4 mins

    Report of Accountant to be filed along with the return – Condition is directory and not mandatory – The report should however be filed before the order of assessment is made.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Substantial Question of Law – Appeal to High Court – High Court cannot decide the appeal without framing a question of law.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Heads of Income – Where letting of property is the business of the assessee, the income is to be assessed under the head “Income from business”

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Total Income – Income of minor child of assessee from admission to the benefits of partnership cannot be taxed in the hands of the assessee u/s. 64(1) (iii) even when read with Explanation 2A where income earned by the trust cannot be utilised for the benefit of the minor during its minority.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 6 mins

    Wealth-Tax – Company – Exemption – Building used by the assessee as factory for the purpose of its business – Not only the building must be used by the assessee but it must also be for the purpose of its business – Section 40(3)(vi) of the Finance Act, 1983

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Interest from undisclosed sources – In case there has been a double taxation, relief must be accorded to the assessee

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Special Leave Petition – Supreme Court refused to entertain the appeal, since the tax effect was nominal and the matter was very old.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 1 mins

    Export – Special Deduction – To avail benefit of section 80HHC, there has to be positive income from export business – section 80HHC

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 7 mins

    Reassessment – Notice – There is no question of change of opinion when the return is accepted u/s. 143(1) inasmuch as while accepting the return as aforesaid no opinion is formed.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 4 mins

    Settlement of cases – Provision for abatement of proceedings – The Supreme Court agreed with the High Court which read down the provision of section 245HA(1)(iv) to mean that only in the event the application could not be disposed of for any reason attributable on the part of the applicant who has made an application u/s. 245C by cut-off date the proceeding would abate

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Deduction of tax at source – Rent – Definition – Landing and parking charges paid by Airlines to Airports Authority of India are not for the use of the land but are charges for services and facilities offered in connection with the aircraft operation at the airport and hence could not be treated as “rent” within the meaning of section 194-I

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 9 mins

    Penalty –Assessee having already paid tax and interest u/s. 201 (1) and (1A) so as to end the dispute with the Revenue, the deletion of penalty levied u/s. 271C did not give rise to any substantial question of law.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 1 mins

    Business Expenditure – Interest on borrowed capital cannot be disallowed in a case where advances are made to subsidiary out of such borrowed capital due to business expediency.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 6 mins

    Penalty u/s. 271E -When the original assessment is set aside, the satisfaction recorded therein for the purpose of initiation of penalty proceeding would not survive – Penalty imposed on the basis of original order cannot be sustained.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Business Income – Special Deduction – Proceeds generated from sale of scrap not includable in “Total turnover” for the determining the admissible deduction u/s. 80HHC.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 5 mins

    Recovery of Tax – Stay of Demand – Subsequent events should be taken into consideration.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Appeal to High Court – Finding of fact arrived at by the Tribunal cannot be set aside without a specific question regarding a perverse finding of fact having been raised before the High Court. Business Expenditure – Legal expenses incurred after the take over of a partnership firm is allowable as a deduction u/s. 37. Depreciation – Plant includes intellectual property rights.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 10 mins

    Advance Tax – Interest – Under the provisions of section 234B, the moment an assessee who is liable to pay advance tax has failed to pay such tax or where the advance tax paid by such an assessee is less than 90 per cent of the assessed tax, the assessee becomes liable to pay simple interest at the rate of one per cent for every month or part of the month – Form No.ITNS150 which is a form for determination of tax payable including interest is to be treated as a part of the assessment order.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 7 mins

    Business Income- Remission or Cessation of Trading Liability – Settlement of deferred Salestax liability by an immediate one-time payment to SICOM – Sales-tax Authorities declining to grant credit of payment made to SICOM – No remission or cessation of liability – Section 41(1) (a) not attracted.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 4 mins

    Income – Accrual – As the amounts of interest earned on the share application money to the extent to which it is not required for being paid to the applicants to whom moneys have become refundable by reason of delay in making the refund will belong to the company, only when the trust (in favour of the general body of the applicants) terminates and it is only at that point of time, it can be stated that amount has accrued to the company as its income.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 5 mins

    Depreciation – Plant – Pond specifically designed for rearing/breeding of the prawns had to be treated as tools of business of the assessee and the depreciation was admissible on these ponds. Judicial Discipline – Division Bench bound by a decision of a co-ordinate Bench – In case of different view, must refer the matter to a larger Bench

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 4 mins

    Depreciation – Carry forward and set off – Amendment to section 32(2) by the Finance (No.2) Act, 1996 – Effect – Unabsorbed Depreciation as on 1-4-1997 can be set off against income from any head for assessment year immediately following 1-4-1997 and thereafter unabsorbed depreciation if any to be set off only against business income for a period of eight assessment years.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 3 mins

    Interest-tax Act – Reassessment – Where there is no assessment order passed; there cannot be a notice for reassessment inasmuch as the question of reassessment arises only when there is an assessment in the first instance.

    By Kishore Karia Chartered Accountant Atul Jasani Advocate
    Reading Time 2 mins

    Purchase of immovable property by Central Government – Development Agreement/ Collaboration Agreement and in any case an arrangement which has the effect of transferring or enabling the enjoyment of property falls within the definition of “Transfer” in section 269UA – Order of pre-emptive purchase gets vitiated where the authority fails to record a finding on the relevance of comparable sale instance

    By Kishore Karia
    Chartered Accountant; Atul Jasani
    Advocate
    Reading Time 11 mins

    Charitable Trust – Registration of Trust – Once an application is made u/s. 12A and in case the same is not responded to within six months, it would be taken that the application is registered on the expiry of the period of six months from the date of the application

    By Kishore Karia
    Chartered Accountant; Atul Jasani
    Advocate
    Reading Time 3 mins

    Deduction of tax at source – Interest paid to the owners of the land acquired – Whether deduction to be made u/s. 194A – Matter remitted to the High Court as no reasons had been given by the High Court in the impugned order

    By Kishore Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 4 mins

    Income – Sums collected towards contingent sales tax liability not income especially when it was demonstrated that the same were refunded to the persons from whom the same was collected

    By Kishore Karia
    Chartered Accountant; Atul Jasani
    Advocate
    Reading Time 4 mins

    Refund –When an amount though found refundable to the assessee is utilised by the Department, interest is payable u/s. 244(1A) for the period of such utilization.

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 2 mins

    Export – Special Deduction – Computation of deduction u/s. 80HHC – 90% of the net commission (and not gross) has to be reduced from the profits of the business for determining deduction under section 80HHC.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 2 mins

    Business Expenditure – Provision for interest in terms of compromise agreement with bank is an ascertained liability.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 2 mins

    6. Reassessment – Full and true disclosure – Giving value of land in a certificate of registered architect and engineer supplied in response to a query would not amount full and true disclosure of the actual asset of plot – Reopening was valid

    By Kishor Karia
    Chartered Accountant, Atul Jasani, Advocate
    Reading Time 5 mins

    Business Income or Income from House Property – Assessee having one business of leasing its property and earning rent therefrom – Rent received from property should be treated as business income-

    By Kishor Karia, Chartered Accountant, Atul Jasani,Advocate
    Reading Time 2 mins

    Business Loss – A licensee/assessee may be entitled to claim the forfeited amount of licence fees paid on cancellation of license by Excise Department as business loss but in a case where the licensee/ assessee transfers his licence and forfeiture of licence take place thereafter the loss cannot be allowed.

    By Kishor Karia
    Chartered Accountant, Atul Jasani
    Advocate
    Reading Time 3 mins

    Shipping Companies – Computation of income – Tonnage Tax Scheme – Income generated from slot charter could be computed in accordance with the provisions of Chapter-XII-G and requirement of producing certificate referred to in section 115 VX would not apply.

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 12 mins

    Wealth Tax – Asset – Definition – Urban Land – Exclusions –Land occupied by any building which has been constructed with the approval of the appropriate authority would not include land occupied by any building which is still under construction.

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 4 mins

    University – Exemption – Conditions Precedent – University must exist solely for education and must be wholly or substantially financed by Government

    By Kishor Karia
    Chartered Accountant; Atul Jasani
    Advocate
    Reading Time 7 mins

    Deduction of tax at source- The contract of employment not being the proximate cause for the receipt of tips by the employee from a customer, the same would be outside the dragnet of sections 15 and 17 of the Income-tax Act and hence outside section 192.

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 5 mins

    Revision – Jurisdiction – Condition Precedent – Satisfaction that an order passed by the authority under the Act is erroneous and prejudicial to the interest of the Revenue – Once satisfaction is reached, jurisdiction to exercise the power would be available subject to observance of the principles of natural justice – Unlike the power of reopening an assessment u/s. 147 of the Act, the power of revision u/s. 263 is not contingent on the giving of a notice to show cause.

    By Kishor Karia
    Chartered Accountant, Atul Jasani
    Advocate
    Reading Time 13 mins

    Assessment – Limitation – Draft Assessment Order – Income Tax Authorities ¬– Even though an order is made u/s. 125A(1) empowering the Inspecting Assistant Commissioner (IAC) to perform the function of an Income Tax Officer, yet if he has not exercised the power or performed the function of Income-Tax Officer, the provisions requiring approval or sanction of the IAC would be applicable – Provisions of section 144B would not apply only if the Inspecting Assistant Commissioner exercises powers or performs the function of Income-tax Officer – In absence of actual exercise of powers the period during which the draft assessment order was forwarded to the IAC till the receiving of the instructions from IAC u/s. 144B is to be excluded in computing the period of limitation.

    By Kishor Karia
    Chartered Accountant Atul Jasani
    Advocate
    Reading Time 9 mins

    Search and Seizure – Block Assessment – Limitation – As a general rule, when there is no stay of the assessment proceedings passed by the court, Explanation 1 to section 158BE of the Act may not be attracted. In those cases where stay of some other nature is granted than the stay of the assessment proceedings but the effect of such stay is to prevent the Assessing Officer from effectively passing assessment order, even that kind of stay order may be treated as stay of the assessment proceedings. Search and Seizure – Block Assessment – Limitation to be reckoned with the last panchnama when the search is finally concluded in the absence any challenge to subsequent searches

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 12 mins

    Industrial Undertaking – Special Deduction – Profits derived from business – So long as the profits and gains emanate directly from the business itself, the fact that the immediate source of the subsidies (which reimburses, wholly or partially, costs actually incurred) is the Government would make no difference and thus are qualified for deduction u/s. 80-IB(4)

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 9 mins

    Reassessment – Rent enhanced in 1994 with effect from 1-9-1987- Notice issued u/s.148 seeking to reopen the concluded assessment for the assessment year 1989-90- The notice was without jurisdiction inasmuch as such enhancement though with retrospective effect, was made only in the year 1994.

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 3 mins

    Educational Institution – Exemption – Where an educational institution carries on the activity of education primarily for educating persons, the fact that it makes a surplus does not lead to the conclusion that it ceases to exist solely for educational purposes and becomes as intuition for the purpose of making profits – Assessing Authorities must continuously monitor from assessment year to assessment year whether such institutions continue to apply their income and invest or deposit their funds in accordance with the law laid down.

    By Kishor Karia, Chartered Accountant; Atul Jasani, Advocate
    Reading Time 6 mins

    Glimpses Of Supreme Court Ruilings

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 39 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 21 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 13 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 12 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 34 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 19 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 13 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 17 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 22 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia , Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 23 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 6 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 5 mins

    GLIMPSES OF SUPREME COURT RULINGS

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

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 3 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 13 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 24 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 20 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 16 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 16 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani Advocate
    Reading Time 12 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani Advocate
    Reading Time 4 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani Advocate
    Reading Time 22 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 10 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 16 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 16 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 9 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 4 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 14 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 31 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani Advocate
    Reading Time 27 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani Advocate
    Reading Time 20 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia | Chartered Accountant
    Atul Jasani | Advocate
    Reading Time 37 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 23 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 35 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 9 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 18 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 19 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 24 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 19 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 24 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 24 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 9 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant / Atul Jasani
    Advocate
    Reading Time 17 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 13 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 11 mins

    Glimpses Of Supreme Court Rulings

    By KISHOR KARIA Chartered Accountant ATUL JASANI Advocate
    Reading Time 8 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By KISHOR KARIA | Chartered Accountant
    ATUL JASANI | Advocate
    Reading Time 23 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 6 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 16 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 9 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 6 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant / Atul Jasani
    Advocate
    Reading Time 28 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishore Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 13 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 9 mins

    GLIMPSES OF SUPREME COURT RULINGS

    By Kishor Karia
    Chartered Accountant | Atul Jasani
    Advocate
    Reading Time 6 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 19 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 18 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani,Advocate
    Reading Time 16 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 14 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 16 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani,Advocate
    Reading Time 16 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 30 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 27 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 13 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani,Advocate
    Reading Time 18 mins

    Glimpses of Supreme Court Rulings

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    Chartered Accountant, Atul Jasani
    Advocate
    Reading Time 14 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia
    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 5 mins

    Glimpses of Supreme Court Rulings

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    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 41 mins

    Glimpses of Supreme Court Rulings

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    Chartered Accountant
    Atul Jasani
    Advocate
    Reading Time 24 mins

    Glimpses Of Supreme Court Rulings

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    Chartered Accountant
    Atul Jasani
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    Reading Time 16 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant, Atul Jasani, Advocate
    Reading Time 13 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 10 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 16 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 21 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 31 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 21 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 17 mins

    Glimpses Of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 12 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 11 mins

    Glimpses of Supreme Court Rulings

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    Reading Time 19 mins

    Glimpses of Supreme Court Rulings

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    Reading Time 2 mins

    Glimpses of Supreme Court Rulings

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    Reading Time 3 mins

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 17 mins

    Glimpses of Supreme Court Rulings

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

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 4 mins

    Glimpses Of Supreme Court Rulings

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    Reading Time 13 mins
  • In the High Courts: Part A-Reported Decisions

    Turnover and value of stock adopted by Sales Tax Authorities is binding on Income-tax Authorities: Addition merely on basis of statement of third parties is not proper:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational Institution: Exemption u/s. 10(23C)(iiiad): A. Ys. 2000-01 to 2005-06: The assessee society running 25 educational institutions claimed exemption u/s. 10(23C)(iiiad) in respect of institutions satisfying the conditions: Denial of exemption on the ground that the aggregate receipts of all institutions exceeded limit of Rs. 1 crore: Denial of exemption not proper: Assessee entitled to exemption:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Transfer pricing: A. Y. 2006-07: The Assessing officer cannot substitute the method of ‘cost plus mark up’ with the method of ‘cost plus mark up on FOB’ value of exports without establishing that assessee bear significant risks or AEs would enjoy geographical benefits

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Refund : Interest u/s.244A of Income-tax Act, 1961 : A.Y. 2001-02 : TDS certificates submitted during assessment proceedings : Delay on refund not attributable to assessee : S. 244A(2) not attracted : Assessee entitled to interest u/s.244A.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Penalty : S. 271B r/w. ss. 44AB and 80P of I. T. Act, 1961 : Failure to get accounts audited within prescribed time : No tax payable by assessee society in view of s. 80P : Penalty u/s. 271B not to be imposed

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Scientific Research and Development Expenditure : S. 35 : Whether machine being used for R&D purpose or for manufacturing, AO not authority to decide but prescribed authority u/s.35(3)

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to Tribunal : Powers of Single member : S. 255(3) : Income computed by AO less than Rs.5 lakhs : CIT(A) enhanced it to more than Rs.5 lakhs : Single member can decide appeal.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appellate : Powers in matters remitted by High Court restricted to directions by High Court.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Travel business : Expenditure on development of website is revenue expenditure allowable u/s.37(1).

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 54B : Exemption from capital gains tax cannot be denied where land was purchased in the joint name of the son

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 80-IA : Twisting and texturising of Partially Oriented Yarn (POY) amounts to manufacturing or production

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 80-IB : Conversion of polymer granules into specialised polymer alloys in powder form amounts to manufacture

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    S. 41(1) : Amount in question continued to be shown as liability in balance sheet. S. 41(1) not applicable

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 69D : Where documents represented bilateral transaction and were not on hundi paper, the provisions not applicable

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 263 : After certificate having been issued under KVSS, Commissioner not justified in exercising his revisionary power.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 132B : Cash found during search satisfactorily explained : Application for release made within 30 days : Cash should be released.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 133A and S. 132(4) : Statement in survey operation offering income : Not conclusive : Subsequent retraction of statement : Amount offered not assessable as income

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 281 : In order to declare a transfer as fraudulent, appropriate proceedings should be taken as required to be taken u/s.53 of Transfer of Property Act, 1882

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s.80RR of Income-tax Act, 1961 : A.Ys. 1999-00 to 2001-02 : Dress designer is artist entitled to deduction u/s. 80RR.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Export profit : S. 80HHC of Income-tax Act, 1961 : In computing the amount deductible u/s.80HHC(3)(b) freight and insurance is not to be included in the direct cost.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Export profit : Deduction u/s.80HHC of Income-tax Act, 1961 : A.Y. 2000-01 : Profits of business : Expl. (baa) : Insurance claim relating to stock-in-trade not to be excluded.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Free Trade Zone : Deduction u/s.10A of Income-tax Act, 1961 : A.Y. 2003-04 : Total turnover to exclude freight and insurance : Deduction allowable on foreign exchange gain : Deduction allowable on enhanced profit on account of disallowance of PF/ESIC.

    By K. B. Bhujle | Advocate
    Reading Time 5 mins

    Appellate Tribunal : Powers and duty : A.Y. 1997-98 : Order passed relying on decision not cited in the course of arguments : Assessee to be given opportunity to deal with distinguishable features of case relied on : Matter remanded.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Capital gain : Capital asset : Agricultural land : S. 2(14) of I. T. Act, 1961 : Purchase of agricultural land in 1989 to set up industry : Shortly thereafter, land acquired by Government : AO treated land as capital asset and assessed capital gain : Not

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 143(2) — Service of notice by Speed Post, in absence of material on record, no pre-sumption of service within 24 hours

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain/loss : Ss. 2(47) and 45 of I. T. Act, 1961 : A. Y. 1998 – 99 : Application for shares : Assessee failed to pay balance amount on allotment of shares : Forfeiture of share application money : Assessee’s right in shares extinguished : Loss on f

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Compounding of offences : S. 279(2) of I. T. Act, 1961 : Offences can be compounded during the pendency of appeal.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Depreciation : Option to claim : Deduction under Chapter VI-A of I. T. Act, 1961 : A. Y. 1997 – 98 : Assessee did not claim depre-ciation for computing gross total income : Whether for the purposes of availing deduction under Chapter VI-A, gross total inc

    By K. B. Bhujle
    Reading Time 1 mins

    Investment allowance : S. 32A of I. T. Act, 1961 : A. Y. 1991 – 92 : Purchase of plant and machinery in earlier years : Reserve account not created in earlier years in view of loss : Reserve account created and investment allowance claimed in the A. Y. 19

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty : Ss. 44AB and 271B of I. T. Act, 1961 : A. Y. 1992 – 93 : Provisions of s. 44AB not complied with on the basis of legal opinion contained in Tax Audit Manual published by the Bombay Chartered Accounts’ Society : Reasonable cause for default : Pen

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS : Ss. 194A, 201(1) and 201(1A) of I. T. Act 1961 : A. Y. 2000 – 01 : Assessee in default : Interest u/s. 201(1A) : Assessee, insurance co. failed to deduct tax at source on interest on compensation to the victims of motor vehicle accidents : Assessee

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 27 — Notice by Speed Post is deemed to have been served by ordinary post within 2-3 days, further absence of assessee

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Revision : S. 263 of Income-tax Act, 1961 : A.Ys. 2001-02 and 2002-03 : Where AO adopts one of courses permissible in law or where two views are possible and AO takes one of possible views, Commissioner cannot exercise his powers u/s.263 to differ with vi

    By K. B. Bhujle | Advocate
    Reading Time 5 mins

    TDS : Salary : S. 192 of Income-tax Act, 1961 : A.Ys. 1992-93 to 1998-99 : Assessee was an Indian company engaged in food processing business : Pursuant to a technical collaboration agreement, employees of Japanese company were deputed to India for workin

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Wealth tax : Asset : S. 2(ea) of Wealth-tax Act, 1957 : A.Ys. 1997-98 and 1998-99 : Commercial asset used by assessee in business of letting out properties : Not an asset : Not chargeable to tax.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Order giving effect to appellate order is inherent in S. 143 and 144 : Not order u/s.154 : Limitation u/s.154(7) not applicable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Ss. 36(1)(ii) and 37(1) : Ex-gratia payment over and above statutory limits prescribed under Payment of Bonus Act, 1965, is allowable as business expenditure.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Deduction u/s.36(1)(vii) for bad debt allowable independently, irrespective of deduction for provision for bad and doubtful debts allowable u/s.36(1)(viia) subject to limitation that amount should not be deducted twice

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    “Good work reward” by assessee to employee : Amount has no relation to profit earned : Does not amount to bonus : Amount not deductible u/s.36(1)(ii) but deductible u/s.37(1).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Where percentage of commission is not fixed and varies depending on decision of board of directors, commission paid to directors would not be remuneration u/s.40(c).

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Cash credits : S. 68 : Share application money : Department must show that investment made by subscribers emanated from coffers of assessee to be treated as undisclosed income of assessee.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Incentive prize received on coupon given on strength of NSC : Is not lottery : Is casual and non-recurring receipt exempt u/s.10(3).

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Ss. 147, 148 and Ch. XIV-B : Block period ending on 24-11-1995 : No jurisdiction to reopen block assessment by issuing notice u/s.148.

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Reassessment : S. 147 and S. 148 : Reason to believe : AO recording reasons and AO issuing notice u/s.148 different : Notice not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 139 and S. 140 : Return signed by assessee was filed after his death. Not a valid return.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure : Penalty u/s.158BFA(2) : Is directory and not mandatory : AO has discretion to levy or not to levy penalty

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains : Income from sale of milk : Sale of calves : Cost of acquisition not ascertainable : Capital gain not chargeable

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Cash credit : S. 68 : Gift from NRI : Copy of deed and affidavit filed : In absence of anything to show that transaction was by way of money laundering, addition cannot be made u/s.68 : Absence of blood relationship is not relevant

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Cash credit : S. 68 : Long-term capital gain : Transaction of shares : Addition treating transaction bogus : Addition not valid in absence of cogent material

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Dividend income : Deduction u/s.80M : Distribution of interim dividend before due date insufficient compliance of requirement.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 147 : CIT(A) allowed deductions u/s.80HH and u/s.80I : Reopening of assessment by AO on basis of subsequent Supreme Court decision is not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Settlement of cases : Abatement of proceedings : Constitutional validity : By way of interim relief Settlement Commission directed not to consider application of assessee having abated u/s.245HA for want of compliance with S. 245D(2D) as amended by the Fi

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Valuation of stock : Revenue to prove valuation incorrect : Cannot rely on statement by assessee to its bank

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Collection of tax at source : S. 206C of I. T. Act, 1961 : Tax not collected by petitioner during period of stay by High Court : No failure to collect : No liability to pay u/s. 206C(6).

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Appeal to Appellate Tribunal : Fees : S. 253(6) of I. T. Act 1961 : Appeal against levy of penalty : Appeal fees is Rs.500 and not based on income assessed : Tribunal calling for fees based on income assessed : Not proper.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure : Deduction u/s. 37(1) of I. T. Act, 1961 : A. Y. 2000-01 : Provision for liability is deductible if there is an element of certainty that it shall be incurred : Provision for ‘long service award’ is allowable as deduction.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure : Disallowance u/s. 40A(2) of I. T. Act, 1961 : A. Ys. 1991-92 and 1992-93: Incentive commission paid to sister concern : Sister concern paying tax at a higher rate : Not a case of evasion of tax: Deduction to be allowed.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reference to Valuation Officer : S. 55A of I. T. Act, 1961 : A. Y. 1996-97 : Reference to Valuation Officer can be made only after AO records opinion that the value had been underestimated by the assessee: Reference before filing of return by assessee : N

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Return : Defect in return : Ss. 139(9) and 292B of I. T. Act, 1961 : Failure by assessee to sign and verify return : Defect could not be cured : Return invalid : Consequent assessment invalid : Tribun

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and Seizure : Ss. 10(22) and 132(5) of I. T. Act, 1961 : A. Ys. 1984-85 to 1990-91 : Summary assessment u/s. 132(5) : Assessee claiming exemption u/s. 10(22) : Prima facie correctness of claim has to be considered.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80IB of Income-tax Act, 1961 : A.Y. 2000-01 : Interest on delayed payment of sale price is part of sale price : It is derived from the industrial undertaking : Is eligible for deduction u/s.80IB.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    MAT credit : Interest u/s.234B of Income-tax Act, 1961 : A.Y. 2000-01 : Credit for brought forward MAT is to be given from gross demand before charging interest u/s.234B.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Reassessment : S. 147, S. 148 and S. 154 of Income-tax Act, 1961 : A.Y. 2004-05 : Reason to believe : Where the AO has option to rectify the assessment order u/s.154, reopening of assessment u/s.147 is not justified.

    By K. B. Bhujle | Advocate
    Reading Time 8 mins

    Recovery of tax : Company : Directors liability u/s.179 of Income-tax Act, 1961 : A.Y. 1990-91 : Liability does not extend to penalty payable by the company.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Revision : S. 197 and S. 264 of Income-tax Act, 1961 : An order rejecting application u/s.197 for lower rate for deduction of tax is an order which can be revised u/s.264.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Assessment : Validity : Block period 1-4-1990 to 20-8-2000 : Copies of seized material not provided to assessee, nor assessee given opportunity to cross-examine person whose statement AO relied upon : Fatal to proceedings : Addition cannot be sustained.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : Expenditure on prospecting, etc. of minerals : Applicability of S. 35E of Income-tax Act, 1961 : A.Y. 2001-02 : Assessee in business of prospecting or exploration of ores and minerals and not in business of mining ores and minerals

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Impounding of documents : Scope of power u/s.131(3) of Income-tax Act, 1961 : Document does not include passport : Passport cannot be impounded u/s.131.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Survey : S. 69 and S. 133A : Addition to income merely on the basis of the statement recorded in the course of survey : Invalid

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Wealth Tax : Valuation of immovable property sublet by tenant : To be determined on basis of rent and deposit received by assessee from tenant, irrespective of rent and deposit received by tenant from sub-tenant

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Appeal to CIT(A) : S. 143(1) and S. 246 of Income-tax Act, 1961 : A.Y. 1995-96: CIT(A) allowed appeal in respect of one claim and rejected in respect of another : Not justified : Claims on basis of facts on record should be considered : Tax can be collect

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appellate Tribunal : A.Y. 2001-02 : Order passed beyond four months after hearing and without giving reasons : Quashed as not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Busness expenditure : S. 37(1) of Income-tax Act, 1961 : Textile business : Closure of one unit : Retrenchment compensation, interest, PF to employees, legal expenses and reimbursement of loss to PF trust on sale of securities is allowable business expend

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure : Bonus : S. 36(1)(ii) of Income-tax Act, 1961 : A.Y. 1985-86 : Customary bonus over and above payable under the Bonus Act : Paid for last 10 years as a practice : Eligible for deduction u/s.36(1)(ii) second proviso.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational institution : Exemption u/s. 5 10(23C)(vi) of Income-tax Act, 1961 : Application filed after prescribed time : No statutory bar for condonation : Application for condonation of delay should be considered.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income : S. 2(24) of Income-tax Act, 1961 : A.Ys. 1987-88 and 1988-89 : Refund collected by producing bogus TDS certificates is income taxable under residuary head.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income deemed to accrue or arise in India : S. 9 of Income-tax Act, 1961 r/w Article 15 of DTAA between India and UK : A.Y. 1996-97 : Assessee non-resident rendering services in India : Assessee liable to be taxed in India only for that part of income att

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Disallowance of expenditure : S. 14A of Income-tax Act, 1961 : Ss.(2) and Ss.(3) of S. 14A are constitutionally valid : They apply w.e.f. A.Y. 2007-08 : Rule 8D is not ultra vires S. 14A : It applies w.e.f. A.Y. 2008-09.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Bad debts : S. 36(1)(vii) of Income-tax Act, 1961 : No evidence that amount not taken into account in computing income of prior years : Bad debt allowable as deduction.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Capital gains : Transfer : A.Y. 1993-94 : Renunciation of right to subscribe to rights shares : Short-term capital loss : Renunciation in favour of general public : Does not amount to transfer : Loss notional : Not deductible.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Loss return : Delay in filing : Condonation of delay : S. 119(2) of Income-tax Act, 1961 : A.Y. 2004-05 : CBDT has power to condone the delay.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Reassessment : S. 147 and S. 148 of Income-tax Act, 1961 : A.Y. 1998-99 : AO issuing notice u/s.148 on basis of information given by Dy. Director and directions from Dy. Director and Addl Commissioner : AO not applying his mind : Notice and reassessment p

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Rectification : S. 154 of Income-tax Act, 1961 : Interest u/s.234B not levied in assessment order relying on decision of Supreme Court : Subsequent retrospective amendment : Order not erroneous : Rectification not valid.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Revision : S. 263 of Income-tax Act, 1961 Limitation : A.Y. 2004-05 : Reopening of assessment on certain items and reassessment completed : Revision in respect of other items u/s.263 : Period of limitation to be counted from the original assessment.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Search and seizure : Block assessment : S. 158BD of Income-tax Act, 1961 : Documents seized considered for assessment of third person : Notice could not be issued on assessee u/s.158BD.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Export profit : Deduction u/s.80HHC r/w S. 10A of Income-tax Act, 1961 : A.Y. 2003-04 : Assessee is entitled to deduction u/s.80HHC for remaining 10% of profit, which was to suffer tax after applying S. 10A/10B.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Bad debts: S. 36(1)(vii), (2) of I. T. Act, 1961: A. Y. 2001-02: Assessee share broker purchasing shares for clients and paying money: Money not recoverable from client: Deduction allowable as bad debt:

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Interest on borrowed capital : Deduction u/s.36(1)(iii) of Income-tax Act, 1961 : A.Ys. 1986-87 to 1988-89 : Amount borrowed at 16% interest and invested in 4% non-cumulative preference shares : No evidence that transaction not genuine : No part of intere

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Capital gains : Ss. 45, 48 and 55A : Computation : Full value of consideration is actual consideration : Market value has no relevance : Reference to Valuation Officer not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Refund from excise duty is income derived from business eligible for deduction u/s.80-IB

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Purchase of goods by advance payment to seller : Interest earned on advance is business income eligible for deduction u/s.10B

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 23 : Standard rent not fixed : Annual value determined on basis of actual rent received

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 147 and S. 148 : Change of opinion is not valid basis for reopening assessment

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 147 and S. 148 : Change of opinion is not valid basis for reopening assessment.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment u/s.143(3) on basis of directions of CIT : Sub-sequent CIT exercising power u/s.263 : Not justified.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 133A : In absence of statement by client that its books of account are at premises of C.A., survey conducted in premises of C.A. and impounding books is invalid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 192 and S. 201 : Misuse of free meal coupons by employees : No presumption of misuse : Tax not deducted at source : No default.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Deduction only on actual payment: Ss. 43B and 36(1)(va) of I. T. Act, 1961: A. Y. 2002-03: Employee’s contribution to PF: Paid beyond due date under PF Act but before due date for filing return of income: Deduction allowable in the r

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Reassessment: Proviso to S. 147 and 148 of I. T. Act, 1961: A. Y. 2002-03: Assessment u/s. 143(3): Notice u/s. 148 beyond 4 years: Conditions not satisfied: Notice invalid:

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Block assessment: S. 158BD of I. T. Act, 1961: Block period from 01/04/1996 to 28/10/2002: Notice for filing return: Satisfaction must be of the officer issuing notice and not of another officer: No assessment pursuant to notice: Assessee cannot be asked

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Presumptive tax : Civil construction business : S. 44AD of the Income-tax Act, 1961 : A.Y. 2005-06 : Assessment of income at 8% u/s.44AD : Assessee is not under any obligation to explain individual entry of cash deposit in bank, unless such entry has no n

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Reassessment : S. 143(2), S. 147 and S. 148 of Income-tax Act, 1961 : A.Ys. 1994-95 and 1995-96 : Return filed in response to notice u/s.148 : Notice u/s.143(2) mandatory before proceeding to pass reassessment order.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Warehousing income : Whether business income or income from property : S. 22 and S. 28 of Income-tax Act, 1961 : A.Y. 2001-02 : Income would be business income if dominant purpose was commercial activity and it would be income from property if dominant ob

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Revision : S. 263 of Income-tax Act, 1961 : A.Y. 2002-03 : Notice u/s.263 referring to four issues and final order passed referred to nine issues : Order of revision bad in law.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Wealth tax : Assessment of trust/trustee : S. 21(1) of Wealth-tax Act, 1957 : A.Y. 1980-81 : Official trustee appointed by operation of statute is not covered by scope and ambit of S. 21(1)

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains : Computation : Depreciable asset : S. 50 of Income-tax Act, 1961 : Land is not a depreciable asset : S. 50 not applicable where land forms part of whole undertaking which is transferred.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Educational institution : Exemption u/s. 10(23C)(vi) of Income-tax Act, 1961 : A.Ys. 2004-05 to 2007-08 : Merely because an educational institution accumulates income, it does not go out of consideration of S. 10(23C)(vi); If accumulation of surplus is wi

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Charitable trust: Exemption u/s. 11 of I. T. Act, 1961: A Ys. 1990-91 and 1991-92: Educational trust: Trust deed empowering trust to start educational agencies for earning income to achieve objectives of trust: Educational agencies earning income: Section

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    ITAT: Powers: A Y 1993-94 and 1994-95: Power to set aside and issue directions: No power to place restrictions on power of AO to determine income: Direction not to assess income at a figure less than that declared in the return or more than the figure as

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Rectification: Limitation: S. 154 of I. T. Act, 1961: Assessment order appealed against: Limitation to begin from the date of the order giving effect to the appellate order:

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Review: Appeal to High Court: S. 260A of I. T. Act, 1961: There is no power of substantive review:

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Transfer of case: S. 127 of I. T. Act, 1961: Before transfer, assessee should be given reasonable opportunity of hearing:

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Unexplained investment: S. 69 of I. T. Act, 1961: Assessee explained source of disputed jewellery and also offered 20% thereof to buy peace: AO rejected explanation and made full addition: Tribunal accepted the explanation but retained the offered 20%: No

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Business deductions : Restriction u/s.80IA(9) applies for the total amount allowable as deduction and not for the computation.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Appellate Tribunal : Power u/s.254(2) : Power to recall order : No absolute prohibition : Prejudice caused to party by mistake to be seen

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Block assessment :Proceedings u/s. 158BD initiated on the basis of statement recorded during search and not on any books of account or asset : Proceedings u/s.158BD not legal.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : Disallowance u/s. 40A(2) Assessee-company purchased goods from its subsidiary at higher rate — Assurance of huge quantity of uniform quality : Assessee and subsidiary in same tax bracket : No disallowance : Subsidiary is not a ‘rela

    By K. B. Bhujle | Advocate
    Reading Time 6 mins

    Business income : Benefit or perquisite S. 28(iv) has no application to any transaction involving money : Loan obtained from bank : Paid part of principal : One-time settlement : Bank waived principal amount and interest : S. 28(iv) not applicable : Waive

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Capital gains : Exemption u/s.54 : Joint development agreement for development of assessee’s residential property : Assessee to get 4 flats : Assessee entitled to benefit u/s.54 in respect of entire value of four flats.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Charitable purpose : Exemption u/s.11 : Determination of the percentage of funds to be applied for the purposes of trust depreciation to be taken into account

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    TDS : Fees for technical services : Ss. 9(1)(vii) Expl. 2 and 194J of Income-tax Act, 1961 : Assessee cellular network provider : Fee for interconnection between networks not involving human interface : Services not technical services : Not liable for TDS

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business Income: Deemed Profit: S. 41(1) of I. T. Act, 1961: A. Y. 2002-03: Write back/off of amount which had not entered P & L a/c: S. 41(1) has no application

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    S. 220(6) — Order on stay application to be passed by AO, not by subordinate

    By K. B. Bhujle, Advocate
    Reading Time 7 mins

    S. 163 — Assessee neither has business connection with NRI, nor any income received by NRI, then assessee not a trustee of NRI

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 131 and S. 143 — Assessee not allowed to cross-examine third party. Assessment order not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 12A — Non-consideration of registrration application within time fixed would result in deemed registration

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 206C — State Govt. liable to collect tax at source from leaseholders and deposit it with Central Government

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 56(2)(id) — Interest on Govt. securities not maturing in previous year, then amount in P&L account is not material

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest : S. 115JA, S. 234B and S. 234C of Income-tax Act, 1961 : Assessment of company u/s.115JA : Interest u/s.234B and u/s. 234C is not leviable.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Interest : S. 234B of Income-tax Act, 1961 : A.Ys. 1996-97 and 1997-98 : Assessee non resident compay was employed by another non-resident company : Failure by employer to deduct tax at source : Employee not liable to pay interest u/s.234B.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Interest : Head of income : S. 28 and S. 56 of Income-tax Act, 1961 : A.Y. 1992-93 : Construction business : Development of properties : Interest on deposit of surplus money received from customers : Interest income is assessable as business income and no

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Interest : Waiver or reduction : S. 220(2A) of Income-tax Act, 1961 : A.Ys. 1993-94 to 1995-96 : Conditions need not co-exist : Those are alternatives : No reasoning given : Order refusing waiver set aside for fresh disposal.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Unaccounted income : A.Y. 2001-02 : Value of closing stock given to bank higher than value as per books : Difference added as unaccounted income : Difference in value of closing stock should be reduced by similar difference in opening stock.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Agricultural land : Capital Gain : Capital asset : S. 2(14)(iii) of Income-tax Act, 1961 : A.Y. 2001-02 : Measurement of distance from municipality : To be measured in terms of the approach by road and not by a straight-line distance on horizontal plane o

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Appellate Tribunal : Ruling of Authority for Advance Rulings : Not binding on Tribunal : Tribunal can decide in consonance with ruling.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Deemed dividend : S. 2(22)(e) of Income-tax Act, 1961 : Assessee company received funds from sister concern PE Ltd. for expansion of production capacity as advance for commercial purpose to be adjusted against monies payable by PE Ltd. in subsequent years

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Deemed profit : S. 41(1) of Income-tax Act, 1961 : Remission or cessation of trading liability : A.Y. 2004-05 : Trading liability shown as outstanding in books and not written back : No remission or cessation of liability merely on account of passage of t

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Deemed profit : S. 41(1) of Income-tax Act, 1961 : A.Y. 1996-97 : Outstanding liability : Continued as liability in the books : Liability not written back : Liability cannot be said to have ceased to exist : It cannot be treated as income u/s.41(1).

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Manufacture : Exemption u/s.10A, u/s. 10AA of Income-tax Act, 1961 : A.Y. 2004-05 : Definition in Exim Policy applicable : Has wide and liberal meaning : Blending and packing of tea qualifies for exemption.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    TDS : S. 194LA of Income-tax Act, 1961 : Compensation for acquisition of agricultural land : Collector had no jurisdiction to deduct tax at source : Deduction illegal.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Cash credit : S. 68 of Income-tax Act, 1961 : A.Y. 1998-99 : Sale of jewellery declared under VDIS 1997 and capital gain offered to tax : Addition of whole of consideration for sale u/s.68 as unexplained cash credit : Not justified.

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Co-operative Housing Society : Transfer fees : Principle of mutuality applies to transfer fees received in accordance with the bye-laws and as per restriction by Government regulations : Excess amount not permissible under bye-laws, etc. to be returned :

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Co-operative Bank : Income from banking business : Deduction u/s.80P(2)(a)(i) of Income-tax Act, 1961 : Interest received from investments made in Kisan Vikas Patra and Indira Vikas Patra out of voluntary reserve : Is income from banking business exempt u

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Waiver of interest and penalty : S. 139(8), S. 217, S. 271(1)(a), S. 273 and S. 273A of Income-tax Act, 1961 : A.Ys. 1987-88 and 1988-89 : Commissioner waived penalty but refused to waive interest : Not justified.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure/loss : Assessee federal society of primary milk societies : Milk rate difference determined in March and paid in subsequent year : Is allowable business expenditure/loss.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Gratuity : Deduction u/s.10(10)(iii) of Income-tax Act, 1961 : No distinction between gratuity paid under Payment of Gratuity Act or otherwise : Where gratuity amount paid to employee was within the limit prescribed by Notification, deduction of income-ta

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    MAT : S. 80HHC and S. 115JA of Income-tax Act, 1961 : A.Y. 1998-99 : Computation of deduction u/s.80HHC to be worked out on the basis of adjusted book profits u/s.115JA.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Liability of Trust : Assessee, a provident fund trust of employees : Assessable in the status of individual : Not liable to TDS u/s.194A

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to ITAT by undertaking owned by the government: Approval from the Committee on Disputes not required:

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Capital gain or business income: Rule of consistency: Profit on sale of shares taken as capital gain in past: Assessment of such profit as business income in the relevant year as business income: Not just:

    By K. B. Bhujle
    Reading Time 3 mins

    Industrial undertaking: Deduction u/s. 80IB of I. T. Act, 1961: A Y 2002-03: Deduction allowable in respect of exchange rate difference:

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Appeal to High Court : Power of review : High Court can review its order u/s.260A of the Income-tax Act, 1961.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Business expenditure : Deduction only on actual payment : Disallowance u/s.43B : Electricity Board collecting electricity duty from customers as agent of State : S. 43B not applicable to Electricity Board.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Capital gains : Long-term or short-term : S. 2(29A) r/w S. 54 : DDA allotted a flat to assessee under its scheme on 27-2-1982 : Possession of flat given to assessee on 15-5-1986 when actual flat number was allocated to assessee : Assessee sold said flat o

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Loss return : Delay in filing : Condonation of delay : CBDT : S. 119 : Assessee a multi-state co-operative bank : Loss return filed belatedly : Delay on account of delay in appointing statutory auditor by Central Registrar and subsequent delay in completi

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    35.ducational institution : Exemption u/s. 10(23C)(vi) : Capital assets acquired/constructed by educational institutions cannot be treated as income in a blanket manner without recording a finding whether capital assets have been applied and utilised to a

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    MAT : S. 115JA and S. 115JB : S. 115JA and S. 115JB are not applicable to State Electricity Board.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Recovery of tax : Garnishee proceedings : S. 226(3)(iii) : Attachment and appropriation of sum in bank account : Notice to assessee prior to attachment mandatory : Appropriation of sum in bank account without notice to assessee and while stay application

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Revision : S. 264 : S. 10(26AAA) was introduced by Finance Act, 2008 with retrospective effect from 1-4-1990 after completion of assessment for relevant years : Assessee’s application u/s.264 for relief under new Section with application for condonation

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    TDS:Paymentstocontractors/sub-contractors: S. 194C : Assessee is a society constituted by truck operators : It entered into contracts with companies for carriage of goods by its members : Companies deducted tax at source from payments made to assessee : A

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Salary : Profit in lieu of salary : S. 17(3) : In order to characterise a particular payment received from an employer on termination of employment as ‘profit in lieu of salary’, it has necessarily to be shown that said amount is due or received as ‘compe

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    S. 260A : Territorial jurisdiction to be determined on the basis of place of passing assessment order and not on basis of Assessing Officer exercising jurisdiction over assessee after transfer of case.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 153 : Exclusion of period during which assessment proceedings are stayed: Does not include the period during which the order transferring the case is stayed.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 54B : Tube wells and trees are part of the agricultural land for the relief.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest : S. 234B of I. T. Act, 1961 : A. Ys. 1989-90 to 2000-01 : Interest u/s. 234B is compensatory in nature: Interest not leviable where there is no loss of revenue to Government.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital or revenue receipt: S. 17(3)(iii) of I. T. Act, 1961: A. Ys. 2003-04 and 2004-05: Amount received by way of compensation for denial of job on basis of gender discrimination: Not in nature of “profit in lieu of salary”: Capital receipt:

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Company: Book profit: S. 115J of I. T. Act, 1961: A. Y. 1989-90: Book profit as per the accounts prepared in accordance with Parts II and III of Sch. VI of the Companies Act and not as per the accounts approved at the annual general meeting has to be cons

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Deduction u/s. 80-IA of I. T. Act, 1961: A. Y. 1997-98: Interest received from trade debtors is part of sale price: Is profit derived from industrial undertaking: Is eligible for deduction u/s. 80-IA

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Full value of consideration: S. 50C of I. T. Act, 1961: A. Y. 2004-05: Section 50C providing for deeming the value for stamp duty purposes as full value of consideration is applicable only for capital assets and not for business assets

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Offences and Prosecution: Wilful attempt to evade tax: S. 276C of I. T. Act, 1961: A. Y. 1983-84: Disallowance of payment by company to proprietary concern of director: Reduction of disallowance by Tribunal: Reasonableness of payment disputed question of

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Prosecution: I. T. Act, 1961 and IPC: Withdrawal of prosecution by Public Prosecutor does not require permission from Central Government

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 40A(2) of Income-tax Act, 1961: Disallowance on the ground that the assessee paid higher rate to its sister concern: Sister concerns paying tax at the same rate as the assessee: Disallowance u/s.40A(2) not warranted

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Business expenditure : Interest on borrowed capital: Section 36(1)(iii) of Income-tax Act, 1961: A.Y. 1997-1998 : Interest on loans borrowed to settle liability of sister concern to retain business premises of assessee: Interest has to be allowed.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Capital gain/agricultural income: A.Y. 1991-1992: Sale of land shown in Revenue records as agricultural: No agricultural income shown in return: Gain is agricultural income not chargeable to tax.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Charitable purpose : Section 2(15) and section 12AA of Income-tax Act, 1961 : Assessee-corporation established under Warehousing Corporation Act, 1962 : Application for registration u/s.12AA rejected on ground that assessee was earning income and was decl

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Income: Accrual of: Section 5(1)(b) and section 145 of Income-tax Act, 1961: A.Y. 1997-1998: Coaching Classes; Fees for full course received in advance : Services to be rendered in next year: Mercantile system: Income not recognised unless services render

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Notice: Signing v. Issue of : Limitation: Section 148 and section 149 of Income-tax Act, 1961: A.Y. 2003-04 : Notice u/s.148 signed on 31-3-2010 but sent to the speed-post centre on 7-4-2010: Notice issued on 7-4-2010 i.e., beyond period of limitation of

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Refund of TDS to deductor: Circular No. 285, dated 21-10-1980: A.Ys. 2002-2003 and 2003-2004: Interest payable to IDBI not accruing to it and not liable to tax: Tax paid by petitioner by way of TDS in respect of said interest is to be refunded to petition

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Survey: Section 133A of Income-tax Act, 1961: A.Y. 2005-06: An admission made during survey is not conclusive : It is subject to the other evidence explaining the discrepancy.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Disallowance : u/s.43B : Contribution to P.F. and ESI within two to four days after grace period, before filing of return — Amount deductible.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    AOP : Share of member in AOP : S. 86 r/w S. 40(ba), of Income-tax Act, 1961 : Assessee-company member of AOP : No bar on company member from getting benefits of S. 86.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Appeal to High Court : Power and duty : S. 260A of Income-tax Act, 1961 : Where a substantial question of law arises, a party should not be denied to raise that question of law at the time of final hearing on the ground that such question was not framed a

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : S. 37(1) of Income-tax Act, 1961 : A.Y. 2004-05 : Assessee a cine artist : Expenditure relating to fans association is deductible business expenditure.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : Disallowance u/s.43B of Income-tax Act, 1961 : Luxury tax deferral scheme : Benefit under CBDT Circular Nos. 496 and 674 with reference to sales tax should be given for luxury tax also.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Educational institution : Exemption u/s. 10(23C(vi) of Income-tax Act, 1961 : A.Ys. 2000-01 to 2007-08 : Tests to be applied similar to S. 10(22) : Generation of surplus not a bar : Surplus to be applied to the educational objects of assessee : No distinc

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Income or capital receipt : S. 4 of Income-tax Act, 1961 : A.Y. 2004-05 : Assessee built temple of Goddess Adhiparasakthi : Devotees offered gifts to assessee on birthday : Gift amount not income : Not taxable.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Prosecution : Delay in filing return and false statement : S. 276CC and S. 277 : No evidence that delay was willful : Acquittal by criminal court : High Court would not interfere merely because another view possible.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Prosecution : Willful attempt to evade tax and false verification : S. 276C and S. 277 : Firm : Partners liability : Failure by prosecution to adduce evidence to show partners had active role in business : Trial Judge acquitting accused : Proper.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to Appellate Tribunal : Fees : S. 2(45), S. 5 and S. 253(6) of Income-tax Act, 1961 : A.Y. 2003-04 : Total income determined at negative figure : Fees of Rs.500 alone is payable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains : Exemption u/s. 54 of I. T. Act, 1961 : A. Y. 1996-97 : Purchase of two flats and combined to make one residential unit : Exemption u/s. 54 available

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation : S. 32 of I. T. Act, 1961 : A. Y. 1992-93 : Condition precedent : User of machinery : Machinery installed but found defective : Amounts to user of machi-nery : Assessee entitled to depreciation.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Settlement of cases : Abatement : Ss. 2(45), 245C and 245D(2A) & (2D) of I. T. Act, 1961 : Tax on total income means tax on total income after set-off of carried forward loss : Assessee paid tax correctly : No abatement u/s.245D(2) : Application to be pro

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Deduction u/s.80-O of Income-tax Act, 1961 : A.Y. 2003-04 : Supply of architectural designs for use outside India : Receipt of fees in foreign exchange : Assessee entitled to deduction u/s.80-O.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Free Trade Zone : Deduction u/s.10A of Income-tax Act, 1961 : A.Y. 2001-02 : Explanation 1 to S. 10A(9) operative from 1-4-2001 is not retrospective : Assessee treated as newly established undertaking in free trade zone since A.Y. 1997-98 : Explanation 1

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Penalty : Concealment of income : S. 271(1)(c) of Income-tax Act, 1961 : A.Y. 2004-05 : Incorrect claim for deduction made u/s.10(36) on the basis of advice from counsel : Claim bona fide : No concealment : Penalty not justified.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Revision : S. 263 of Income-tax Act, 1961 : A.Ys. 2004-05 and 2005-06 : Assessment order consistent with binding ruling of AAR : Revision of assessment order by Commissioner u/s.263 not permissible.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Revision : S. 263 of Income-tax Act, 1961 : A.Y. 2004-05 : Commissioner setting aside assessment order and directing AO to pass fresh order following procedure u/s. 50C(2)(b) : Not proper : Commissioner has no power to direct AO to complete asessment in a

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Power of Appellate Tribunal : To allow claim for deduction not made in return : Assessee claimed 1/5th revenue expenditure on deferred basis : Tribunal can allow full revenue expenditure on accrual basis.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Bad debt : Deduction u/s. 36(1)(vii) of I. T. Act, 1961 : After amendment w.e.f. 01.04.1989 it is not obligatory on the part of the assessee to prove that the debt written off is indeed a bad debt for the purpose of deduction u/s. 36(1)(vii).

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure : Deduction u/s. 37(1) of I. T. Act, 1961 : A. Ys. 1996-97 and 2001-02 : Expenditure on production of films for advertisement of products manufactured by assessee : Is business expenditure allowable u/s. 37(1) ?

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Cash credit : Undisclosed income : S. 68 of I. T. Act, 1961 : Disclosure of diamonds in declaration under VDIS : Subsequent sale of diamonds and receipt of consideration by cheque : Receipts shown in books of account is not undisclosed income.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Export profit : Deduction u/s. 80HHC of I. T. Act, 1961 : Export turnover and total turnover : Export sale price to be modified as per the approval by the RBI for including in the export turnover.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Interest on borrowed funds : Deduction u/s.36(1)(iii) of I. T. Act, 1961: A. Y. 1997-98 : Borrowed funds used for purchase of shares held partly as investment and partly as stock in trade : Shares purchased for acquiring controlling interest in company :

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment : Extension of period of limitation : S. 150 of I. T. Act, 1961 : A. Y. 1993-94 : Grant of probate to assessee would not extend the period.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Expenditure : Capital or revenue : S. 37 of I. T. Act 1961 : A. Y. 2002-03 : Amount spent on computer software is revenue expenditure.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Shares in subsidiary company (ordered to be wound up) : Written off : Deductible business loss.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational institution : Exemption u/s. 10(23C)(vi) of Income-tax Act, 1961 : A.Y. 2007-08 : Assessee, deemed university, modified its MOA as per the UGC guidelines to include in the objects clause extra mural studies, extension programmes and field outr

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Income : Deemed dividend : S. 2(22)(e) of Income-tax Act, 1961 : A.Y. 1996-97 : Trade advance to shareholder, etc. : Not assessable as deemed dividend.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Tax audit : S. 44AB of Income-tax Act, 1961 : In the case of individual carrying on business as a sole proprietor, it is necessary to comply with the provisions of S. 44AB only in respect of his business income and not in respect of his other income.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Advance Ruling : S. 245R of I. T. Act, 1961 : Writ : Articles 226 and 227 of the Constitution of India : Authority for Advance Ruling is Tribunal : High Court can issue writ against advance ruling under Articles 226 and 227 of the Constitution of India.

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Advance Tax : Interest u/s. 234B : Failure by payer to deduct tax at source : Interest cannot be imposed on assessee.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Block assessment : Ss. 158BC and 143(2) of I. T. Act, 1961 : Where the returned income is not accepted in the block assessment, service of notice u/s. 143(2) is necessary. Failure to serve notice u/s. 143(2) would render the block assessment invalid.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Penalty u/s.271C and u/s.271B : Failure to deduct tax u/s.194C : Partner only matriculate, assessee new firm, followed advice given by its CA : Penalty cancelled

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment : Notice to agent of non-resident assessee : Limitation : S. 149(3), S. 163(2) Specific order u/s.163(2) not necessary : Notice issued u/s.148 after expiry of two years is time-barred

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains : Immovable property : S. 50C : Constitutional validity : Provision not arbitrary or violative of Article 14 : Constitutionally valid.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure : Amortisation of preliminary expenses : S. 35D : Interest received on share application money : Can be set off against public issue expenses : Interest accrued not taxable.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains : Exemption u/s.54F : Construction of new house : If the assessee has invested the net consideration before the specified period, exemption cannot be denied on ground that construction not completed within that period.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Deemed dividend : S. 2(22)(e) : Partners of assessee firm shareholders of company : Company advanced loan to firm : Loan not to be treated as deemed dividend in the hands of the firm

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income or capital receipt : Non-compete fees : S. 10(3) and S. 45  : Payment for loss of office as director with freedom to carry on other employment without involving in software develop- ment : Is capital receipt not liable to tax.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    New industrial undertaking in backward area : Deduction u/s.80HH : A.Y. 1999-00 : Interest received for belated settlement of bills by sundry debtors : Directly relatable to business of assessee : Is profit and gains derived from business and considered f

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment : Scope : S. 147 : Addition in respect of items other than the one on which notice is given : Permissible only when the AO assesses any income with respect to which he had ‘reason to believe’ to be so : Otherwise reassessment proceedings beco

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Speculative loss/business loss : S. 28(i) & S. 43(5) : Transaction of purchase and sale ultimately settled by actual delivery : Not speculative transaction : Loss arising is business loss and not speculative loss.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS : Fees for technical services : Ss.9(1)(vii) & 195 : Payment for use of Internet bandwidth is not fees for technical services : No obligation to deduct tax at source from payment.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Refund : Delayed return claiming refund : On facts refusal to condone delay not justified : Order of rejection set aside for fresh disposal as per directions.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Assessment : Notice u/s.143(2) of Income-tax Act, 1961 : Service : A.Y. 2001-02 : Service of notice by affixture on last day after office hours : Not valid service : Assessment not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Company in liquidation : Director’s liability : S. 179 of Income-tax Act, 1961 : Liability of director u/s.179 is limited to tax and it does not extend to penalty and interest.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Depreciation : WDV : S. 32 and S. 43(1) of Income-tax Act, 1961 : A.Ys. 2001-02 and 2002-03 : Depreciation is a privilege : WDV can only be on basis of depreciation ‘actually allowed’ and not ‘notionally allowed’.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational Institution : Exemption u/s. 10(22) : Institution run for educational purposes : No evidence that capitation fees charged : Institution entitled to exemption u/s.10(22)

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Educational Institution : Exemption u/s.10(22) : Object of educating public in safety : All income used for promotion of objects : Entitled to exemption.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Educational Institution: Exemption u/s.10(22): Funds need not be invested in modes specified in S. 11(5).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Export Profit : Deduction u/s.80HHC : Computation : Manufacture and export including job works : Investment in raw materials, labour, etc. on own account alone includible in total profit.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Hotel in a place of pilgrimage : Deduction u/s.80-IA(4)(iii) : Hotel certified by prescribed authority : IT Authority has no jurisdiction to decide on basis of own criteria that assessee not entitled to deduction

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Investment allowance : S. 32A : Computation : Agreement providing for escalation of price : Extra amount paid to be taken into account

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Profits and gains from foreign projects: Deduction u/s.80HHB : Project in Iraq : Payment received as per terms of agreement between Govt. of India and Iraq in RBI bonds and interest on them : Deduction allowable on interest.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS : Consequences of failure : Limitation : Ss. 153, 201(1), (1A) : Period of limitation not prescribed : Reasonable period is 4 years.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Deduction u/s.80-O of Income-tax Act, 1961 : Amount allowable is restricted to the total income and not to the income computed under the head business.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : S. 37(1) r/w S. 145 of Income-tax Act, 1961 : Year in which deductible : Assessee following mercantile system of accounting claimed prior period expenses and was allowed every year : Doctrine of consistency would come into play : Tr

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : Deduction u/s.37 of Income-tax Act, 1961 : A.Y. 2003-04 : Agreement executed in August 2002 with retrospective effect from January 1, 2002 : Disallowances of expenses of January to March 2002 on ground that it crystallised in preced

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Income : Income u/s.56(2)(v) Loan received without interest and repaid : Not a receipt within the meaning of S. 56(2)(v) .

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    MAT credit : MAT credit to be given before charging interest u/s.234B and u/s.234C of the Act.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Business deduction : Bad debts : S. 36(1)(vii) : After amendment w.e.f. 1-4-1989 writing off of bad debt in the accounts is sufficient for allowing deduction — Not necessary to prove that debt has become bad

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Compulsory purchase of property : Chapter XX-A/Chapter XX-C : Agreement dated 15-9-1986 : Chapter XX-A applies and not Chapter XX-C

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal to CIT(A) : Scope of ‘tax’ u/s.249(4) : ‘Tax’ does not include interest.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal : ITAT : Reference to Third Member : S. 255(4) does not empower the President/Third Member to go beyond the reference and to enlarge, restrict and modify and/or formulate any question of law on his own on the difference of opinion referred to by t

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to High Court : Power to condone delay : S. 260A of Income-tax Act, 1961 : No power to condone delay : Delay in filing appeal cannot be condoned

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure : S. 37 of Income-tax Act, 1961 : Expenditure incurred on issue of convertible debentures : Is revenue expenditure allowable as deduction ?

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Co-operative housing society : Commercial premises : Transfer fees and non-occupancy charges : Principle of mutuality applies : Notification of State of Maharashtra putting restriction on amount of transfer fees applies only to residential societies and n

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment : Notice u/s.148 of Income-tax Act, 1961 : A.Ys. 1991-92 and 1993-94 : Assessee Co-operative Housing Society : Notice u/s.148 issued claiming that transfer fee is liable to tax relying on judgment of Bombay High Court in CIT v. The Presidency

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Settlement Commission : Abatement of proceedings : S.245D(4A)(1), S.245HA(1) (iv) and S. 245HA(3) not valid : Settlement applications not disposed of by 31-3-2008 for reasons not attributable to the applicant cannot be treated as having abated.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appellate Tribunal : Powers : Litigation between public sector undertaking of State Government and Income-tax Department : No power to decide whether appeal to be admitted : Refusal to admit appeal relegating parties to Committee of Disputes : Not permiss

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appellate Tribunal : Powers : Search : Block assessment : S. 132 and S. 158B of Income-tax Act, 1961 : Tribunal can look into validity of search : Authorisation for search not valid : Consequent search and block assessment also not valid : Tribunal justif

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appellate Tribunal : Powers : Search : Block assessment : S. 132 and S. 158B of Income-tax Act, 1961 : Tribunal cannot go into validity or otherwise of administrative decision for conducting search and seizure.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Penalty : Concealment : S. 271(1)(c) of Income-tax Act, 1961 : A.Y. 1993-94 : Bona fide claim for exemption in terms of conflicting determination of law : Assessee disclosed entire facts : Imposition of penalty not justified : Judgment of Supreme Court in

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment : S. 147 and S. 148 of Income-tax Act, 1961 : A.Ys. 1996-97 to 1998-99 and 2001-02 : Reason to believe : Satisfaction not of AO of the assessee but borrowed from another AO : Not sufficient : Reopening not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Wealth-tax : Penalty : Legal representative : S. 15B, S. 18 and S. 19 of Wealth-tax Act, 1957 : A.Ys. 1968-69, 1970-71, 1971-72, 1983-84 and 1984-85 : Assessee filing returns and receiving notices for penalty : Penalty order passed after death of assessee

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 80P(2)(a)(i) : Co-operative Society carrying on banking business : Interest on loans to nominal members is entitled to deduction.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 28(iv) : Notional interest on interest free deposit can not be treated as benefit or perquisite

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    S. 80IB : Customs duty drawback derived from business of industrial undertaking is entitled to deduction

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 147 : A completed assessment cannot be reopened merely on the basis of suspicion

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Principle of mutuality : Entrance fees, commutation value of subscription for life members received by sports club — Capital Receipt

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Capital gains : S.55(2)(b) : Sale of shares acquired before 1-4-1981 held as stock in trade up to 1987 — Market value as on 1-4-1981 is cost of acquisition

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain : Interest on borrowing for investment in shares to be added to cost of acquisition of shares

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains : Sale of property received under will : Expenditure on obtaining probate & travel expenses of executors deductible

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable trust: Assessee, a marketing committee entitled to registration u/s.12A/12AA and exemption u/s.11

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income from other sources : S. 56, 57 : Interest on borrowed money prior to commencement of business — Deductible u/s 57

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Refund : S. 119, S. 237 : Belated return for refund : Delay condoned due to genuine hardship to assessee

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    TDS : S. 199 : TDS on interest on Deep Discount Bonds — Payment on behalf of ‘owner of security’

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure : A.Y. 2004-05 : Premium paid by assessee-firm on keyman insurance policy of partner is business expenditure allowable as deduction.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Deemed dividend : S. 2(22)(e) of Income-tax Act, 1961 : A.Y. 2003-04 : Loans and advances from one company to another with common shareholder with substantial interest : Deemed dividend to be assessed in the hands of the shareholder and not in the hands o

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Capital receipt or income from other sources : Interest on share capital during pre-operative period : A.Ys. 2001-02 and 2002-03 : Due to legal entanglement with respect to title of land to be acquired for the assessee, share capital contribution put in f

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Capital gains : Cost of acquisition : A.Y. 2003-04 : Interest on loan taken for purchase of property : Interest to be included in the cost of acquisition for computing capital gain on sale of property.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Company : Book profits : S. 80HHC and S. 115JA of Income-tax Act, 1961 : In case of MAT assessment amount deductible u/s. 80HHC has to be computed on the basis of adjusted book profits and not on basis of profit computed under the normal provisions.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Appeal : Right of payer to appeal : S. 246(1)(i) and S. 248 of Income-tax Act, 1961 : A.Y. 1997-98 : Even if tax is not effected by the payer, the payer has every right to question the tax liability of the payee to avoid vicarious consequences : Payer is

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Arm’s length price : Determination : S. 92CA of Income-tax Act, 1961 : Amendment w.e.f. 1-6-2007 : Transfer Pricing Officer must give an opportunity of hearing : Assessee must be given opportunity to inspect material available with Transfer Pricing Office

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Assessment : A.Ys. 1993-94 to 1995-96 : Business expenditure : Disallowance : Not to be based only on admissions of assessee : Admission not conclusive evidence.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment : Cross-examination of witnesses : A.Y. 1996-97 : Assessment based on statement of witnesses : No opportunity afforded to assessee to cross-examine the witnesses : Matter remanded.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure : S. 37 of Income-tax Act, 1961 : A.Y. 2004-05 : Assessee civil contractor : Constructed Hockey Stadium in the Collectorate Complex for securing DRDA contract : Expenditure on stadium is business expenditure allowable u/s.37.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Depreciation : Additional depreciation : S. 32(1)(iia) of Income-tax Act, 1961 : Increase in installed capacity of final product is not a requirement for claiming additional depreciation.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation : User of asset : Assessee in leasing business : Lease of machinery in accounting year : Lessee installing machinery in subsequent year : Not relevant : Assessee entitled to depreciation.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary : S. 14, S. 15, S. 16 and S. 17 of Income-tax Act, 1961 and Article 164(5) of Constitution of India : A.Y. 1996-97 : Chief Minister of a State : Pay and allowances received is assessable under the head ‘salary’.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Interest for non/short payment of advance tax and on excess refund : S. 234B and S. 234D of Income-tax Act, 1961 : A.Y. 2001-02 : Interest not chargeable u/s.234B where short payment of advance tax is attributable to non/short deduction of tax at source :

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Interest on excess refund : S. 234D of Income-tax Act, 1961 : Section came on statute books w.e.f. 1-6-2003 : Provision not retrospective : Interest u/s.234D cannot be charged in respect of refunds granted prior to 1-6-2003.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Reassessment : Power and scope : S. 147 of Income-tax Act, 1961 : A.Ys. 1994-95 and 1995-96 : If the AO does not assess the income, which he had reason to believe had escaped assessment, then the reassessment order will be invalid.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Penalty S. 271(1)(c) Explanation 5 : Assessee admitted acquisition of asset in statement u/s.132(4) : Immunity to be granted

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    S. 239 & S. 140 : Return claiming refund signed by authorised signatory other than managing director : Defective return : Assessee to be given opportunity to cure defect

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Capital Gain : Compulsory acquisition — If compensation award and major part of compensation received in later years, capital gain cannot be assessed in year of handing over possession

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Expenditure on lease rent : S. 37 : Lease rent paid in lump sum for 20 years : Revenue expenditure

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    House property : S. 23 : Annual value is the rent received/receivable by owner from tenant, even if tenant receives higher rent by subletting property

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income : Statutory and contractual interest awarded by arbitrator accrues from year to year

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80-IB of Income-tax Act, 1961 : A.Y. 2001-02 : Sum offered to tax by assessee to cover up certain discrepancies : Is income from industrial undertaking eligible for deduction u/s.80-IB ?

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80-I of Income-tax Act, 1961 : A.Ys. 1992-93 to 1995-96 and 2000-01 : Computation of eligible amount to be on the basis of the profits of the eligible unit : Adjustment of loss of other unit not proper.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80-IA of Income-tax Act, 1961 : A.Y. 2000-01 : Computation of eligible amount to be on the basis of the profits of the eligible unit : Adjustment of loss of other unit not proper : Deductible amount not to exceed the

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    TDS : S. 194A of Income-tax Act, 1961 : Interest other than interest on securities : Once a decree is passed, it is a judgment and order of Court which culminates into final decree being passed which has to be discharged only on payment of amount due unde

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    TDS : S. 194C(2) of Income-tax Act, 1961 : Payment to sub-contractors : Assessee a registered co-operative society constituted by truck operators : Contracts with companies for transportation of their goods : Contracts executed by member truck operators :

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Penalty : Concealment of income : S. 271(1)(c) Expl. 1 : Surrender of income by assessee : No separate enquiry necessary before imposing penalty : Assessee to explain about bona fides in penalty proceedings : Matter remanded

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty : Concealment of income : S. 271(1)(c) : Cash compensatory support not included in original return, but in revised return : No concealment of income : Penalty could not be imposed.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Penalty : Concealment of income : S. 271(1)(c) : No penalty proceeding initiated in the preceding year on similar issue : Finding by Tribunal that a case of difference of opinion and not concealment of income : Proper.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty : Deposits in cash in excess of prescribed limits : S. 269SS, S. 269T, S. 271D and S. 271E : Firm accepting cash from partners in belief that it was not different from them : Reasonable ground : Penalty could not be imposed.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty : Deposits/Loans in cash in excess of prescribed limits : S. 269T and S. 271E : Repayment of advance towards share application money : Neither deposit nor loan : Bona fide belief : Penalty not justified.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty : Deposits/loans in cash in excess of prescribed limits : S. 269SS, S. 269T, S. 271D and S. 271E : Finding that the amounts were mere book entries and transactions on behalf of family members : No violation of S. 269SS and S. 269T : Penalty could

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty : Failure to deduct tax at source : S. 194A and S. 271C : Bona fide belief based on opinion of senior counsel : Penalty not justified.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty : Failure to get accounts audited in time : S. 44AB and S. 271B : Condition precedent : Tribunal to record a finding whether assessee deliberately failed to submit audit report in time : Matter remanded

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Scientific research expenditure : Deduction u/s.35 of Income-tax Act, 1961 : Research not restricted to applied or natural science but includes any scientific research which may lead to or facilitate extension of business.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business deduction : S. 43B : Deposit with customs authorities as per demand notice under the head Special Value Branch (SVB) is deductible in the year of actual payment.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure/bonus : S. 37(1) and S. 36(1)(ii) : ‘Good work reward’ paid to employees, not dependent on profit/loss : does not constitute ‘bonus’ u/s. 36(1)(ii) : Allowable as normal business expenditure u/s.37(1)

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable Trust : Certificate u/s.80G : Renewal of certificate denied on the ground that one particular expenditure is for an activity termed as spending for a particular religion : Not justified.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Exemption : S. 10(11) : Interest income accrued in provident fund account of employees after retirement : Continue to qualify for exemption u/s.10(11).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Disallowance of loss u/s.94(7) of Income-tax Act, 1961 : A.Y. 2004-05 : The conditions spelt out in clauses (a), (b) and (c) are cumulative and not alternative : Purchase of units within a period of less than three months from the record date, but sale be

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Appellate Tribunal : Power and duty : Third proviso to S. 254(2A) of Income-tax Act, 1961 : The Tribunal has power to grant stay of recovery for a period of 365 days only : The Tribunal is therefore under a bounden duty and obligation to ensure that the a

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Appellate Tribunal : Powers and duty : A.Y. 1990-91 : Assessee filed cross-objections in appeal filed by Revenue : Revenue’s appeal dismissed without considering cross-objections of assessee : Cross-objections should be disposed of on merits.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Assessment : Notice u/s.143(2) of Income-tax Act, 1961 : A.Y. 1997-98 : A valid notice u/s.143(2) can be issued only after the AO examines the return filed by the assessee.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Depreciation : Business expenditure : S. 32 and S. 37 of Income-tax Act, 1961 : A.Y. 1994-95 : Closure of business due to riots : Closure for reasons beyond control of assessee : Assessee entitled to depreciation and business expenditure.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80-IA of Income-tax Act, 1961 : A.Y. 2003-04 : Trial production in A.Y. 1998-99 and commercial production in A.Y. 1999-00 : Therefore initial assessment year is the A.Y. 1999-00 in which there was commercial producti

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Industrial undertaking : Deduction u/s.80-IA of Income-tax Act, 1961 : A.Y. 2005-06 : Computation : Adjustment of brought forward losses and depreciation set off in earlier years : Only the losses of the years beginning from the initial assessment year ar

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    KVSS 1998 : Rectification u/s.154 of Income-tax Act, 1961 : A.Y. 1993-94 : During the pendency of appeal before the Tribunal the assessee preferred an application under KVSS 1998 : After issue of certificate under KVSS a rectification order demanding addi

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Refund : S. 119, S. 240 and S. 244A of Income-tax Act, 1961 : A.Ys. 1998-99 and 1999-00 : Refund payable consequent on appeal : Application not necessary : Assessee entitled to interest on refund : Chief Commissioner has no power to deny interest on groun

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Co-operative society : Deduction u/s. 80P(2)(a)(i) of I. T. Act, 1961 : A. Y. 1995-96 : Society engaged in procuring raw silk and marketing to its members: Interest received from members for supplying materials on credit : Entitled to deduction.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Revision : S. 263 : Commissioner should consider explanation offered by assessee and not set aside assessment order for consideration by AO

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    KVSS : A.Y. 1993-94 : On 29-12-1998, the assessee AOP filed KVSS application in respect of appeal pending before Tribunal on basis of tax dues of Rs.24,04,600 : Rejection of application on ground that tax dues have been adjusted on 30-11-1998 against refu

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Export profit : Deduction u/s.80HHC of Income-tax Act, 1961 : A.Y. 2001-02 : Separate accounts maintained for export sales and domestic sales : Deduction not to be on basis of total turnover of all business : Assessee entitled to deduction fully on export

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Income : Dividend : In whose hands to be taxed : A sold shares to B : Change in ownership of shares not registered : Income from dividend assessable in the hands of A and not in the hands of B

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Investment allowance : S. 32A : Dumpers, tippers and hydraulic excavators are construction equipment vehicles, not road transport vehicles : Eligible for investment allowance

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty : Concealment of income : S. 271(1)(c) : Estimated addition : No evidence of concealment of income : Penalty could not be imposed

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    TDS : Works contract : S. 194C : Purchase of packing material carrying printed work : Essentially a sale/purchase : Not a works contract : Purchaser not liable to deduct tax at source.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Valuation of closing stock : Change in method of valuation as per AS 2 : Resultant variation in income : Not taxable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appellate Tribunal : Rectification u/s.254(2) of Income-tax Act, 1961 : A.Y. 1994-95 : Appellate order u/s.254(1) gets merged in rectification order only on issues raised in rectification application and not on other issues decided by Tribunal in appeal,

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Charitable purpose : Exemption u/s.11 : S. 11, S. 12A and S. 13(1)(d) of Income-tax Act, 1961 : A.Y. 2005-06 : Interest-free loan by assessee-society to another society : Loan neither ‘investment’, nor ‘deposit’ : Both societies having similar objects, re

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Charitable or religious trust : Exemption u/s.11 of Income-tax Act, 1961 : A.Y. 2003-04 : Additional condition by way of Explanation to S. 11(2) inserted w.e.f. 1-4-2003 is to apply only to accumulations in excess of 15% u/s. 11(2) and not to accumulation

    By K. B. Bhujle | Advocate
    Reading Time 5 mins

    Charitable purpose : Registration u/s.12A of Income-tax Act, 1961 : Rejection on the ground that amended deed not produced : Amended deed is not a pre-requisite condition : Matter remanded.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Income : Accrual of : Amount due to assessee in terms of royalty agreement : Dispute between parties and arbitration proceedings pending : No accrual of income : Assessment only on completion of arbitration proceedings.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Income : Excess cash received at cash counters of bank : Liable to be repaid to the real owner : Not income of assessee.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Business expenditure : Disallowance u/s. 14A of Income-tax Act, 1961 : In the absence of nexus between exempt income and expenditure in question established by Revenue, the provisions of S. 14A cannot be applied.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Bad debts : Deduction u/s.36(1)(vii) of Income-tax Act, 1961 : A.Y. 2005-06 : Disallowance u/s.14A : Exemption u/s.80HHC allowed : Deduction of bad debts cannot be disallowed u/s.14A.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose : Exemption u/s. 10(23C)(iv) of Income-tax Act, 1961 : Petitioner-foundation created for imparting, spreading and promoting knowledge, learning, education, etc. in fields related to profession of accountancy : Clearly falls in category

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation : S. 32 of Income-tax Act, 1961 : A.Ys. 2000-01 and 2001-02 : User of asset : Asset discarded and written off : Depreciation is allowable on WDV after reducing scrap value of asset discarded and written off.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Educational institution : Exemption u/s. 10(23C)(vi) of Income-tax Act, 1961 : Society running various educational institutions : Object of society also to serve church and nation : Not a ground for rejection of approval for exemption.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Exemption u/s.11 of Income-tax Act, 1961 : A.Y. 2003-04 : Exemption cannot be denied on the ground that it is not a trust: Filing of Form No. 10 : Revised form can be filed before completing assessment.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Return of income : Defective/invalid return : S. 140 of Income-tax Act, 1961 : A.Y. 1994-95 : Return signed by company secretary : Defect curable : Opportunity to rectify defect should be given.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Return of income : Doctrine of relation back : S. 140 of Income-tax Act, 1961 : A.Y. 2004-05 : Return signed by company secretary : Defect curable : Subsequent valid return though filed late relates back to original return.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS : S. 194A and S. 201 of Income-tax Act, 1961 : A.Y. 2003-04 : Discount allotted to subscribers of chit : Discount is not interest : No liability to deduct tax u/s.194A : Order u/s.201 not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS : S. 194I of Income-tax Act, 1961 : A.Ys. 2001-02 and 2002-03 : Premises owned by co-owners : Limit of Rs.1,20,000 is applicable to each co-owner.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Waiver of interest : S. 234A, S. 234B and S. 234C of Income-tax Act, 1961 and CBDT Circular No. 400/234/95-IT(B), dated 23-5-1996 : A.Ys. 1991-92 and 1992-93 : Death of father who was looking after business : Entire tax paid voluntarily and extra amount a

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Exemption u/s.10(38): A. Y. 2006-07: Assessee company and other group companies held 98.73% shares in BFSL which owned a land: They sold those shares to DLFCDL for a consideration of Rs. 89,28,36,500/- and claimed exemption u/s. 10(38): AO denied exemption holding that it is a sale of land: Denial of exemption not proper:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary: Benefit or perquisite: A. Ys. 1996-1997 to 2001-02: Assessees directors of company CRS: CRS effected its sale through franchisees which were owned by HUFs of assesses: Assessing Officer treated personal expenses of assessees and their family members paid by company as income of assessee’s by invoking section 2(24)(iv): Addition not proper:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Depreciation: Intangible assets: section 32(1) (ii): A.Y. 2004-05: Depreciation is allowable on abkari licence u/s.32(1)(ii).

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Export: Exemption u/s.10B: A.Y. 2003-04: Assessee an approved EOU and manufacturing articles for export: Some work done on job basis by sister concern: Not relevant: Assessee entitled to exemption u/s.10B.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Export profit: Deduction u/s.80HHC: A.Y. 1998- 99: Supply of food and beverages to foreign airlines leaving India: Amount received deemed to be convertible foreign exchange: Assessee entitled to deduction u/s.80HHC.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Revision: Power of Commissioner: section 264: A.Y. 1996-97: Exempt income offered for taxation by mistake: Commissioner not justified in rejecting application for revision.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Recovery: Stay of demand pending appeal: Section 220(6) : A. Y. 2010-11: Stay can be granted on the basis of the merits even if there is no financial hardship:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains: Forfeiture of earnest money: Section 51 r/w. s. 4: A. Y. 2007-08: Earnest money forfeited on cancellation of sale agreement is capital receipt: Not taxable as income:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital or revenue receipt: Test: A. Y. 1997- 98: assessee receiving amount in terms of release agreement: Compensation for loss of source of income: Capital receipt: Not taxable:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational Institution: Exemption u/s. 10(22):A. Y. 1998-99: Denial of exemption disputing genuineness of transaction: Contributor to assessee denying the transaction: Assessee should be given opportunity to cross-examine the disputant:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    filing appeal by Revenue: Instruction No. 3 of 2011, dated 9-2-2011 is retrospective: Department must show ‘cascading effect’.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 40(a)(ia): A. Y. 2007-08: Amendment by Finance Act, 2010 permitting TDS payment till due date for filing return of income is retrospective:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income from industrial undertaking: Deduction u/s. 80-IB and 80-IC: A. Ys. 2004-05 and 2006-07: Transport subsidy, power subsidy, interest subsidy and insurance subsidy resulting in increase of profits of the undertaking: Such increased profit is income derived from the industrial undertaking and is eligible for deduction u/s. 80-IB/80-IC of the Act:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty: Sections 139A and 272B: A. Y. 2003- 04: Quoting PAN in TDS certificates: Failure: Where assessee-deductor did not mention PAN of deductees on TDS certificates issued by it, as same was not provided by deductees within time prescribed, there was reasonable cause for non-compliance of section 139A(5A), and, therefore, penalty u/s. 272B could not be imposed:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Rectification: Interest: Sections 154 and 244A: A. Y. 2002-03: While giving effect to order of CIT(A) the assessee was allowed refund with interest u/s. 244A: Rectification u/s. 154 to withdraw interest is not sustainable: Question whether there was delay and to whom the delay was attributable is a debatable question of fact:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Revision: Scope: Section 263: A. Y. 2006-07: CIT feeling inquiry inadequate: CIT must make enquiry and show that assessment order was erroneous: CIT has no power to remand and direct AO to conduct enquiry:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary: Perquisite: Sections 15 and 17(2): A. Y. 1994-95: Assesee R but NOR: Employer to bear the tax on salary: Assessee paid tax of Rs. 50 lakh: Got reimbursement from employer of Rs. 35 lakh: Salary received by the assessee to be enhanced by Rs. 35 lakh only and balance Rs. 15 lakh paid by assessee not to be enhanced:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure: Block assessment: Section 158BC; Block period 01-04-1986 to 26-06- 1996: Undisclosed income to be determined on basis of evidence found during search: Cannot be computed on the basis of best judgment:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Fines and penalties: Section 37(1) : A. Y. 2004-05: Dishonour of export commitment in view of losses: Encashment of bank guarantee by Export Promotion Council: Payment recorded as penalty in assessee’s books and claimed as deduction: Compensatory in nature:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains: Exemption u/s. 54/54F: A. Y. 2007-08: A residential house includes a building with a basement, ground floor, first floor and second floor constituting two residential units: Exemption allowable:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital or revenue receipt: Entertainment subsidy: Object of subsidy to promote cinema houses by constructing Multiplex Theatres: Subsidy is capital receipt:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital or revenue receipt: A. Y. 2003-04: Business of Multiplexes and Theatres: Exemption from entertainment tax under Scheme of Incentive for Tourism Project, 1995 to 2000 for giving boost to tourism sector: Scheme offering incentive for recouping or covering capital investment:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Depreciation(Unabsorbed): Carry forward and set off: A. Y. 2006-07: Effect of amendment of section 32(2) w.e.f. 01/04/2002: Unabsorbed depreciation from A. Y. 1997-98 to 2001-02 got carried forward to A. Y. 2002-03 and became part thereof: It is available for carry forward and set off against the profits and gains of subsequent years, without any limit:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Double taxation relief: Section 91(1): A. Y. 1997- 98: Income earned in foreign country: Relief of taxes paid abroad: Relief not dependent upon payment of taxes being made in foreign country in previous year:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Exemption: Interest on tax free bonds: Section 10(15) : A. Y. 1988-89: Interest for period between application for allotment and actual allotment: Entitled to exemption: CIT vs. Bharat Heavy Electricals Ltd.; 352 ITR 88 (Del):

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Penalty: S/s. 269SS and 271D: Amount received by assessee from her father-in-law for purchasing property: Transaction genuine and source disclosed: Penalty u/s. 271D not to be imposed:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty: Limitation: S/s. 271D and 275(1)(c): A. Y. 2001-02: On 27/03/2003 AO served show cause notice for penalty u/s. 271D: Matter referred to Jt. CIT on 22/03/2004: Jt. CIT passed order of penalty u/s. 271D on 28/05/2004: The order is barred by limitation u/s. 275(1)(c):

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: S/s. 147 and 148: A. Y. 2007-08: Where AO has acted only under compulsion of audit party and not independently, action of reopening assessment is not valid:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Assessment giving effect to order of Tribunal: Section 254, r/w. s. 154 : A. Y. 2001-02: Tribunal restored proceeding back to AO for fresh examination of nature of share transaction: AO passed an order giving effect to order of Tribunal: Subsequently, successor AO recomputed loss and passed a fresh order: Fresh order is without jurisdiction:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure : Section 37(1) : A. Y. 2003-04: Landlord incurred expenditure on construction as per assessee’s requirements: Compensation paid to landlord for nonoccupation of premises, in lieu of withdrawing all claims against assessee: Was in the course of business and was allowable as revenue expenditure:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure : Section 37(1) : A. Y. 2008-09: Software development and upgradation expenditure: Is allowable revenue expenditure:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Section 50C: A. Y. 2005-06: Amendment by Finance (No. 2) Act, 2009, w.e.f. 01/10/2009 is prospective: Amended provision not applicable to transactions completed prior to 01/10/2009:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: A. Y. 2007-08: Family settlement: Principle of owelty: Payment to assessee to compensate inequalities in partition of assets: Amount paid is immovable property: No capital gain arises:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational Institution: Exemption: Section 10(23C)(vi): A. Y. 2008-09: Rejection of approval for exemption on the ground of defect in admission procedure: Rejection not just:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal to CIT(A): S/s. 245C and 251: Appeal can be made only by assessee: Assessee cannot withdraw appeal: Order of CIT(A) allowing assessee to withdraw appeal is not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains: Exemption u/s. 54F: A. Y. 2008-09: Exemption in case of investment in residential house: For claiming deduction u/s. 54F, new residential house need not be purchased by assessee exclusively in his own name: Purchase of new house in name of wife: Exemption could not be denied

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Rate of tax: Section 112: A. Y. 2010-11: Non-residents are eligible for the benefit of 10% tax rate on long term capital gains under proviso to section 112(1): AAR should avoid giving conflicting rulings:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Cash credits : Section 68: A. Y. 2004-05: Assessee sold shares and claimed to have earned capital gains: Assessee produced purchase bills of shares, letter of transfer, sale bills, accounts with brokers, purchase and sale chart and copy of quotations from stock exchange showing rate of shares at relevant time and letters from brokers confirming sale of shares: Payment of sale price was made through bank channel and not in cash: Sale transactions of shares could not be disbelieved only for reaso<

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: Limitation: Exclusion from limitation: S/s. 147, 148, 149 and 150: A.Ys. 1999-00 to 2002-03: Reassessment pursuant to order of appellate authority in case of third party: Condition precedent for exclusion of limitation: Assessee must be given opportunity to be heard: Order of Tribunal in case of third party holding that interest income belonged to assessee: Notice for reassessment beyond six years to assessee without giving opportunity to be heard: Notice barred by time:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    AAR: Section 245R : Application for ruling: No requirement of recording reasons at stage of admission: Commissioner or his representative need not be heard at that stage: Hearing Commissioner or his representative before pronouncing advance ruling only if Authority considers necessary:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Assessment: Limitation: Section 158BC: Block Period ending on 14-09-2002: Exclusion of period during which assessment stayed by Court: Limitation resumes on date of vacation of stay and not from date of receipt of order by Department: Assessment barred by limitation:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Bonus: Section 36(1) (ii): A. Ys. 2005-06 and 2006-07: Bonus paid to director as per Board resolution: Directors rendering valuable services to company: Bonus not related to shareholding: Bonus deductible:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Disallowance u/s. 40(a) (ia): A. Y. 2008-09: Amendment of section 40(a)(ia) by Finance Act, 2010 is retrospective and is applicable for the A. Y. 2008-09 also:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Provisional attachment u/s. 281B: A. Y. 2008-09: Provisional attachment remains in operation only till the passing of the assessment order

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure: Authorisation u/s. 132(1) of I. T. Act, 1961: Validity: Reason to believe: Affidavit of Dy DIT stating that he got information that there was a “likelihood” of the documents belonging to the DS Group being found at the residence of the assessee: Would amount only to surmise or conjecture and not to solid information: Warrant of authorisation not valid and is liable to be quashed

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Settlement of cases: Chapter XIXA: A. Ys. 2001- 02 to 2006-07: Order passed by Settlement Commission is final: No Income Tax Authority can initiate proceedings in respect of period and income covered by such order: Settlement Commission cannot delegate its power

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Assessment giving effect to the order of revision: Scope: Sections 143(3) and 263: A. Y. 2006-07: Assessee carrying on two businesses; i) Mentha business and ii) Cattle feed and green vegetable business: Separate accounts maintained: Assessment set aside u/s. 263 by finding errors in cattle feed and green vegetable business: Pursuant assessment is restricted to Cattle feed and green vegetable business: Queries concerning mentha business are beyond the scope and power:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Block assessment: Limitation: Special audit: Sections 142(2A) and 158BC: Direction for special audit without giving opportunity to assessee: Direction given to extend period of limitation: Assessment barred by limitation:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Disallowance u/s. 40(a) (ia) : Deduction of tax at a lesser rate due to difference of opinion: Disallowance u/s. 40(a)(ia) not justified:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Disallowance u/s. 14A: A. Y. 2005-06 and 2006-07: Investment in subsidiaries: In respect of part of investment dividends were taxable: In respect of balance, assessee had sufficient interest free funds: No disallowance could be made u/s. 14A:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Payment to related person: Disallowance u/s. 40A(2)(b): A.Y. 1995-96: Payment to subsidiary company: Section 40A(2)(b) not applicable:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable institution: Exemption u/s. 10(23C) (iv): Sections 2(15) and 10(23C)(iv): A.Ys. 2006- 07 to 2011-12: Charitable purpose: Applicability of proviso to section 2(15): Assessee’s activities fall in section 2(15) as existed prior to 01-04-2009 under the category of advancement of any other object of general public utility: Activity of assessee in conducting coaching classes is integral to its activity of conducting course in accountancy: Cannot be equated with private coaching classes:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation: Actual cost: Subsidy: Section 43(1), Expln. 10: A.Ys. 2001-02 and 2002-03: Assessee a Government Company took over the telecommunication business from Government Department: Assets transferred at book value: Consideration in form of shares, debts and reserves: Reserve not a subsidy, grant or reimbursement for meeting cost of assets transferred: Reserves not to be reduced from fixed assets to arrive at actual cost: Reopening of the assessment for reducing the actual cost by reserve<

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income: Accrual: Retention money: Sections 4 and 5: A. Y. 2003-04: Amount retained to ensure satisfactory performance of contract does not accrue: Not income of that year:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Industrial undertaking: Deduction u/s. 80-IA/80-IB: Computation: A.Ys. 1997-98 to 1999-00, 2003-04 and 2004-05: Assessee printing and publishing magazines: Four units: One unit doing job work of printing for publishing unit: Expenses attributable to publishing unit not to be allocated to printing unit for computation of the amount deductible u/s. 80-IA/80-IB:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 43B(b) r/w.s. 36(va): Contribution to provident fund: Due date mentioned in section 36(va) is due date mentioned in section 43B(b): Contribution made after due date specified by Provident Fund Authority but before due date for filing return: Amount deductible:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Capital or revenue expenditure: Section 35DDA: A. Y. 2007-08: Payment to employees under voluntary retirement scheme: Compliance with Rule 2BA is for benefit u/s. 10(10C): No such compliance mandatory for deduction in the hands of employer u/s. 35DDA: Deduction allowable:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains: Section 50C: r.w.ss. 16A and 24 of W. T. Act, 1957: Sale of immovable property for consideration of Rs. 2,06,18,227: Stamp duty value – Rs. 4,04,48,000: Value as per DVO – Rs. 2,83,19,289: Value as per Registered valuer of assessee – Rs. 2,23,41,000: AO adopted value of Rs. 2,83,19,289 as per DVO: Tribunal adopted value of Rs. 2,23,41,000 as per registered valuer without giving opportunity to DVO: Tribunal not justified in doing so:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Educational institution: Exemption u/s. 10(23C)(vi); Rule 2CA of I. T. Rules, 1962: Assessee society running a degree college made application for approval u/s. 10(23C) (vi) for A. Y. 2009-10 onwards: Commissioner rejected application on grounds that (i) approval u/s. 10(23C)(vi) was available only to an educational institution existing solely for educational purposes while memorandum of assessee stipulated other objects as well,

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Housing Project: Income from: Deduction u/s.80-IB(10): Interest on delayed payment by purchasers due from contractors and suppliers: Part of income derived from development of housing project: Entitled to deduction u/s. 80-IB(10):

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Provisional attachment: Section 281B: A. Y. 2011-12: Provisional attachment should be commensurate with claim of revenue:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary: Perquisites: S/s. 17(2), r.w.s. 10(10CC): Assessees were employees of a foreign company, working in India: Tax arising in India on income of employees was borne by foreign employer: Amounts paid directly by employer to discharge employees’ incometax liability is exempt u/s. 10(10CC): Not a perquisite: Social security, pension and medical insurance contributions paid by employer are not taxable as perquisites: Where tax is deposited in respect of non-monetary perquisite, it is exempt u/s<

    By K. B. Bhujle, Advocate
    Reading Time 8 mins

    Capital gains: Exemption u/s.54F: Purchase of two adjacent flats, interconnected and used as one residential house: Assessee entitled to exemption u/s.54F.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains: Exemption u/s.54F: Purchase of two adjacent flats, interconnected and used as one residential house: Assessee entitled to exemption u/s.54F

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest u/s.220(2): A.Y. 1994-95: Original assessment order set aside by Tribunal: Interest u/s.220(2) to commence after thirty days from the date of service of demand notice pursuant to fresh assessment order.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Section 43B: In A.Y. 1996- 97 the assessee paid a sum of Rs.322.46 lakh on account of excise duty being the liability for the A.Y. 1997-98: Assessee is entitled to the deduction in the A.Y. 1996-97 in view of section 43B(a) r/w. Expl. 2.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Capital gain: Sections 10B and 50(2): A.Y. 1993- 94: Assessee eligible for exemption u/s.10B sold assets to sister concern after expiry of period of exemption. Purchase of assets of same rate of depreciation: Assessee entitled to benefit u/s.50(2).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deemed dividend: Section 2(22)(e): A.Y. 1999-00: Gratuitous loan deemed to be dividend: Shareholder permitting his immovable property to be mortgaged to bank enabling company to obtain loan: Loan by company to shareholder not deemed dividend.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income: Lottery: Sections 2(24)(ix) and 115BB : Assessee was allotted a Contessa car as the first prize under the National Savings Scheme: Not a lottery: Not income liable to tax:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Reassessment: S/s. 147 and 148: A. Y. 2000-01: Notice u/s. 148 at the instance of the audit party: Not valid:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: Reason to believe: Change of opinion: S/s. 147 and 148: A. Y. 2007-08: Information regarding bogus companies engaged in providing accommodation entries to which assessee was allegedly a beneficiary was in possession of AO while making assessment u/s. 143(3): In response to query raised by AO the assessee furnished all information including alleged accommodation entry providers with their confirmations: Subsequent notice u/s. 148 and the consequent reassessment are not valid:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Software Technology Park: Exemption u/s. 10A: A. Y. 2003-04: Approval by Director of Software Parks of India is valid: Approval by Inter-Ministerial Standing Committee not necessary:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appellate Tribunal: Power and scope: Section 80-IA: A. Ys. 2002-03 to 2008-09: CIT(A) holding rental income from towers constructed in industrial park was business income and eligible for deduction u/s. 80-IA: Revenue not challenging this finding before Tribunal: Tribunal cannot pass remand order for further enquiry on issue of character of receipt:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Bad debts: Deduction u/s. 36(1)(vii): A. Y. 2004- 05: Where books of account are not closed and not signed by Board of Directors and not adopted by shareholders as per Companies Act, it is legally permissible to make adjustments before they are finally adopted: Where accounts of assessee were open and subject to correction by auditors, bad debts could be written off even after closure of accounting period, as there is neither any condition nor any provision u/s. 36(1)(vii), that writing off of

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Deemed income: section 41(1): A.Y. 1995-96: Cheques not presented by creditors within validity period: No remission of liability: Amount not assessable u/s.41(1).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable or religious trust: Section 11: A. Ys. 1998-99 to 2000-01: Exemption of income from property held under trust: Accumulation of income: For purposes of section 11(2), Form No. 10 could be furnished during reassessment proceedings

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s. 80JJA: A. Ys. 2003-04 and 2004- 05: Business of making fuel briquettes from bagasse: Bagasse is a biodegradable waste and the same is collected on consideration by assessee from sugar factory: Assessee entitled to deduction u/s. 80JJA

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Housing project: Deduction u/s. 80-IB: A. Ys. 2004-05 to 2008-09: Built-up area of some flats exceeding 1500 sq.ft.: Within a composite housing project, where there are eligible and ineligible units, the assessee can claim deduction in respect of eligible units in the project and even within the block, the assessee is entitled to claim proportionate relief in the units satisfying the extent of the built-up area

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest u/s. 234A: A. Y. 1996-97: Tax paid before due date but return filed late: Interest u/s. 234A not leviable

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational Institution: Exemption u/s. 10(23C) (vi): A. Y. 2011-12: Institution should exist wholly for education: Government grant, incidental surplus, upgrading facilities of college including for purchase of library books and improvement of infrastructure: Not a ground for denial of exemption:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Export profit: Deduction u/s. 80HHC: A. Y. 2003-04: Computation: Scrap is by-product of manufacturing activity: There were no expenses which could be excluded from sale of scrap:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty: Section 271(1)(c): Short term capital gains assessed as business income: Penalty u/s. 271(1)(c) not justified:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Appeal to CIT(A): Additional ground: A.Y. 2001-02: Claim for benefit of proviso to section 112(1) not made in the return: Could be accepted by CIT(A): Assessee is entitled to raise the legal issue before the first Appellate Authority, which possessed co-terminus powers similar to the AO.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment: Change of status: Validity: A.Y. 1972-73: If the status of the assessee is required to be modified, the only option is to assess the income in the appropriate status, if permitted by law: CIT(A) modifying the status of assessee: Not valid.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Bad debts: Section 36(1)(vii) and 36(2) of Income-tax Act, 1961: A.Y. 1998-99: Assessee share-broker: Nonrecovery of amount receivable from clients against purchase of shares: Non-recoverable amount is bad debt deductible u/s.36(1)(vii) r.w.s 36(2).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Section 37(1): A.Y. 1997-98: Expenditure on higher education of two directors: Disallowance on ground that directors are children of managing director: Not proper.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Export of computer software: Exemption/ deduction u/s.10A r.w.s 80-I: A.Ys. 1995-96 to 1998-99: No material to show that assessee indulged in arrangement with foreign buyer so as to produce higher profits to assessee: AO not entitled to presume such arrangement and determine reasonable profits.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Export profit: Deduction u/s.80HHC: A.Y. 2001-02: Assessee purchasing goods from one foreign country and transporting it to another foreign country: No condition that exports must be from India: Receipt on sale proceeds in convertible foreign exchange: Assessee entitled to deduction u/s.80HHC.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Revision: Section 263 of Income-tax Act, 1961: A.Y. 1996-97: Limitation: Order of assessment does not merge in orders of reassessment as regards issues not forming subject-matter of reassessment: Limitation for revision of assessment in respect of those issues runs from date of original assessment order and not from date of reassessment orders.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Set-off of loss of EOU: Exemption or deduction: Sections 10B, 70, and 80-IA(5) of Incometax Act, 1961: A.Y. 2005-06: Section 10B as amended w.e.f. 1-4-2001 is not a provision for exemption but a provision for deduction: Loss sustained from such an eligible unit can be set off against business income from other units.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Speculative loss: Section 73: A.Y. 1996-97: Service charges Rs.2.25 crore, share trading loss Rs.2.23 crore and dividend income Rs.4.7 lakh: Exception in Explanation to section 73 applicable: Assessee would not be deemed to be carrying on a speculation business for the purpose of section 73(1).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Waiver of interest: Section 220(2A) of Income-tax Act, 1961: A.Y. 1989-90: Power to waive should be exercised judiciously: Finding that all conditions for waiver were satisfied: Waiver of part interest is not valid.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Penalty: Concealment: Section 271(1)(c): Sale of immovable property for Rs. 2,51,50,000 which was valued at Rs. 5,19,77,000 for stamp duty: Assessee computed capital gain by taking actual consideration of Rs. 2,51,50,000: AO applied section 50C and also imposed penalty u/s. 271(1)(c): Penalty not justified:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Waiver of interest: Section 220(2A): Provision to be construed liberally: Application for stay of recovery proceedings cannot be construed as non-cooperation: Partial relief granted:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    (2011) 133 ITD 77 (Mum) RBS equities India Ltd. vs. Deputy Commissioner of Income Tax Assessment Year : 2004-05 Date of order: 26-08-2011

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Disallowance u/s. 40(a)(ia): A. Y. 2009-10: Tax deducted at source on salaries of employees paid by another party on behalf of assessee: Assessee not required to deduct tax on reimbursement to that party: Disallowance u/s. 40(a) (ia) cannot be made:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: S/s. 143(1), 143(3), 147 and 148: A. Y. 2002-03: No distinction to be made while interpreting the words “reason to believe” vis-à-vis section 143(1) and 143(3): In the absence of “fresh material” assessment cannot be reopened: Change of opinion is not a valid basis for reopening assessment:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Charitable trust: Registration: S/s 12A and 12AA: Statute does not prohibit or enjoin the CIT from registering trust solely based on its objects, without any activity, in the case of a newly registered trust:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Expenditure: Capital or revenue: Section 37: A. Y. 1997-98: Amounts paid by assessee to clubs for obtaining membership is revenue expenditure:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Income: Accrual of: Section 5: A. Y. 2004-05: Amount (Rs. 3,037 crore) for transfer of indefeasible right of connectivity for 20 years: Assessee correctly spread the entire fee of Rs. 3,037 crore over a period of 20 years and accordingly paid tax: Entire amount was not assessable during the relevant year:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income from undisclosed sources: Reference to DVO: S/s. 69 and 142A: A. Y. 1989-90: Rejection of books of account is prerequisite for valid reference to DVO for valuation u/s. 142A: Report of DVO pursuant to invalid reference could not be a basis for addition u/s. 69:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Industrial undertaking: Deduction u/s. 80-IC: A. Y. 2004-05: Interest received for delay in payment for goods: Is income derived from industrial undertaking: Eligible for deduction u/s. 80-IC:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Reassessment: S/s. 115AD, 147 and 148: A. Y. 2006-07: Validity to be determined with reference to reasons recorded for belief: Assessment u/s. 143(1) determining Nil income: Notice u/s. 148 on the ground that that section 115AD may be applicable: Not valid:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure: Block assessment: S/s. 69A, 80-IB(10) and 158BB: Block Period 1-4- 1995 to 21-2-2002: Assessee in construction business eligible for deduction u/s. 80-IB(10): Disclosure of construction income: Assessee is entitled to deduction u/s. 80-IB(10):

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Bad debts: Section 36(1)(vii): A. Y. 2007-08: Assessee taking all assets and liabilities of two web portals from its holding company as going concerns: Debt due to holding company: Assessee is entitled to write off: Bad debt allowable:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: S/s. 2(24)(x), 36(1)(va) and 43B: A. Y. 2001-02: Employees’ contribution towards ESI: Deposited before due date for filing return though after due date prescribed under ESI Act, 1948: Deduction to be allowed: No distinction to be made between employer’s contribution and employees’ contribution: Amendment of section 43B by Finance Act, 2003 deleting second proviso is retrospective:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business income or house property income: S/s. 22 and 28: A. Y. 2003-04: Assessee owner of property: Hotel run in property by company of which assessee was director: No lease of property: Share of profits received by assessee: Assessable as business income:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable trust: S/s. 11(1)(d) and 80G(5): A. Y. 2005-06 to 2007-08: Certificate u/s. 80G(5); Refusal to continue on the ground that the conditions u/s. 11(1)(d) not satisfied: Refusal not proper: Department directed to pay Rs. 1,00,000/- to the trust:

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Charitable trust: Certificate u/s. 80G(5): Amendment by Finance Act (No.2) of 2009 and Circular Nos. 5 and 7 of 2010 issued by CBDT: Certificate once granted operates in perpetuity: Withdrawal, if any, should be as per the procedure:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Exemption u/s. 10A: A. Ys. 2002-03 and 2003-04: Current losses as well as brought forward losses of the non-EPZ unit cannot be deducted or reduced from the profits of the EPZ unit for computing the deduction u/s. 10A:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain: Exemption u/ss. 54 and 54EC: A. Y. 2007-08: Long term capital gain: investment in residential property and bonds: Inclusion of husband’s name as joint owner: Assessee entitled to exemption of entire investment:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains: Section 50C: A. Y. 2003-04: Stamp duty value higher than sale consideration: Reference to DVO: Report of DVO binding on AO:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Export profit: Deduction u/s. 80HHC: Retrospective amendment to section 80HHC(3) by Taxation Laws(Second Amendment) Act, 2005 to get over decision of Tribunal is not valid: Amendment prospective:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Revision: Section 264: A. Y. 2007-08: Claim for exemption in return but by mistake not shown in computation: Intimation u/s. 143(1) denying exemption: Rejection of application for revision: Not justified:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary: Perquisite: S/s 17(2)(iii) and 17(2)(iv) of I. T. Act, 1961 and Rule 3 of I. T. Rules, 1962: Expenditure on repairs of residential accommodation occupied by employee:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Salary: Perquisite/Profit in lieu of salary: S/s 15 and 17: Keyman Insurance policy for employee/directors: Assignment of policy to employee/director receiving surrender value: Difference between actual premia paid and surrender value not assessable as salary:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal to High Court: Section 260Aa: Territorial jurisdiction: Order of Tribunal passed within the jurisdiction: Appeal lies to that High Court:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal before Tribunal: Agricultural land: Capital asset: S/s.2(14) and 253: A. Ys. 2008- 09 and 2009-10: AO did not doubt the land being used for agriculture: Tribunal did not consider the ground taken by the Revenue that the land is not agricultural land: Tribunal was right in doing so:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain: Exemption u/s. 54F: A. Y. 2007- 08: Sale of agricultural land and residential house on 20-06-2006: No deposit in capital gains account: Paid substantial amount and took possession of residential house on 30- 03-2008: Paid balance amount of Rs. 24 lakh on 23-04-2008: Assessee entitled to exemption u/s. 54F:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose: Educational institution: Exemption u/s. 11 r.w.s. 13: A. Ys. 1998-99 to 2002-03: CBSE denied recognition to SSSPL being a corporate entity and insisted for a society structure: Assessee society formed by SSSPL was granted recognition by CBSE: Assessee running educational institution in the set up of SSSPL: Paid rent and royalty to SSSPL: No violation of section 13: Assessee entitled to exemption u/s. 11:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income: Accrual: S/s. 5 and 145: A. Y. 1989-90 and 1990-91: Assessee selling lottery tickets to stockists subject to return of unsold tickets before one day of draw: Income on sale of tickets accrues on the date of draw:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income: Interest: Accrual: A. Y. 1992-93: Assessee-company promoted by State Government: Amount received from Government towards share capital: Interest earned on short term deposits: Agreement that interest would belong to Government: Interest not assessable in hands of assessee:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: Section 194C: A. Y. 2005-06: Contract for purchase of natural gas: Transportation charges paid to seller: Transportation part of sale transaction: No works contract or contract for carriage of goods: Section 194C not attracted:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Disallowance u/s. 40(a)(ia) r/w. s/s. 9(1)(vii) and 195: A. Y. 2007- 08: Circular in force during relevant year not obliging to deduct tax at source: Disallowance u/s. 40(a)(ia) not proper: Subsequent withdrawal of Circular not relevant:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Works contract: Disallowance u/s. 40(a)(ia) r/w. section 194C: Assessee running coaching classes for competitive exams: Agreement with franchisees: Not a works contract: Tax not deductible at source on payment to franchisees: Amount paid to franchisees not disallowable u/s. 40(a)(ia):

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Industrial undertaking: Deduction u/s. 80-I: A. Ys. 1993-94 and 1994-95: Profit must be derived from industrial undertaking: Ownership of industrial undertaking is not a condition precedent:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Penalty: Concealment: Section 271(1)(c): A. Y. 2002-03: Assessee, a limited company, made a claim for deduction of loss in the course of assessment proceedings: AO rejected the claim and imposed penalty u/s. 271(1)(c): Penalty not justified: Liberal view is required to be taken as necessarily the claim is bound to be scrutinised both on facts and law:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Speculative business: Section 43(5) proviso (d): A. Y. 2006-07: Proviso (d) to section 43(5) inserted w.e.f. 01-04-2006: Transactions in derivatives on recognised stock exchange not deemed speculative: Rule prescribing conditions for notification framed on 01-07-2005: Notification in January 2006: Notification has retrospective effect: Loss in derivative transactions during July 2005 and September 2005 is not deemed speculative:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: F. Y. 2012-13: Certificate u/s. 197: Cannot be denied on the ground that the assessee had violated the provisions of TDS and proceedings u/ss. 276B and 271C were pending:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Provisional attachment: Section 281B: Provisional attachment of bank accounts aggregating to over Rs. 33 lakh: Assessment raising demand of Rs. 9,62,378/-: Attachment should be restricted to the demand:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Scientific research expenditure: Section 35(2AB): Explanation to section 35(2AB)(1) does not require that expenses included in said Explanation are essentially to be incurred inside an approved in-house research facility: Assessee-company incurred various expenses on clinical trials for developing its pharmaceutical products outside approved laboratory facility: Assessee entitled to weighted deduction in respect of said expenses:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    TDS effect, Refunds, etc.: S/s. 139, 143(1), 154, 245, 200 and 244A: General problems faced by the taxpayers: Directions by Delhi High Court: Court On Its Own Motion vs. CIT and AIFTP vs. UOI; 352 ITR 273 (Del): 214 Taxman 335 (Del):

    By K. B. Bhujle
    Advocate
    Reading Time 12 mins

    Penalty: Concealment: Section 271(1)(c): 1999- 00: Inadvertent mistake in claiming exemption: No concealment: Penalty u/s. 271(1)(c) not justified:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Presumptive income: Section 44AD r.w.s. 69: Assessee, a construction company: Books of account maintained by assessee were duly audited and there was no question of disbelieving them in absence of any cogent evidence: Benefit u/s. 44AD could be granted to assessee:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Revision: Rectification: S/s. 154,155(14) and 263: A. Y. 1999-00: Assessee not claiming refund for non-availability of TDS certificates: Certificates produced later and rectification order allowing credit: Revision of rectification order by Commissioner u/s. 263: Provision permitting rectification not in force at time of rectification but in force at time of revision by Commissioner: Order of rectification not erroneous and could not have been revised:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Transfer pricing: S/s 92B and 92C: A. Y. 2004- 05: International transaction: Meaning of: Assessee a wholly owned subsidiary of Mauritius company which, in turn, was a wholly owned subsidiary of a US company: Assessee booked orders in India for equipments manufactured by US company and earned commission: Also rendered services against warranty given by US company: Apart from that, assessee entered into independent contracts with Indian customers for installation, commissioning and maintenance

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Income: Mutuality: A. Y. 2005-06: TDR premium paid by members to housing co-operative society for utilising extra FSI is exempt in the hands of society on the principle of mutuality:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital asset v. Stock-in-trade: Section 50C of Income-tax Act, 1961: A.Y. 2006-07: Section 50C does not apply to land & building held as stock-in-trade.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Disallowance: Section 14A of Income-tax Act, 1961: A.Y. 2007-08: Section 14A does not apply to shares held as stock in trade.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Housing project: deduction u/s.80IB(10) of Income-tax Act 1961: A.Ys. 2004-05 and 2005- 06: Multiple housing projects in one acre plot is permissible.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Recovery of tax: Stay of recovery during pendency of appeal: Section 220(6) of Incometax Act, 1961: AO and Appellate Authorities are not mere tax gatherers: They have to be fair to the assessee.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Recovery of tax: Attachment: Stay of recovery: Sections 220(1), 220(6) and 281B of Income-tax Act, 1961: Provisional attachment u/s.281B on 7-10-2011: Assessment order passed on 9-3-2012: Demand directed to be paid within 7 days instead of 30 days: Not proper: Application for stay of demand till disposal of appeal by CIT(A) rejected: Not just: High Court directed stay of recovery till disposal of appeal by CIT(A).

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Recovery of tax: Stay of recovery during pendency of appeal: Section 220(6) of Income-tax Act, 1961: If prima facie the case is in favour of the assessee, stay should be granted for the full demand.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains: Exemption u/s.54F of Incometax Act, 1961: A.Y. 2007-08: Purchase of residential house in joint names of assessee and his wife: Wife had not contributed: Assessee entitled to exemption u/s.54F to the full extent.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income from house property: Section 23(2) of Income-tax Act, 1961: Allowance for self-occupation u/s.23(2) is available for HUF also.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Constitutional validity – Amendment made in section 80-IB(9) by adding an Explanation was not clarificatory, declaratory, curative or made “small repair” in the Act – On the contrary, it takes away the accrued and vested right of the Petitioner which had matured after the judgments of ITAT. Therefore, the Explanation added by the Finance (No.2) Act 2009 was a substantive law – Explanation added to section 80-IB(9) by the Finance (No.2) Act, of 2009 is clearly unconstitutional, violative of Arti<

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing project: Deduction u/s. 80-IB(10): A. Y. 2007-08: Amendment w.e.f. 01/04/2005 requiring certificate of completion of project within four years of approval: Not applicable to projects approved prior to that date: Assessee entitled to deduction:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance u/s. 14A – A. Y. 2007-08 – Disallowance u/s. 14A is not automatic upon claim to exemption – AO’s satisfaction that voluntary disallowance made by assessee unreasonable and unsatisfactory is necessary – In the absence of such satisfaction the disallowance cannot be justified

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Refund – Self-assessment tax – Interest – Sections 140A, 244A(1)(a),(b) and 264 – A. Y. 1994-95 – Excess amount paid as tax on self-assessment – Interest payable from date of payment to date of refund of the amount

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain: Long-term or short-term – Sections 2(42A) and 45 – Written lease for three years – Assessee continuing to pay rent and occupying premises for 10 more years – Amount received on surrender of tenancy is long-term capital gain

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Remuneration from foreign enterprise – Deduction u/s. 80-O – A. Y. 1994-95 – Assessee conducting services for benefit of foreign companies – Services rendered “from India” and “in India” – Distinction – Report of survey submitted by assessee not utilised in India though received by foreign agency in India – Mere submission of report within India does not take assessee out of purview of benefit –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income from house property: Deemed owner: Section 27 of Income-tax Act, 1961: Assessee giving its building on sub-licence basis without charging any lease rent or licence fee but received interest free security deposits: Sub-licencees transferred their rights in favour of others and charged rent: Sub-licensees are deemed owners u/s.27(iii) and would be liable to be assessed u/s.22: AO directed not to charge annual letting value of said building under head ‘Income from house property’ in assesse<

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to the High Court: Power to condone delay in filing: Retrospective amendment does not affect completed matters: J. B. Roy Vs. Dy. CIT (All):

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal: Question of law can be raised at any stage in income tax proceedings: Educational Institution: Exemption u/s. 10(23C) (iiiad): Seminary imparting religious education: Entitled to exemption:

    By Kishor Karia, Chartered Accountant
    Atul Jasani Advocate
    Reading Time 2 mins

    Recovery of tax: Stay of recovery: S. 220(6) of Income-tax Act, 1961: Factors to be considered: Existence of prima facie case warrants stay.

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    TDS: Commission or brokerage: Section 194H of Income-tax Act, 1961: A.Ys. 2004-05 to 2007- 08: Agent of airline companies permitted to sell tickets at any rate between fixed minimum commercial price and published price: Difference between commercial price and published price not commission or brokerage: Not liable to TDS.

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure: Capital or revenue: Section 37: Settlement charges and legal expenses for settlement of dispute is revenue expenditure allowable as business deduction:

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Housing project: Deduction u/s.80IB(10) of Income-tax Act, 1961: A.Y. 2003-04: Deduction allowable on whole of the income of the project which is approved as a ‘housing project’ by the local authority: Clause (d) inserted to section 80IB(10) w.e.f. 1-4-2005 is prospective and not retrospective.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Deduction u/s. 10A: A. Y. 2006-07: Deduction to be given at the stage of computing the profits and gains of business: Brought forward unabsorbed depreciation and losses of non-10A units cannot be set off against current profit of 10A unit:

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Penalty: Search and seizure: Section 158BFA(2): Addition on estimate basis: Penalty u/s. 158BFA(2) not justified:

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Refunds, TDS effect etc.: Section 245 of: General problems faced by the taxpayers: Directions by Delhi High Court:

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 11 mins

    Undisclosed income: Reference to valuation officer: Ss. 69B and 142A: A. Y. 2007-08: When the books of account in respect of construction are maintained and the same are not rejected, the matter could not be referred to the DVO for assessing the value:

    By Kishor Karia, Chartered Accountant
    Atul Jasani, Advocate
    Reading Time 2 mins

    Appellate Tribunal: Powers of: Section 254 of Income-tax Act, 1961, read with Rule 29 of Income-tax (AT) Rules, 1963: A.Y. 2004- 05: U/r. 29, Tribunal has discretion to admit additional evidence in interest of justice once Tribunal affirms opinion that doing so would be necessary for proper adjudication of matter. This can be done even when application is filed by one of parties to appeal and it need not to be a suo motu action of Tribunal.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal to High Court: Section 260A of Income-tax Act: A.Y. 1997-98: Power of High Court: Court has power to consider new question of law not formulated at the time of admission of the appeal.

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure: Disallowance u/s.40(a) (ia): Section 194C and section 194-I, read with section 40(a)(ia), of Income-tax Act: TDS u/s.194-I: A.Y. 2005-06: Assessee had paid hire charges for having hired millers and rollers, for purpose of carrying out road contract work: Section 194C and section 194-I not applicable: Disallowance of hire charges u/s.40(a)(ia) not justified.

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Depreciation: Intangible asset: Goodwill: Section 32(1)(ii) of Income-tax Act: A.Y. 2004-05: Purchase of hospital as going concern along with goodwill: Assessee entitled to depreciation on value of goodwill.

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Interest on borrowed capital: Section 36(1)(iii) and section 57(iii) of Income-tax Act, 1961: A.Y. 1986-87: Assessee borrowed money from sister concern for interest at the rate of 18% and purchased preferential shares from sister concern which carried dividend at 4%: Legal effect of the transaction cannot be displaced by probing into the substance of the transaction.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Charitable trust: Exemption u/s.11 of Incometax Act, 1961: Trust can be allowed to carry forward deficit of current year and to set off against income of subsequent years: Adjustment of deficit of current year against income of subsequent year would amount to application of income of trust for charitable purposes in subsequent year within meaning of section 11(1)(a).

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation: Section 32 of Income-tax Act, 1961: A.Y. 1998-99: Block of assets would include assets of closed unit: Assets of closed unit could not be segregated for purpose of allowing depreciation and depreciation had to be allowed on entire block of assets.

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Income: Deemed to accrue or arise in India: Section 9 of Income-tax Act, 1961: A.Y. 2002-03: Assessee, a Korean company, was awarded two contracts by Indian company ‘PGCIL’; first involving onshore services including erections/installations, testing and commissioning, etc., of fibre cable system; and second for offshore supply of equipment and offshore services: Income from second contract accrued outside India and, hence, no portion of such income was taxable in India.

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Income: Deemed to accrue or arise in India: Section 9(1)(i) and (vi) of Income-tax Act, 1961: A.Y. 1997-98: Assessee, a non-resident company leased out transponder capacity on its satellite to foreign TV channels to relay their signals for Indian viewers: Provisions of section 9(1)(i) and 9(1)(vi) not applicable: No income accrues or arises in India.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income from generation of power: Deduction u/s.80-IA of Income-tax Act, 1961: Assessee in the business of generation of electricity: Assessee is entitled to deduction u/s.80-IA in respect of notional income from generation of electricity which was captively consumed by itself.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Export profits: Deduction u/s.80HHC of Incometax Act: A.Y. 1992-93: Interest income assessed as business income: Such income could not be excluded from business profit while calculating deduction u/s.80HHC.

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Salary: Accrual: A.Y. 2005-06: Salary earned by non-resident for services performed on board a ship: Does not accrue in India: Not taxable in India.

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing project: Deduction u/s. 80IB(10): A. Y. 2006-07: Ceiling on commercial area inserted w.e.f. 01/04/2005 in section 80-IB(10(d) does not apply to projects approved before that date:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to CIT(A)/Tribunal: Power: A. Y. 2004- 05: CIT(A)/Tribunal have power to admit/ allow additional ground/claim not made in the return:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Capital or revenue: Section 37: A. Y. 2001-02: Assessee manufacturing telecommunication and power cables: Software is not a part of profit-making apparatus of the assessee: Software expenditure is revenue expenditure:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s. 80-IA(4) : A. Ys. 2003-04 to 2005-06: Infrastructure facility: Meaning of inland port: Inland container depots are inland ports: Assessee entitled to deduction:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Fees for technical services: DTAA between India and Netherlands art. 12 r/w. ss. 9 and 90: Indian company prospecting for minerals: Agreement with Netherlands company for conducting geophysical survey and providing data and maps to Indian company: Ownership of data and maps vesting with Indian company: Amount paid by Indian company not assessable in India.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income from house property: Section 22: A. Y. 2004-05: Where service agreement is dependent upon rent agreement, service charges have to be included as a part of its rental income.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment: Notice u/s. 148 to be issued for each year separately: AO issuing combined notice for all four years: Reassessment not valid.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Search and seizure: Abatement of assessment proceedings: Section 153A: A. Y. 2002- 03: Assessment or reassessment proceedings pending at the time of search abate: Appeal from assessment pending before Tribunal would not abate.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Transfer pricing: Arm’s length price: A. Y. 2002-03: Merely because the assessee had paid the royalty even in respect of the products sold by it to the clients, who had not paid for the same, it would make no difference to the determination of the ALP of the transaction: Once it is accepted that the ALP of the royalty is justified, there can be no reduction in the value thereof on account of the assessee’s customers failing to pay the assessee for the product purchased by them from the assessee<

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Wealth Tax: Exemption: Section 40(3)(vi) of Finance Act, 1983: A. Ys. 1988-89 to 1992-93: Assessee in leasing business: Property given on lease is asset used in business: Property falls within specified assets u/s. 40(3)(vi): Exemption available.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Loss return: Condonation of delay in filing: Power of CBDT: Section 119 of Income-tax Act, 1961: A.Ys. 2000-01 and 2002-03: Genuine hardship to an assessee: Meaning of: Loss of about Rs.1,500 crores, if not allowed to be carried forward, it would cause genuine hardship to it in successive assessments: Order of CBDT for fresh adjudication.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Exemption u/s 54EC: A. Y. 2006- 07: Section 54EC bonds not available in the last period of limitation: Investment in bonds as soon as available: Assessee entitled to exemption.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment: Notice: Section 143(2) A. Y. 2006- 07: Notice not served on correct address mentioned in return.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business loss: Section 28: A. Y. 2004-05: Real estate business: Amount advanced for purchase of property: Property not transferred and amount not repaid: Loss is business loss, deductible.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Capital gains: Long term/short term: S/s 2(42A), 10(38) and 54EC: A. Y. 2006-07: Period of holding : If an assessee acquires an asset on 2nd January in the preceding year, the period of 12 months would be complete on 1st January, next year and not on 2nd January: If it is sold on 2nd January and if the proviso to section 2(42A) applies, it would be treated as a long term capital gain.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Capital gains: Exemption u/s 54F: A. Y. 2006- 07: Sale of shares and part of net consideration paid to developer for construction of a residential house: Construction almost complete in three years: Assessee entitled to exemption u/s 54F.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty: S/s 269T, 271E and 273B A. Y. 2003-04: Repayment of loan or deposit otherwise than by account payee cheque or draft: Provision mandatory: Repayment by debit of accounts through journal entries is in contravention of the provision: Assessee becoming liable to repay loan and receive similar sum towards sale price of shares sold to creditor: Account settled by journal entries: No finding that repayment not bonafide or attempt at evasion of tax: Reasonable cause shown: Penalty not leviable<

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    TDS: S/s 194H, Expl (i), 201(1A): A. Ys. 2009- 10 and 2010-11: (i) Trade discount is not a discount, commission or brokerage: Tax not deductible at source: (ii) Failure to deduct tax at source: When payer deemed in default: Only if payee fails to pay tax directly: Tax not to be recovered from payer if payee pays directly : Liability of payer only for interest and penalty:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Wealth Tax: Valuation of land in excess of ULC limit: Section 7 of W. T. Act, 1957: A. Y. 1991-92: Land in excess of limit permitted by ULC Act to be valued taking restriction into account and not at market value.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Revision: Limitation: Two years: Section 263 of Income-tax Act, 1961: A.Y. 1994-95: Limitation period to be counted from the original assessment order to be revised and not from the order giving effect to the order of the CIT(A).

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Settlement of cases: Sections 245C, 245D, 245F & 245-I of Income-tax Act, 1961: A.Ys. 2000-01 to 2006-07. Order of Settlement Commission is final: AO has no power to make any addition other than the addition sustained by the Settlement Commission.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Search and seizure: Section 132 and section 153A of Income-tax Act, 1961: A.Ys. 2004-05 to 2009-10: Warrant of authorisation: Satisfaction must be based on information coming into possession of Department: Absence of new material with authorities: Search and consequent notice unsustainable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: Interest: Section 2(28A) and section 194A of Income-tax Act, 1961: Interest on amount deposited by allottees on account of delayed allotment of flats: Interest on account of damages: Tax need not be deducted at source.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Method of accounting: Hybrid system: Section 145: A.Y. 1991-92: Amendment of Incometax Act w.e.f. 1-4-1997 not permitting hybrid system: Assessee can follow hybrid system in A.Y. 1991-92: Amendment of Companies Act in 1988 not permitting hybrid system: Not applicable.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Presumptive income: Section 44AE: A.Y. 2001- 02: Transporters: Section 44AE stipulates tax on presumptive income, which may be more or less than actual income: Assessee is not required to maintain any account books: No addition could be made as income from other sources on ground that assessee was not able to explain discrepancies in account books.

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment: Sections 143(3), 147 and 148: A.Y. 2004-05: Original assessment u/s.143(3): Notice u/s.148 beyond 4 years: No allegation in the reasons of failure on the part of the assessee to state fully and truly all material facts necessary for assessment: Reopening not valid.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Capital gain: Computation: Section 2(42A) and section 48 Indexed cost: A.Y. 2001-02: Acquisition of capital asset by gift, will, etc.: Indexed cost to be determined w.r.t. the holding of the asset by the previous owner.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s.80IB Manufacture: Production of perfumed hair oil by using coconut oil and mineral oil is manufacture: Assessee entitled to deduction u/s.80IB.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital or revenue expenditure: Section 37 of Income-tax Act, 1961: A.Y. 1998-99: Airport authority: Expenditure towards removal of encroachments in and around technical area of airport for safety and security: Is revenue expenditure.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Deemed income: Remission or cessation of trading liability: Section 41(1) of Incometax Act, 1961: A.Y. 1995-96: Explanation 1 to section 41(1) is prospective and not retrospective: Applies w.e.f. A.Y. 1997-98: Not applicable to A.Y. 1995-96: For A.Y. 1995-96 mere writing back of amounts in relation to unclaimed salaries, wages and bonus and unclaimed suppliers’ and customers’ balances could not amount to cessation of liability: Amounts (uncashed cheques, dividend paid to shareholders, provision<

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Appeal to High Court: Power and scope: Section 260A: Jurisdiction to reassess: Question can be raised for the first time before the High Court.

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Appellate Tribunal: Adjournment: Section 255, Rule 32 of Income-tax (Appellate Tribunal) Rules, 1963: Where a case is adjourned by Tribunal by giving a last opportunity to counsel for assessee, same can be adjourned again on the next date, if sufficient or reasonable cause exists on that day.

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Export profit: Deduction u/s.10BA of Incometax Act, 1961: A.Y. 2005-06: DEPB is a profit derived from export business for the purpose of deduction u/s.10BA.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Capital or revenue: A.Y. 2003-04: Assessee tenant in premises contributed to reconstruction cost of premises with understanding that it will continue as tenant at the same rent: Expenditure is revenue expenditure.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Interest on refund: Section 244A of Incometax Act, 1961: A.Y. 2002-03: Interest u/s.244A is to be calculated from the date of payment of tax till the date of refund and not from the 1st of April of the assessment year or from date of regular assessment.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: TDS: Disallowance: Non-resident: Sections 9 and 40(a)(i): A.Y. 2007-08: Income deemed to accrue or arise in India: Business connection not established: Mere entry in books of account of Indian payer does not mean that non-resident received payment in India: No income accrued in India: Tax need not be deducted at source: Expenditure not disallowable.

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Capital gain: Indexed cost: Sections 2(42A), 48 and 49 : A.Y. 2005-06: Acquisition of asset by inheritance: Indexation to be made w.r.t. the holding of asset by previous owner.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain: Sections 48 and 55(2): A.Y. 1999- 00: Transfer of self acquired trademark and design: No cost of acquisition: Capital gain not chargeable to tax.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains: Sections 2(47) and 48: A.Y. 2002-03: Redemption of preference shares amounts to transfer u/s.2(47): Computation: Redeemable preference shares are not bonds or debentures: At time of redemption of preference shares, assessee would be entitled to benefit of indexation u/s.48.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Depreciation: Intangible assets: Section 32(1) (ii): A.Ys. 2002-03 and 2005-06: Know-how, business contracts, business information, etc., described as goodwill are intangible assets eligible for depreciation u/s.32(1)(ii) as ‘business or commercial rights of similar nature’ specified in section 32(1)(ii).

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Income: Deemed to accrue or arise in India: Sections 5, 6 and 9 : A.Y. 2001-02: Assessee was an employee of an American company and non-resident from year 1991 to 1999: On termination of employment in 1999, he received certain amount from previous employer as retirement benefit/severance/ vacation engagement: Assessee not ordinary resident in relevant assessment year: Amount received by assessee had not accrued/ deemed to be accrued/paid in India in terms of section 6 and section 9(1)(ii): Amou<

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    PAN: TDS: Section 206AA, r.w.s. 139A: Constitutional validity; Article 14 of the Constitution of India, 1950: Requirement to furnish PAN: Section 206AA is unconstitutional and has to be read down from statute and made inapplicable to persons whose income is less than taxable limit: Therefore, banking and financial institution shall not invariably insist upon PAN from small investors as well as persons who intend to open an account in bank or financial institution.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty: Delay in filing declaration in Form No. 15H: Section 272A(2)(f): A.Ys. 1991-93, 1992-93 and 1994-95: No obligation to file declaration prior to 1-6-1992: Penalty not imposable for that period: Further the penalty to be restricted to the tax amount as per subsequent clarificatory amendment to proviso.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Settlement of case: Abatement: Sections 245C, 245D and 245HA : A.Ys. 1989-90 to 1993-94: Effect and scope of section 245HA: Where there was no fault of the applicant and he himself is not responsible for delay in getting decision on the settlement application, the application shall not abate.

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Speculation business: Speculation loss: Section 73, r/w section 28(i)-: A.Ys. 1996-97 and 1998-99: Assessee-company in business of dealing in shares and also earning interest income by granting loans and advances: Incurred loss in purchase and sale of shares: Claimed set-off of above loss against interest income: AO denied set-off relying on Explanation to section 73: Tribunal held that principal business of assessee was granting of loans and advances: Allowed set-off: Tribunal is right.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Time limit for issuing of notice : Sections 148 and 149 of Income-tax Act, 1961: A.Y. 1998-99: Assessment order u/s.143(3) passed on 28-2- 2001: Notice u/s.148 issued on 30-3-2009: Not valid: Section 149 amended by Finance Act, 2001, w.e.f. 1-6-2001 reducing the time limit from 10 years to 6 years is applicable.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Interest on refund: Section 244A of Incometax Act, 1961: A.Y. 1998-99: Period for interest: Period of delay caused by assessee: Assessee’s belated claim for deduction allowed by CIT(A): No delay caused by assessee: Interest payable from beginning of relevant A.Y.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    TDS: Sections 194C and 194I of Income-tax Act, 1961: A.Y. 2007-08: Assessee engaged in transportation of building materials: Payment to contractors for hiring dumpers: Not rent for machinery or equipment but payment for works contract: Section 194C applicable and not Section 194I.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: Payment to sub-contractors: Section 194C: Union of truck operators procuring contracts for its members: No sub-contracts: Tax not deductible at source.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    (A) ITAT: Jurisdiction: Power and scope: Decision on a matter not arising in appeal: AO not disputing genuineness of transaction: Not questioned genuineness before CIT(A) or Tribunal: Tribunal treating transaction sham is erroneous. (B) Non-competition fee received by assessee prior to 1-4-2003 is capital receipt and not taxable.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Assessment: Validity: Sections 143(2), 143(3) and 292B of Income-tax Act, 1961: A.Y. 2002-03: Assessment in the name of non-existing amalgamating company is not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment giving effect to Tribunal order: Scope: A.Y. 1994-95: Capital gains: Sale of property and factory building: Sale consideration accepted by AO: Tribunal referring back the question of bifurcation and apportionment of sale consideration between land and building: AO enhancing sale consideration: Not justified.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Capital or revenue expenditure: Section 37 of Income-tax Act, 1961: A.Y. 1993-94: Construction business: Amount spent for acquiring unfinished works and inventories of another company: Revenue expenditure.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    The assessee was engaged in the business of construction of buildings

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Reassessment: Sections 143(2), 143(3), 147 and 148 of Income-tax Act, 1961: A.Y. 2003- 04: Assessment u/s.147 cannot be made within the time available for issuing notice u/s.143(2) and for completion of assessment u/s.143(3).

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Capital gain: Computation: Sections 48 and 49, and section 7 of the Wealth-tax Act, 1957: A.Y. 1992-93: Cost with reference to certain modes of acquisition: Sale of jewellery inherited from son: Fair market value of jewellery as on 1-4-1974 should be arrived at by reverse indexation, from fair market value as on 31-3-1989 on basis of which Revenue had imposed Wealth Tax upon assessee: Reverse indexation is not to be done from date of sale held in December 1991 based on sale price.

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Charitable purpose: Sections 2(15) and 80G(5): Recognition u/s.80G(5): Objects of assessee-trust include conduct of periodical meetings on professional subjects and publishing and selling books/booklets on professional subjects: Activities are charitable in nature and cannot be construed to be in the nature of trade or commerce or business: Assessee is entitled to approval u/s.80G(5).

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Deduction u/s.80-IB(10): Income from developing and building housing project: Land not owned by assessee: All other conditions satisfied: Assessee entitled to deduction u/s.80-IB(10).

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment: S/s. 147 and 148: A. Y. 2005-06: Notice u/s. 148 issued by AO not having jurisdiction to assess: Notice and reassessment proceedings invalid: Disgraceful and deplorable conduct of ACIT and CIT in seaking to circumvent law condemned.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Export: Deduction u/s. 10A: Gain from export on account of fluctuation in rate of foreign exchange is eligible for exemption.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Reassessment: Section 17 of W. T. Act, 1957: Notice in the name of person who did not exist i.e. a company which is wound up and amalgamated with another company: Notice and subsequent proceedings not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: S/s. 54EC, 147 and 148: A. Y. 2006-07: Benefit of section 54EC granted taking into account investment before date of transfer: Reopening of assessment to deny benefit: change of opinion: Reopening not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Recovery of tax: Adjustment of refund against demand: S/s. 220(6) and 245: A. Y. 2006-07: Appeal pending before Tribunal: Tribunal has power to stay recovery and not permit adjustment of refund.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Recovery of tax: S/s. 156 and 220: A. Y. 1985-86: Service of demand notice u/s. 156 is condition precedent for recovery proceedings: Demand notice not received by assessee: Recovery proceedings not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Refund: Delay in claiming refund: Power to condone delay: Section 119: A. Ys. 1995-96 to 1998-99: Refund due to charitable trust: Trust not under obligation to file return: Delay in filing return claiming refund due to bifurcation of trust: Delay had to be condoned.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Unexplained expenditure: Section 69C: A. Ys. 2000-01 to 2003-04: Hospital: Search disclosed unaccounted collection of fees in the name of doctors and distribution thereof to doctors: Explanation that amount was collected and distributed to doctors: Doctors not examined: Amount not assessable in hands of hospital.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Undisclosed investment: Section 69B: Search revealed that assessee had purchased a flat for Rs. 17.55 lakh: Said flat was fetching an income of Rs. 7.02 lakh per annum: AO estimated the value and made an addition of Rs. 65.32 lakh u/s. 69B: No incriminating material found: Addition not justified.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Capital or revenue: A.Y. 2003-04: Assessee stopped manufacturing and continued trading: Severance cost paid to employees is revenue expenditure.

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Capital gain: Exemption: Sections 54 and 139(1), (4): A.Y. 2006-07: Condition precedent: Profit to be used for purchase of residential property or deposited in specified account before due date for furnishing return: Due date can be u/s.139(4).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    CIT(A): Power to issue directions against third party: Sections 153C and 251(1)(c) of Income-tax Act, 1961: In the matter of lis between the assessee and the Revenue before it, it is not open to the CIT(A) to proceed to determine the rights or liabilities of a third party, who is not before it.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s.10A/10B: FTZ: A.Y. 2007-08: Assessee received pure gold from a nonresident, converted same into jewellery and exported it to said non-resident: Activity amounted to ‘manufacture or production’ which qualified for deduction u/s.10A/10B.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Educational institution: Section 10(23C)(vi): A.Y. 2010-11: Petitioner-society was engaged in teaching all forms of music and dance with no profit motive: Run like a school or educational institution in a systematic manner: Not recognised by any university or Board: Is eligible for exemption u/s.10 (23C)(vi).

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Principle of mutuality: Club: A.Y. 2003-04: Principle of mutuality applies to interest on fixed deposits, dividend, income from Government securities and profit on sale of investments.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Reassessment: Sections 147 and 148, 1961: In spite of repeated request reasons for reopening not furnished to assessee before completion of assessment: Reassessment not valid.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    TDS: Assessee in default: Section 195(2). A.Y. 1987-88: Assessee entered into technical assistance agreement with a Japanese company: The assessee was granted no objection certificate u/s.195(2) permitting it to make payments without deduction of tax at source: The assessee could not be treated as assessee in default for not deducting tax at source.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: Jurisdiction of Ao: Sections 201(1) and 201(1A) of Income-tax Act, 1961: Assessee assessed at New Delhi having PAN and TAN allotted by AO at New Delhi: Ao at mumbai has no jurisdiction to pass an order u/s.201 r.w.s. 201(1A), treating the assessee as assessee in default.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Recovery of tax: Certificate proceedings: Section 222: Assessee’s leasehold property (DDA lessor) auctioned by TRO for recovery of tax: DDA demanded 50% unearned increase for mutation: Not a condition of auction notice: Amount payable by Department and not by the purchaser.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Deemed dividend: Section 2(22)(e): Advance or loan received by the assessee from a company is not to be assessed as ‘deemed dividend’ u/s.2(22)(e) if the recipient is not a shareholder.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Salary: Interest u/s.234B: Employee is not liable to pay interest u/s.234B for failure to pay advance tax on salary.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Refund: Interest on: Section 244A: Block period 1-4-1995 to 21-3-2002 — Assessee deposited cheque on 29-12-2003: Amount debited to assessee’s bank account on 30-12-2003: Assessee entitled to interest for December 2003.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Speculation loss: Section 43(5): A.Y. 2003-04: Loss from trading derivatives is speculative loss: Clause (d) inserted to the proviso to section 43(5) w.e.f. 1-4-2006 is prospective and not retrospective.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Export profit: Deduction u/s.80HHC of Income-tax Act, 1961: A.Y. 1994-95: Assesseecompany in business of manufacture and sale of automobile parts: Amount received as fees for development work from foreign party: 90% of such amount not to be excluded under Expln. (baa) to section 80HHC for computing profits of the business.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Business expenditure: Disallowance u/s. 40(a)(iii) A.Y. 2002-03: Salary paid to nonresidents outside India in Netharlands: Not chargeable to tax in India: Not liable for TDS: Disallowance u/s.40(a)(iii) not justified.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Industrial undertaking: Deduction u/s.80-IB of Income-tax Act, 1961: A.Y. 2004-05: Assessee not claiming deduction for initial years: Does not disentitle the assessee to claim benefit for remaining years if conditions are satisfied.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Search and seizure: Block assessment: Assessment of third person: Limitation: Section 158BC, section 158BD and section 158BE(2)(b) of Income-tax Act, 1961: Notice issued u/s.158BC: Later fresh notice issued u/s.158BD: Time for making assessment to be reconed from first notice.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Appeal to Tribunal: Appeal by Department against order of CIT(A): Department seeking adjournment to file paper book: Tribunal allowing appeal without paper book: Order of Tribunal set aside: Assessee to be given opportunity to submit paper book.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Income: Capital or revenue: Refund of excise duty under subsidy scheme and interest subsidy, etc.,: Capital receipts and not taxable.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Professional misconduct: Section 22, read with clause 7 of part 1 of Second Schedule, of the Chartered Accountants Act, 1949: In order to attract clause 7 of part 1 of Second Schedule, act or omission must be in connection with duties cast upon a chartered accountant in such capacity which no person other than a chartered accountant can perform:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Interest on refund of tax: Section 244: A. Ys. 1982-83 to 1990-91: Whether whole of interest taxable in the year of grant – No: Has to be spread over the respective AYs to which it relates:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Capital or revenue: A. Y. 1985-86: Subsidiary of Government company receiving subsidy from holding company to protect capital investment of parent company: Subsidy is capital receipt and not income:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Method of accounting: System of accounting: Cash basis: Section 145: Block period 1987-88 to 1995-96: Assessee maintaining accounts on actual receipt basis: Interest income must be taken on receipt basis:

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Reassessment: TDS: S/s. 143(3), 147 proviso and 148: A. Y. 2005-06: Disclosure in return of cancellation of assessee’s banking licence: Assessment u/s. 143(3): Reopening of assessment beyond four years on the ground that the assessee was no longer in the banking business is not valid: No failure to disclose truly and fully material facts:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Refund: Section 237: A. Y. 2004-05: Belated revised return filed on 08-09-2011 claiming refund on basis of CBDT Circular dated 08- 05-2009: Condonation of delay: Delay to be condoned:

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Speculative transaction: Speculative loss: Section 43(5)(c): Share trading business on own behalf is “jobbing”; Jobbing is not speculative in view of proviso(c) to section 43(5): Loss from jobbing business is not speculative loss:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Speculative transaction: Loss: Set off: Section 73: A. Y. 1991-92: Loss on account of purchase and sale of shares from solitary transaction: Transaction not constituting business carried on by assessee: Loss can be set off against profits from other sources:

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Transfer pricing: International transaction: Arm’s length price: A. Ys. 2004-05 and 2005-06: Marketing services to associated enterprise: Different from services in nature of engineering services rendered by four companies taken as comparables by TPO: Functionally different and not comparable: Addition made by AO on basis of adjustment made by TPO not justified:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Accrual in India: Non-resident: Fees for technical services: Section 9(1)(vii): A. Y. 1991-92: Sale of design and engineering drawings outside India: Sale of plant: Income does not accrue in India: Not taxable in India:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Deemed profit: Section 41(1): A. Y. 2007-08: Unclaimed liabilities of earlier years which are shown as payable in the accounts are not taxable as income u/s. 41(1) even if the creditors are untraceable and liabilities are non-genuine:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Dispute Resolution Panel (DRP): Powers: Deduction u/s.10A: AO allowed deduction u/s. 10A; DRP has no power to withdraw it..

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Advance tax: Interest for short payment of advance tax: Sections 234B, 234C, 207, 208, 211: A.Y. 2001-02: Where assessee had no liability to pay any advance tax u/s.208 on any of due dates for payment of advance tax instalments and it became liable to pay tax by virtue of a retrospective amendment made close of financial year, no interest could be imposed upon it u/s. 234B and u/s.234C.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Business expenditure: Section 37: A.Y. 2000- 01: Foreign business tour by managing director with wife: Company resolution authorising expenses: Travel expense is deductible.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business income: Section 28(iiia): A.Y. 1997- 98: U/s.28(iiia) only profit on sale of licence is chargeable and not profit which may come in future on sale of licence.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Depreciation: Computation: Block of assets: WDV: S. 43(6)(c)(i)(B): Sale of flat forming part of block of assets: Apparent consideration and not its fair market value to be deducted.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: Revenue or capital: A.Y. 2002-03: Assessee in business of manufacture of steel wire rods, etc.: Paid Rs. 45,21,000 to Mahanagar Gas Ltd. towards CNG connection: Is revenue expenditure.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: Section 147 and section 148 of Income-tax Act, 1961: Reopening of assessment on reason to believe that certain items of income have escaped assessment: Finding in reassessment proceedings that such items of income have not escaped assessment: Reassessment proceedings not valid: AO cannot assess any other income.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Income: Interest: Accrual of: Mercantile system: Section 5 of Income-tax Act, 1961: NBFC; Interest on loans given: Loans became non-performing assets: Interest not received and possibility of recovery nil: Interest not accrued.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business income/House property income: Rent from leave and licence of office premises: Assessable as business income.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Deduction u/s.10A: A.Y. 2004-05: Export proceeds received beyond 6 months: RBI approval under FEMA: Sufficient compliance u/s.10A: Amount received late entitled to deduction.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Business expenditure: TDS: Disallowance u/s.40(a)(i) r.w.s 195: Payment of interest by branch (PE) to head office abroad: By virtue of convention head office not liable to pay any tax in India: No obligation on branch to deduct tax at source: Interest to be allowed as deduction in the hands of branch.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Disallowance u/s.40(a)(i) r.w.s 194A: Assessee exporting goods: Bills of exchange discounted abroad: Discounting charges not interest: Tax not deductible at source: Discounting charges allowable as deduction.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Depreciation: Rate: Section 32: Gas cylinder including valves and regulators: Entry in schedule: Rate 100%: Liquefied petroleum gas cylinder mounted on chasis of truck: Gas cylinder entitled to depreciation at 100%: Cannot be treated as motor vehicle.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Educational institution: Exemption u/s. 10(23C)(vi): Assessee-society was running a school: Its application for exemption u/s. 10(23C)(vi) was rejected on ground that its objects, viz., to manage/maintain a library, reading-room, and conduct classes of stitching, embroidery, weaving, centre for adult education and to make necessary arrangements for overall development and growth of children when required, were non-educational in nature: Rejection not proper.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Insurance business: Section 44: A.Y. 2002-03: The amount set apart by insurance company towards solvency margin as per directions given by IRDA is to be excluded while computing actuarial valuation surplus: Pension fund like Jeevan Suraksha Fund would continue to be governed by provisions of section 44, irrespective of fact that income from such fund is exempted.

    By K. B. Bhujle | Advocate
    Reading Time 4 mins

    Appeal to Commissioner: Tax recovery by auction sale of property: Income-tax Act, 1961 Sch. II, RR. 63, 65 and 86: TRO confirming sale in recovery proceedings: Order confirming sale is not conclusive: Appeal is maintainable: Period of limitation runs from the date of knowledge of the order.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Deduction only on actual payment: Section 43B of Income-tax Act, 1961: A.Y. 1989-90: Excise duty paid in advance: Assessee entitled to deduction: AO not right in holding that deduction allowable only on removal of goods from factory.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Capital gain: Exemption u/s.54E of Incometax Act, 1961: A.Y. 2007-08: Long-term capital gain on transfer of depreciable asset: Investment of net consideration in Capital Gains Deposit Account Scheme: Assessee entitled to exemption u/s.54F.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Loss return: Carry forward of unabsorbed depreciation: Section 32(2), section 80 and section 139(3) of Income-tax Act, 1961: A.Ys. 2000-01 and 2001-02: Section 80 and section 139(3) apply to business loss and not to unabsorbed depreciation covered by section 32(2): Period of limitation for filing loss return not applicable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure: Interest u/s.132B(4) of Income-tax Act, 1961: Period for which interest is payable on seized amount: Search assessment resulting in no additional tax liability: Interest payable up to the date of refund and not up to the date of the assessment order.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    TDS: Disallowance of business expenditure: Sections 40(a)(ia) and 194C of Income-tax Act, 1961: A.Y. 2006-07: Assessee-firm engaged in transportation business, secured contracts with oil companies for carriage of LPG, executed the contracts through its partners retaining 3% commission as charges: Sections 194C and 40(a)(ia) not applicable.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Shipping business of non-residents: Section 172 of Income-tax Act, 1961: A.Y. 1987-88: Tug towing ship which could not sail by itself: No carriage of goods: Section 172 not applicable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Representative assessee: Section 163: Liability of representative assessee is limited to connected income: No liability for assessment of unconnected income.

    By K. B. Bhujle | Advocate
    Reading Time 2 mins

    Appeals by Revenue: Small tax effect: CBDT circular dated 15-5-2008 providing that notional tax effect could be taken in loss cases is prospective: Applicable to appeals filed on or after 15-5-2008.

    By K. B. Bhujle | Advocate
    Reading Time 1 mins

    Business expenditure: Section 37(1) While on business tour, the whole-time director of assessee-company was kidnapped by a dacoit: Ransom money paid to dacoit for releasing the director is allowable business expenditure.

    By K. B. Bhujle | Advocate
    Reading Time 3 mins

    Advance tax: Interest u/ss.234B and 234C: A.Y. 2007-08: Search and seizure: Cash seized of Rs.18 lakh and Rs.1.98 crore deposited by assessee on 31-1-2007 could be adjusted against advance tax liability for computing interest u/ss.234B and 234C.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income: Notional income: A.Y. 2003-04: Assessee in business of Asset Management of Mutual Funds: Charged investment advisory fees less than prescribed ceiling: Differential amount cannot be added as income.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest u/s.234D: A.Ys. 1992-93 to 1998-99: No refund u/s.143(1): Interest u/s.234D not leviable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Advance tax: Interest u/s.234B: A.Y. 1991-92: Assessee claimed exemption u/s.47(v) on sale of capital assets to holding company owning 100% shares: Reduction in holding to 43% in subsequent year: Exemption withdrawn as per section 47A: Assessee not liable to interest u/s.234B.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to High Court: Scope and power: Limitation: Section 260A of Income-tax Act, 1961, r.w.s 14 of the Limitation Act, 1963: Finding given in an appeal, revision or reference arising out of an assessment must be a finding necessary for disposal of that particular case and must also be a direction which authority or Court is empowered to pass while deciding case before it: AO cannot apply section 14 of Limitation Act, to initiate time-barred reassessment proceedings.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Charitable purpose: Exemption u/s.10(23C) (iv) r.w.s 2(15) of Income-tax Act, 1961: A.Y. 2005-06: CBDT approved ICAI for exemption u/s.10(23C)(iv) since A.Y. 1996-97: For A.Y. 2005-06 AO allowed exemption in assessment order u/s.143(3): DIT(E) passed order u/s.263 holding that the assessee is not entitled to exemption on the ground that coaching activity undertaken by ICAI amounted to business and no separate accounts are maintained: Order u/s.263 not sustainable.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Charitable purpose: Exemption u/s.10(23C) (iv) r.w.s 2(15) of Income-tax Act, 1961: A.Y. 2009-10 and onwards — Holding of classes and giving diploma/degrees by ICAI to its members is only an ancillary part of activities or functions performed by it and this, by itself, does not mean that ICAI is an educational institute:

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Reassessment: Section 147 and section 148: Development agreement dated 17-9-2004 terminated in view of default of developer: Suit filed by developer ultimately settled by order of High Court dated 2-5-2011: Capital gain not taxable in A.Y. 2005-06: Notice u/s.148 for taxing the capital gain in A.Y. 2005-06 is not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Closing stock: Value: Section 145A: Excise duty on sugar manufactured but not sold is not to be included in the value of the closing stock.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Revision: Section 263: Block assessment: Addition made on basis of seized documents deleted by ITAT: Appeal pending before High Court: Revision directing the AO to consider the tax implications of the same seized documents not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Accrual of income: A.Y. 1997-98: Interest: Waiver of interest before end of accounting year: Interest does not accrue.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Accrual of income in India: Salary: Section 5: Assessee a non-resident Indian, was employee of a Hong Kong-based ship management company: For services rendered in international waters outside country he was paid salary which was received by him on board of ship: As per his instructions, a portion of his salary, in form of ‘allocation’, had been remitted to NRE account of assessee in India: No portion of salary liable to tax in India.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Deduction only on actual payment: Section 43B: Provision for pension: Liability accrues from year to year: Payable on retirement/resignation: Assessee entitled to deduction.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Deduction u/s.80-IB of Income-tax Act, 1961: A.Y. 2005-06: Assembling of different parts of windmill: Amounts to ‘manufacture’ as well as ‘production’: Assessee entitled to deduction u/s.80-IB.

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Deemed dividend: Section 2(22)(e) of Incometax Act, 1961: A.Ys. 1992-93 and 1993-94: Advance on salary received by managing director: Not assessable as deemed dividend.

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Reassessment: Sections 147 and 148 of Income-tax Act, 1961: A.Y. 1997-98: Notice u/s.148 issued without recording in the reasons that there was failure on the part of the assessee to disclose fully and truly all material facts: Notice not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: Sections 147 and 148 of Income-tax Act, 1961: A.Y. 2003-04: Notice u/s.148 based on report from Director of Income-tax that credit entry in accounts of assessee was an accommodation entry: AO not examining evidence: Notice not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: Sections 143(3), 147 and 148 of Income-tax Act, 1961: A.Y. 1999-00: Assessment u/s.143(3): Subsequent reopening of assessment (beyond 4 years): The recorded reasons must indicate as to how there was a failure on the part of the assessee to disclose the facts fully and truly: Lapse on the part of the AO cannot be a ground for reopening when the primary facts are disclosed.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appellate Tribunal: Power to examine validity of search: Sections 132(1), 253(1)(b) and 254(1) of Income-tax Act, 1961: B. P. 1985-86 to 5-12-1995: The Tribunal has power to examine the validity of the search in an appeal against the assessment order passed pursuant to search.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Deduction u/s.35AB of Income-tax Act, 1961: A.Ys. 1993-94 to 1995-96: Agreement for supply of technical knowhow: Assessee obliged to pay income-tax under the agreement: Assessee entitled to deduction of income tax paid u/s.35AB.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Interest on borrowed capital: Section 36(1)(iii) of Income-tax Act, 1961: Assessee invested borrowed funds in the shares of subsidiary company to have control over that company: Interest on borrowed funds allowable as deduction u/s.36(1)(iii).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains v. Business Income: Section 28(va) of Income-tax Act, 1961: A.Y. 2006- 07: Consideration received on transfer of rights of trade mark, brands and copy rights: Business given up distinct from business continued: Consideration not arising out of business: Not business income, but is longterm capital gain.

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Deduction u/s.80IB of Income-tax Act, 1961: A.Y. 1999-00: Condition of employing ten or more workers: ‘Worker’ means person employed by assessee directly or by or through any agency including a contractor.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal before Tribunal: Rectification of mistake: Section 254(2): A. Y. 1996-97: Application for rectification: Period of limitation commences from the date of receipt of the order and not the date of the order:

    By K.B.Bhujle Advocate
    Reading Time 2 mins

    Assessee in default: TDS: S/s. 192, 201(1) and 201(1A) : A. Y. 1992-93: Short deduction on account of bona fide belief: Assessee not in default: Not liable u/s. 201(1) and 201(1A):

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Assessee in default: TDS: S/s. 194B and 201: A. Ys. 2001-02 and 2002-03: Non-deduction of TDS from lottery winnings in kind: Assessee not in default: Not liable u/s. 201:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Capital or revenue: A. Ys. 1994-95 to 2004-05: Media cost paid for the import of a master copy of Oracle Software used for duplication and licensing is an expenditure of a revenue nature and as such is an allowable deduction:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Business expenditure: TDS: Disallowance: Royalty: Section 9(1) Expl. (2), 194J and 40(a)(ia): A. Y. 2009-10: Consideration for perpetual transfer for 99 yrs of copyrights in film is not “royalty”:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain: Exemption u/s. 54F: A. Y. 2009- 10: Construction of new house commenced before the sale of ‘original asset’: Denial of exemption u/s. 54F not proper:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Business profits vs. Capital gains: S/s. 45, r.w.s. 28(i): A. Y. 2006-07: Conversion of stock-in-trade (shares) into investment in 2002 and 2004: Sale of such shares in relevant year: Profit is capital gain and not business income:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Cash credits: Section 68: A. Y. 1989-90: Meaning of “any sum”: No explanation regarding particular amount: Addition of sum in excess of such particular amount is not permissible u/s. 68:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Recovery of tax: Reduction of period for payment: Section 220(1) proviso: A. Y. 2010-11: Budget deficit of Income Tax Department is not a ground for reduction of period:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Business expenditure: Section 37: A. Y. 2006- 07: Expenditure on foreign education of employee (son of director) is deductible if there is business nexus:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance: TDS: Commission/trade discount: S/s. 40(a)(ia) and 194H: A. Y. 2005-06: Assessee in business of manufacture and trade of pharmaceutical products: Incentive to dealers, distributors, stockists under different schemes: Not commission: Section 194H not applicable: Disallowance u/s. 40(a)(ia) not proper:

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Charitable trust: Exemption u/s. 11 : A. Y. 2009-10: Where assessee-trust, failing to use 85 % of income from property, wrote letter conveying department for option available under Clause (2) of Explanation to section 11(1) to allow it to spend surplus amount to next year, no disallowance was to be made merely on ground that declaration was not made in a prescribed manner:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    CBDT Circular: Binding on Revenue: S/s. 119 and 143(2): A. Y. 2004-05: Circular prescribing time limit of three months from date of filing of return for issuing notice u/s. 143(2): Return filed on 29-10-2004: Notice u/s. 143(2) issued on 14-07-2005: Not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Housing project: Deduction u/s. 80-IB(10): A. Y. 2007-08: Amendment w.e.f. 01/04/2005 requiring certificate of completion of project within four years of approval: Not applicable to projects approved prior to that date: Assessee entitled to deduction:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest expenditure: Section 57(iii): Money borrowed for investing in shares in company owning immovable property: Dividend not received: Interest not disallowable on ground that investment was not made for purpose of earning dividend:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 14A: Where assessee did not earn any exempt income in the relevant year the provisions of section 14A are not applicable and disallowance u/s. 14A could not be made:

    By K.B.Bhujle Advocate
    Reading Time 1 mins

    DTAA: India-Singapore: Royalty: Section 9(1) (vi)(c): PE: Assessee, resident of Singapore made payment to GCC in Singapore for acquiring rights of telecasting cricket matches from Singapore: Had no connection with the marketing activities carried out through alleged PE in India: Payments could not be deemed as royalty in view of Article 12(7) of India Singapore DTAA:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: S/s. 147 and 148: A. Ys. 199-00 to 2002-03: Reasons for reopening recorded after issuing notice u/s. 148: Notice u/s. 148 and reassessment proceedings are invalid:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal to CIT(A): Condition precedent to pay admitted tax before filing appeal: Section 249(4)(a): A. Y. 1996-97: Amount belonging to assessee available with Revenue far in excess of admitted tax: Requirement of section 249(4)(a) met: Appeal should be admitted:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Assessment: S/s. 143 and 144: A. Y. 2002-03: Assessment order passed without serving notice on the assesee is not valid: Burden of Revenue to prove service of notice: No evidence of service by Revenue: Assessment not valid:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Section 37: A. Y. 2006- 07: Tribunal noticing assessee’s books of account as well as sales tax records of seller and finding purchase genuine transaction: No rejection of books of account: Deletion of addition on account of purchase transactions justified:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain: Cost of acquisition: Market value as on 01-04-1981: Section 55A: Reference to DVO only when value of capital asset shown by assessee less than its FMV:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose: Exemption u/s. 11: A. Y. 2008-09: Accumulation of income: Notice u/s. 11(2)(a) to be furnished in Form 10: Information furnished in form of letter with full detail as required in Form 10: Sufficient compliance: Assessee entitled to exemption u/s. 11:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Exemption: Share of profit of partner from firm: Section 10 (2A): A. Y. 2010-11: Partners are entitled to claim exemption u/s. 10(2A) on the share of profit received from the firm even if it includes that income also which was exempted in the hands of the firm under various provisions of section 10.

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Industrial undertaking: Deduction u/s. 80-IB: A. Y. 2001-02: Production of article: Bottling of gas into cylinders amounts to production: Assessee entitled to deduction u/s. 80-IB:

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Reassessment: S/s. 147, 148 and 149: A. Y. 2003-04: Extended time limit of 6 years u/s. 149(1)(b) requires data for prima facie computation of income escaping assessment at more than Rs. 1,00,000/-:

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Recovery of tax: PPF account is immune from attachment and sale for recovery of Income-tax dues: Dineshchandra Bhailalbhai Gandhi vs. TRO:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Reassessment: Change of opinion: S/s. 147 and 148: A. Y. 2005-06: AO completed original assessment u/s. 143(3) on 24-12-2007: Subsequently issued notice u/s. 148 on basis of investigation report dated 13-03-2006 received from investigation wing: Reasons to believe did not state that investigation report was not with Assessing Officer when he completed original assessment: Attempt to reopen assessment was result of a change of opinion: Reopening not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Recovery of tax: Liability of directors: Section 179: A. Y. 1998-99: Debts Recovery Tribunal directing recovery of bank’s dues by sale of properties of company: Balance due to bank supplied by directors from their personal resources: Directors agreeing to forgo their loans to company in order to have its name struck of register of companies: Facts establishing that non-recovery of tax due from company not attributable to gross neglect, misfeasance or breach of duty on part of directors: Recover<

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Recovery of tax: Power of TRO u/s. 281: Petitioner had purchased a property from one ‘M’ on 17-05-1995: TRO having found that ‘M’ inspite of several demand notices issued during years 1989 to 1994 had not paid income tax dues passed an order u/s. 281 declaring above sale transaction as void: TRO had no power u/s. 281 to declare sale transaction as void:

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Valuation of closing stock: Section 145: A. Y. 2006-07: Land purchased by assessee in dispute before civil court: Adverse impact on market value of land: Assessee reduced value of closing stock and adopted the same in the subsequent years accepted by Revenue. Addition on account of under valuation of closing stock not proper: CIT vs. Satish Estate P. Ltd; 361 ITR 451 (P&H):

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    TDS: Rent: Section 194-I: Petitioner was owner of network of telecom towers: Provides passive use to telecom service providers: The amounts received by petitioner is ‘rent for use of machinery, plant or equipment’: Tax is deductible u/s. 194-I(a):

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment: S/s. 147 and 148: A. Y. 1999-00: Note forming part of return mentioning and describing the nature of receipt under a noncompete agreement: Return accepted u/s. 143(1): Notice u/s. 148 on the basis of same material and nothing more: Not valid:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gains vs. Business income: A. Y. 2006-07: Shares invested through Portfolio Management Scheme (PMS) resulted in capital gain and not business income:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Appeal before Tribunal: Stay: Power of Tribunal and High Court: Section 254(2A) of I. T. Act, 1961 and Article 226 of Constitution of India: A. Y. 2007-08: Power of Tribunal to grant stay limited to 365 days: In case of delay on part of Department Tribunal at liberty to conclude hearing and decide appeal: Department can make a statement that it would not take coercive steps and Tribunal can adjourn matter: Assessee can file writ petition for stay and High Court can grant stay.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gain: Short-term or long-term: Exemption u/s. 54EC: A. Y. 2008-09: Assessee paid 96% of consideration by October 1999: Got possession of land on 12-12-2005: Sold the land on 09-01- 2008 and invested in section 54EC Bonds: Capital gain is long-term capital gain: Assessee is entitled to exemption u/s. 54EC:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose: S/s. 2(15), 11 and 12: Effect of first proviso to section 2(15) inserted w.e.f. 01-04/-2009: A. Y. 2009-10: Income incidental to charitable activity would not disentitle trust to exemption: Trust for breeding and improving quality of cattle: Object charitable: Finding that income was incidental: Trust entitled to exemption:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    DTAA: India-UK: Article 18(2): The assessee, an event management company, engaged the services of a non-resident agent to bring the foreign Artists to India. The assessee paid remuneration to the Artists and commission to the agent. It deducted tax on the remuneration paid to the Artists but did not deduct tax on reimbursements to Artists and the commission paid to the agents. The sum paid to agent could not be deemed to have arisen from the personal activities in a contracting State in status

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Section 37: A. Y. 2004- 05: Payment to financial consultants for professional services in connection with corporate debt restructuring by negotiating with banks and financial institutions: Expenditure for purposes of business and allowable in entirety in year in which incurred: Expenditure spread over in six years by Tribunal with consent of assessee: Department not entitled to object:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Disallowance u/s. 40(a)(i) r/w. s/s. 9(1)(vii) and 195: A. Y. 2009-10: Commission or discount paid to nonresident: Circular clarifying that tax need not be deducted if non-resident did not have PE in India: Withdrawal of circular in October 2009: Not applicable to A. Y. 2009-10: Payment not to be disallowed:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 40A(3): A. Y. 2008-09: Cash payment exceeding prescribed limits [Payment to Government concern]: Assessee a scrap dealer, purchased scrap from Railway by making payment in cash in excess of Rs. 20,000: Since Railway is concern of Union of India, such payment in cash had to be considered as a legal tender, and, therefore, same could not be disallowed u/s. 40A(3):

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Capital gain: Partnership firm: Transfer: Distribution of asset on dissolution etc.: S/s. 2(47) and 45(4): Retiring partner taking only money towards value of its share: No transfer of capital asset: Section 45(4) not applicable:

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Charitable purpose: Exemption u/s. 10(23C) (iv) r/w. section 2(15): Petitioner, a charitable society had acquired intellectual property rights qua bar coding system from ‘G’ and charged registration and annual fees from third parties to permit use of coding system: Charging a nominal fees from beneficiaries is not business aptitude nor profit intent: Assessee cannot be denied approval for exemption u/s. 10(23C)(iv) on ground that activity of assessee was in nature of trade, commerce or business<

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Depreciation: Section 32: A. Y. 1998-99: User of machinery: Machinery kept ready for use but not used because of extraneous reasons: Assessee entitled to depreciation:

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment: S/s. 147 and 148: A. Y. 2008-09: Notice u/s. 148 not to be issued on hypothesis or contingency which may emerge in future: Notice issued on alternative basis for taxing income is not valid:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment: S/s. 147 and 148: A. Y. 2006-07: Additions based on reasons recorded prior to notice deleted in appeal: Reassessment on other grounds recorded after issue of notice not valid:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Settlement Commission: S/s. 245C and 245D: Where order passed by Commission u/s. 245D(2C) was not focussed on issues and contentions raised by petitioners and by revenue, same was cryptic and was set aside:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure: Revenue or capital: Section 37: Corporate club membership fees paid by the assessee is revenue expenditure: Deduction allowable as business expenditure:

    By K.B.Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Interest on borrowed capital – Section 36(1)(iii) – A. Y. 1983-84 – Assessee as guarantor repaying instalments of loans taken by its subsidiary company for its business – Interest on such payments is deductible-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain vs. Business income – Sections 28 and 45 – A. Y. 2005-06 – Assessee share broker maintaining separate portfolios for investment and stock-in-trade – Profit from sale of shares of three companies held as investment – Profit assessable as short-term capital gain-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain or income from other sources – Sections 10(3) and 56(1) – A. Y 1992-93 – Relinquishment of sub-tenancy rights – Receipt is capital gain and not income under the head “Income from other sources”-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Capital gain: Long-term or short-term – Sections 2(42A) and 45 – Written lease for three years – Assessee continuing to pay rent and occupying premises for 10 more years – Amount received on surrender of tenancy is long-term capital gain

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    DTAA between India and Singapore – Fees for technical services – A. Y. 2005-06 – Technical knowledge not made available with services – Amount not fees for technical services – Not taxable in India-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 14A: 1961: A. Y. 2009-10: Where assessee did not earn any exempt income in the relevant year the provisions of section 14A are not applicable and disallowance u/s. 14A could not be made:

    By K.B.Bhujle Advocate
    Reading Time 1 mins

    Cash credit: Charitable trust: S/s. 11 and 68: A. Y. 2001-02: Exemption u/s. 11: Donations disclosed as income: Not to be added as cash credit:

    By K.B.Bhujle Advocate
    Reading Time 1 mins

    Educational institution: Exemption u/s. 10(23C) (vi): CBDT Circular No. 7 of 2010: Approval granted after 13-07-2006 shall continue till it is cancelled: Approval for period upto A. Y. 2007-08 granted on 20-12-2007 operates for subsequent years also: Application for continuation of approval and rejection of the said application has no effect in law:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Educational institution: Exemption u/s. 10(23C) (vi): A. Y. 2008-09 onwards: Body conducting public examinations is educational institution u/s. 10(23C)(vi): Increase in the fees for generating surplus would not by itself exclude the petitioner from the ambit of section 10(23C) (vi): Generation of profit or surplus by an organisation cannot be construed to mean that the purpose of the organisation is generation of profit/surplus.

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Income: Deemed dividend: Section 2(22)(e): A. Y. 2007-08: Where assessee, a builder and managing director of a company in which he was holding 63 % shares, received a construction contract from said company, in view of fact that assessee executed said contract in normal course of his business as builder, advance received in connection with construction work could not be taxed in assessee’s hands as ‘deemed dividend’ u/s. 2(22)(e):

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Capital or revenue receipt: Subsidy: A. Y. 1997-98: If the subsidy is to enable the assessee to run the business more profitably then the receipt is on revenue account: If the subsidy is to enable the assessee to set up a new unit then the receipt would be on capital account:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Recovery of tax: Attachment: Section 281: A. Y. 2005-06: Transfer of property during pendency of assessment proceedings: TRO has no power to declare sale deed void: Appropriate proceedings to be taken in civil court:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure/loss – Sections 28 and 37(1) – Even if the business is illegal, loss which is incidental to the business has to be allowed u/s. 28 and the Explanation to section 37(1) is not relevant: Disallowance of claim for deduction of loss on account of gold seized by Custom Authorities is not justified:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Deduction u/s. 80HHA/80-IA – A. Y. 1991-92: Interest earned on fixed deposits placed out of business compulsion is “derived” from the undertaking – Interest is eligible for deduction:

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Appeal before CIT(A) – Power to grant stay of recovery – Section 220(6) – A. Y. 2011-12: During pendency of appeal before him the CIT(A) has inherent jurisdiction to grant stay of recovery:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Appellate Tribunal – Power to admit additional ground – Notice u/s. 158BD – The Tribunal cancelled the block assessment order u/s. 158BD holding that the notice u/s. 158BD was not valid – The High Court held that the notice was valid and remanded the matter back to the Tribunal for deciding on merits – The assessee raised an additional ground relying on the decision of the Supreme Court – The Tribunal was not justified in refusing to admit the additional ground:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Short-term or long-term – Sections 2(29B), 2(42B) and 45 – A. Y. 1990-91 – In case of allotment of flat, holding period commences from the date of allotment – Allotment of flat on 7th/30th June, 1986 – Payment of first instalment on 04-07-1986 – Sale of flat on 05-07- 1989 – Gain is long term capital gain:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Depreciation – WDV – Section 43(1), (6) – A. Ys. 1976-77 to 1978-79 – Depreciation “actually allowed” – No concept of allowance on notional basis: Amalgamation – WDV of fixed assets of amalgamating company to be calculated on basis of actual cost less depreciation actually allowed to amalgamating company:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Export profits – Deduction u/s. 80HHC – A. Y. 2003-04 – Gain derived from change in foreign exchange rate is export profit – Gain realised in subsequent year – Entitled to deduction u/s. 80HHC:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Accrual and time – Sections 2(24) (vd) and 28(v) – A. Y. 1995-96 – Acquisition of shares at concessional rate – Prohibition on sale of shares for lock-in period of three years – No benefit in the form of differential price accruing to assessee – No income accrues:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Penalty – Section 269SS and 271D – A. Y. 2007- 08 – Scope of section 269SS – Provision does not apply to liabilities recorded by book entries – Penalty not justified u/s. 271D:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Section 37(1) – A. Y. 2005- 06 – Payments for advertising and publicity to residents by assessee resident agent – Deduction u/s. 37(1) cannot be denied by invoking transfer pricing provisions merely because foreign principals (TV Channels) also benefit by the expenditure especially when benefit to foreign principals defy quantification – Such payments are not required to be reflected in Form No. 3CEB as these are resident to resident payments and not international

    By K. B. Bhujle Advocate
    Reading Time 5 mins

    Recovery of tax – Section 226(3)(vi) – Garnishee objecting to liability and payment and filing affidavit in this regard – No further proceedings for recovery can be made against garnishee – TRO cannot discover on his own that statement on oath by garnishee was false – Provision applies only to an admitted liability and not to disputed liability:

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Foreign projects – Deduction u/s. 80HHB – A. Y. 1984-85 – Assessee having more than fifty construction sites in India and abroad – Assessee is entitled to deduction in respect of each project instead of netting up of profits from all overseas projects –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Loss: Carry forward and set-off – Sections 80, 143(3) and 154 – A. Y. 1997-98 – Return with positive income filed in time – AO computed loss in order u/s. 143(3) – Loss can be carried forward and set off – Rectification u/s. 154 to withdraw carry forward of loss not justified-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Concealment of income – Section 271(1)(c) – A. Y. 1997-98 – High Court admitting quantum appeal by assessee – Debatable issue – Penalty not leviable-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Recovery of tax – Provisional attachment – Section 281B – A. Ys. 2010-11 to 2013-14 – For valid provisional attachment notice to pay arrears is mandatory-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS: Income – Charge – Sections 4, 6 and 194A – Compensation awarded under Motor Vehicles Act is in lieu of death of a person or bodily injury suffered in a vehicular accident and it cannot be said to be taxable income; Tax is not deductible on interest on term deposits made by the Registry in terms of the orders passed by the Court in Motor Accident Claims cases – Circular No. 8/2011, dated 14-10-2011 quashed-

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    TDS – Sections 194A, 201(1) and (1A) – Fixed deposit in name of Registrar General of High Court under directions of Court – S. 194A not to apply to credit by Bank in name of Registrar General – Bank has no obligation to deduct tax at source thereon-

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Valuation of property – Reference to DVO – Section 142A – A. Y. 1991-92 – AO not rejecting books of account – Reference to DVO and addition on account of differential amount as unexplained investment is not sustainable –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance of expenditure in relation to exempt income: Section 14A: A. Ys. 2001-02 to 2005-06: Where available interest free funds are more than the investment in tax free securities, disallowance of interest u/s. 14A will not be justified:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Deemed dividend: Section 2(22)(e): Advance or loan to a shareholder: Section 2(22) (e) cannot be invoked where the assessee is not a shareholder in the lending company:

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Agent of non-resident: Section 163: A. Y. 2003- 04: Where a person in respect of whom agent is sought to be made a representative assessee, does not attain status of non-resident during relevant accounting period, provisions of section 163 cannot be invoked in such a case:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure: Section 36(1)(ii): A. Y. 2006-07: Commission paid to directors for providing personal guarantee to bank as precondition for grant of credit facilities cannot be disallowed stating that otherwise it would have been payable to the directors as dividend;

    By K. B. Bhuj le Advocate
    Reading Time 2 mins

    Business expenditure: TDS: Disallowance: S/s. 9, 40(a)(i) and 195: A. Y. 2009-10: Commission paid by the assessee to the non-resident agent for procuring orders for leather business from overseas buyers – wholesalers or retailers: Services rendered by non-resident agent can at best be called as a service for completion of export commitment: Services provided by non-resident agent are not technical services: Assessee is not liable to deduct tax at source when the nonresident agent provides servi<

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Capital gain: Slump sale or exchange: S/s. 2(42C) and 50B: A. Y. 2005-06: Transfer of division of undertaking in exchange for issue of preference shares and bonds: No monetary consideration: Exchange and not a sale: Not a slump sale:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose: Education: Exemption u/s. 11 r/w. s. 2(15): A. Y. 2009-10: Assessee-association conducting various continuing education diploma and Certificate Programmes, Management Development Programmes, Public Talks, Seminars, Workshops and Conferences: Assessee’s activities would fall within realm of education which is ‘charitable’ as per section 2(15): Proviso is not applicable: Assessee is entitled to exemption u/s. 11:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Industrial undertaking: Manufacture: Deduction u/s. 80-IB: A. Ys. 2004-05 to 2007-08: Assessee buying monitor, key board, mouse etc. and assembling them and selling computers so assembled: Activity is manufacturing activity: Assessee is entitled to deduction u/s. 80-IB:

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    TDS: Salary: S/s. 192 and 201 of I. T. Act, 1961: A. Y. 2008-09: Consultant doctors employed by hospital: No administrative control: Doctors free to come at any time and treat patients: No provision for payment of provident fund and gratuity: No employer and employee relationship: Payment to doctors is not salary: Section 192 for TDS is not applicable:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing projects: Deduction u/s. 80IB(10): A. Y. 2006-07: Limit on extent of commercial area of housing project inserted w.e.f. 01/04/2005 does not apply to projects approved before that date:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    ITAT: Duty of Tribunal to decide appeals: Section 254(1): A. Y. 1997-98 and 1998-99: Unnecessary remand by ITAT causes prejudice and amounts to a failure to exercise jurisdiction:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure: Disallowance u/s. 43B r.w.s. 2(24)(x) and 36(1)(va): A. Y. 2008-09: Employer’s and Employees’ contributions to Provident fund deposited before due date for filing return u/s. 139(1):

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    House property income: Annual letting value: Section 23(a): A. Y. 2005-06: For determining annual value of property municipal rateable value may not be binding on Assessing Officer only in cases where he is convinced that interest free security deposit and monthly compensation do not reflect prevailing rate: In such a case, Assessing Officer can himself resort to enquire about prevailing rate in locality: Where a premises is covered by Rent Control Act, Assessing Officer must undertake exercise<

    By K. B. Bhujle Advocate
    Reading Time 7 mins

    Income: Unexplained investment: Section 69: A. Y. 2005-06: Search and seizure: Jewellery found during search: Instruction No. 1916 dated 11-05- 1994: Jewellery within prescribed limits: Addition of value of part of jewellery as undisclosed income: Not justified:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Revision: S/s. 143 and 263: A. Y. 2006-07: ITO had jurisdiction at the time issuing notice u/s. 143(2): Assessment order u/s. 143(3) passed by ITO when jurisdiction was with Dy. Commissioner/ Assistant Commissioner as per Departmental Circular: Assessment order not invalid: Commissioner does not have power to revise such order u/s. 263:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Search and seizure: Block assessment: Block period: S/s. 132A and 158B(a): Period up to which “requisition was made”: Meaning of: Date on which the authorisation u/s. 132A was issued is to be taken and not the dated of execution of the authorisation: Warrant of authorisation u/s. 132A issued on 18-09-2001: Warrant executed and books of account and other documents received on 21-03-2003: The block period will be from 01-04-1995 to 18-09-2001 and not from 01- 04-1996 to 21/03/2003 as taken by the<

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Assessment: Company: Amalgamation w.e.f. 01/04/2009: A. Y. 2010-11: Notice dated 20/06/2012 u/s. 142 to amalgamating (transferor) for assessment of the company for A. Y. 2010-11 is not valid:

    By K. B. Bhuj le Advocate
    Reading Time 1 mins

    Assessment: Time limit for completion of assessment: Limitation: Extention of period: Section 153 Expl 1(ii): A. Y. 1986-87 to 1989- 90: Stay of assessment proceedings by order of Court: Limitation restarts immediately on vacation of the stay order and not on receipt by the Department of the order vacating the stay:

    By K. B. Bhuj le Advocate
    Reading Time 3 mins

    Assessment: S/s. 143(3) and 144C: A. Y. 2009- 10: Transfer pricing proceedings: Pursuant to order of TPO, AO passed a final order u/s. 143 (3) instead of passing a draft assessment order u/s. 144C: There being a failure on part of AO to adhere to statutory provisions of Act, impugned order was to be quashed: AO could not cure defect existing in impugned order:

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Income: Capital or revenue receipt: A. Y. 2007-08: Assessee engaged in generation of power: Sale of carbon credits: Not an offshoot of business: No asset generated in the course of business but generated due to environmental concerns: Sale receipt is a capital receipt: No cost of acquisition: Profit is not assessable to tax:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Business income or house property income: S/s. 22 and 28(i) : A. Y. 1996-97: Assessee owned a shopping mall: Let out a portion of mall and used balance portion for its business: Rental income is business income and not house property income:

    By K. B. Bhuj le Advocate
    Reading Time 2 mins

    Recovery of tax: Stay of recovery: A. Ys. 2007-08 and 2008-09: Tribunal rejected the stay application only on the ground that the assessee had not made out a case of irreparable loss without considering the other issues raised by the assessee:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Refund: Interest: S/s. 237 and 243 : A. Y. 2010-11: Assessee, a civil contractor, receiving payments from Govt. Depts. after TDS: CPC issuing only part of refund: Mismatch between details uploaded by deductor and details furnished by assessee in return: Mismatch not attributable to assessee: Assessee entitled to refund with interest:

    By K. B. Bhuj le Advocate
    Reading Time 2 mins

    Business expenditure: Accrual of liability – A. Ys. 1988-89 to 1994-95 – Disputed enhanced power tariff – Amount not paid to electricity board – No acknowledgment of liability – No accrual of liability – Amount not deductible:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Computation: Reference to DVO – Sections 48, 50C and 55A – A. Y. 2006-07 – Sale of immovable property in July 2005 – Consideration more than stamp duty valuation – Reference to DVO not justified:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Expenditure incidental to sale – Section 48 – A. Y. 2006-07 – Expenditure for cancellation of earlier sale is deductible u/s. 48 as expenditure incidental to sale:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income: Deemed dividend – Section 2(22)(e) – A. Y. 2008-09: Assessee having current account with company and earning interest income by advancing funds to company – Credit balance only for a period of 55 days – No tax evasion – Section 22(e) not applicable:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income – Deemed dividend – Section 2(22)(e) – Loan to shareholder – Assessee shareholder let out premises to company – Company incurred substantial expenditure on repair and renovation of premises – Not a case of advance or loan – No deemed dividend in the hands of the shareholder:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Disallowance u/s. 43B r.w.s. 36(1)(va): A. Y. 2006-07: Employees’ contribution to PF: Paid by the employer-assessee to the Fund before the due date for filing of return of income for the relevant year: Allowable as deduction in the relevant year u/s. 43B r.w.s. 36(1)(va):

    By K. B. Bhuj le Advocate
    Reading Time 2 mins

    Capital gain: Exemption u/s. 54: A. Y. 2007- 08: Sale of bungalow jointly owned with wife: Purchase of adjacent flats one in the name of assessee and other jointly with wife and used as single residential house: Assessee entitled to exemption u/s. 54 in respect of investment in both houses:

    By K. B. Bhuj le Advocate
    Reading Time 3 mins

    Disallowance u/s. 14A – Expenditure relating to exempt income – Section 14A and Rule 8D of I. T. Rules – A. Ys. 2007-08 and 2008-09 – Disallowance cannot be made if there is no exempt income or if there is a possibility of the gains on transfer of the shares being taxable:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Reassessment: Reopening at the instance of audit party – Sections 147 and 148 – A. Y. 2009- 10 – AO contested the audit objection but still reopened the assessment – Reopening is at the instance of the audit party – AO has not applied mind independently – Reopening is bad in law:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Appeal before CIT(A) – A. Y. 2003-04 – Claim made for the first time before CIT(A) – CIT(A) can allow the claim on the basis of material on record:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Assessment pursuant to search in case of third party – Section 153C: A. Ys. 2006-07 to 2011- 12 – ‘Satisfaction’ that the documents found in search belong to third party is a precondition – ‘Satisfaction’ should be recorded and should be supported by material on recorded – Presumption that the document belongs to the searched person has to be rebutted:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Co-operative Society- Special deduction u/s. 80P- A. Y. 2010-11- Multi-purpose co-operative credit society registered under the Karnataka Act- Sub-section (4) of section 80P is not applicable- Society entitled to special deduction-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Deemed dividend – Section 2(22)(e) – A. Y. 2007- 08 – Where assessee itself was not shareholder of lending company addition made by AO by invoking provisions of section 2(22)(e) was not sustainable –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Section 37 – A. Y. 2005- 06- Premium on keyman insurance on partners paid by firm – Premium is deductible

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Educational institution- Exemption u/s. 11- A.Y. 2007-08- Capital expenditure incurred for attainment of object of institution is application of income- Assessee is entitled to exemption u/s. 11-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    company- Section 179- A. Y. 2003-04- Recovery proceedings on the ground of non-filing of the returns by company- Order u/s. 179 is not valid-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Depreciation – Rate – Section 32 and R. 9B of I. T. Rules, 1962 – A. Y. 2010-11 – Broadcasting/ exhibition rights and satellite rights in feature films amount to distribution rights – Assessee entitled to 100% depreciation –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Income or capital receipt – Section 4 – A. Ys. 2006-07 to 2009-10 – Entertainment tax exemption subsidy granted to assessee engaged in business of running of multiplex cinema halls and shopping malls is capital receipts –

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    The assessee was engaged in the business of manufacturing and selling of abrasives, refractories, grinding wheels etc. For the A. Y. 1992-93 the Assessing Officer allowed deduction u/s. 80-I of the Income-tax Act, 1961. Subsequently he rectified the assessment order u/s. 154 notionally carrying forward the losses of the earlier years and setting of the losses against the profit available during the A. Y. 1992-93 and thereby negative the claim for deduction u/s. 80-I.

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Recovery of tax- Garnishee proceedings u/s. 226(3) – Recovery of rent – TRO cannot enhance the rent unilaterally –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Remuneration from foreign enterprise – Deduction u/s. 80-O – A. Y. 1994-95 – Assessee conducting services for benefit of foreign companies – Services rendered “from India” and “in India” – Distinction – Report of survey submitted by assessee not utilised in India though received by foreign agency in India – Mere submission of report within India does not take assessee out of purview of benefit –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Revision – Jurisdiction of CIT – Sections 153A and 263 – A. Y. 2008-09 – Search and seizure – Once the proceedings u/s. 153A are initiated the Assessing Authority can take note of the income disclosed in the earlier return, any undisclosed income found during search or/and any other income to find out what is the “total income” – By virtue of section 263, the CIT gets no jurisdiction to initiate proceedings under the said provisions –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure – Block assessment – B. P. 1/04/1996 to 12/09/2002 – No incriminating material found during search – Survey – Incriminating material found in survey but no evidence that it related to assessee – Amounts based on survey not includible in block assessment –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Constitutional validity – Amendment made in section 80-IB(9) by adding an Explanation was not clarificatory, declaratory, curative or made “small repair” in the Act – On the contrary, it takes away the accrued and vested right of the Petitioner which had matured after the judgments of ITAT. Therefore, the Explanation added by the Finance (No.2) Act 2009 was a substantive law – Explanation added to section 80-IB(9) by the Finance (No.2) Act, of 2009 is clearly unconstitutional, violative of Arti<

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income – Accrual of – A. Y. 1996-97 – Mercantile system – Civil construction – Sums retained for payment after expiry of defect free period – Right to receive amount contingent upon there being no defects – Accrual only on receipt of amount after defect free period –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Non-resident -Taxability in India – Royalty – Section 9(1)(vi) – Income from supply of software embedded in hardware equipment or otherwise to customers in India – Does not amount to royalty –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Penalty – Sections 271D, 271E and 273B – A. Ys. 1996-97 to 1998-99 – Loan or deposit in cash exceeding prescribed limit – Payments from partners in cash – Firm and partner are not different entities – Penalty cannot be imposed u/s. 271D –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Recovery of tax – Stay application – A. Y. 2011-12 – Authority to prima facie consider merits and balance of convenience and irreparable injury – Authority to record reasons and then conclude whether stay should be granted and if so on what condition – No examination and no consideration – Order rejecting stay is not valid –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    ITAT- Miscellaneous application- S/s. 254(2) and 260A- A. Y. 2007-08- Pendency of an appeal filed in the High Court u/s. 260A is no bar to the maintainability of a MA filed u/s. 254(2)- R. W. Promotions P. Ltd vs. ITAT (Bom)

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Speculative transaction- Section 43(5)- Stock and share broker- Hedging transactions- Loss due to price of shares continuing to rise- Not speculative loss- Transaction within the ambit of exception- Not disallowable-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS: DTAA between India and UAE- Capital gains arising to resident of UAE from sale of Government securities in India is not taxable in India- No obligation to deduct tax at source-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Assessment- Amalgamation of companies- Sections 170, 176 and 292B- A. Ys. 2003-04 to 2008-09- Amalgamating company ceases to exist- After amalgamation assessment to be done on the amalgamated company- Order of assessment on amalgamating company is not valid-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Block assessment- Assessment of third person: Section 158BD- Limitation- Notice to third person to be issued immediately after completion of assessment of persons in respect of whom search was conducted- Notice issued to third person more than a year after completion of assessments of persons in respect of whom search was conducted- Notice not valid-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure- Disallowance u/s. 40(a) (ia) r/w. s. 194H- A. Y. 2009-10- Bank providing swiping machine to assessee- Amount punched in swiping machine credited to account of retailer by bank- Bank providing banking services in form of payment and subsequently collection of payment- Bank does not act as agent- No obligation to deduct tax at source- Disallowance u/s. 40(a)(ia) is not warranted-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure- Section 37(1)- A. Ys. 2006-07 to 2008-09- Hire charges paid on plastic moulds could not be disallowed even if they were given to contract manufactures free of cost-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain- Long term- Investment in capital gains bonds- Section 54EC- A. Ys. 2008-09 and 2009-10- Assessee is entitled to exemption in respect of investment of Rs. 50 lakh each in two different financial years within the time limit

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Capital or revenue expenditure- A. Y. 2000-01- One time lump sum payment for use of technology for a period of six years- Is licence fee for permitting assessee to use technology- Licence neither transferrable nor payment recoverable- No accretion to capital asset- No enduring benefit- Revenue expenditure:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose- Section 2(15)- scope of proviso-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Section 37 – A. Y. 2009-10 – Business of selling mobile hand sets and other electronic items and accessories – Advertisement expenditure – Expenditure is revenue in nature – AO not justified in treating it as differed revenue expenditure

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain or perquisite- Sections. 45 and 17(2) – A. Ys. 1998-99 and 2002-03 – Amount received by assessee on redemption of Stock Appreciation Rights received under ESOP was to be taxed as capital gain and not as perquisite u/s. 17(2)(iii) –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure- Disallowance u/s. 43B – Contribution to Provident Fund and Employees’ State Insurance – Provision that contribution should be paid before due date for filing of return is applicable to contribution by employees also –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business income vs. Income from house property- A. Ys. 2004-05, 2005-06, 2007-08 and 2009- 10- Assessee letting out godowns and warehouses to manufacturers, traders and companies carrying on warehousing business- Income is assessable as business income

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital or revenue receipt- A. Y. 1996-97- Noncompete fee- Goodwill- Assessee transferring technical know-how and other advantages to joint venture company- Payment in lieu of restrictive covenants as to manufacture- Assessee continuing business using its own logo, trade name- No intention to acquire goodwill of assessee- Non-compete fee received is capital in nature

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    DTAA between India and Mauritius- Assessee, a Mauritius based company was engaged in business of telecasting TV channels- Assessee carried out entire activities from Mauritius and all contracts were concluded in Mauritius- Only activity which was carried out in India was incidental or auxiliary/preparatory in nature which was carried out in a routine manner as per direction of assessee without application of mind: In aforesaid circumstances, assessee’s agent did not have any PE in India and, co<

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing project- Special deduction u/s. 80- IB(10)- A. Y. 2004-05: Not necessary that assesee has to develop flats: Residential area- Built-up area- Definition- Car park area not includible

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Advance tax- Short payment- Interest u/s. 234CComputation of interest- A. Y. 2009-10- Interest u/s. 234C was to be calculated based on date of presentation of cheque for payment of tax and not on date of clearing of cheque

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure- Disallowance u/s. 40(a) (ia)- Despite stay by High Court, Special Bench verdict In Merilyn Shipping is binding on the ITAT due to judicial discipline

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business income or house property income- Ss. 22 and 28- A. Ys. 2005-06 to 2009-10- Rent from letting out buildings with amenities in software technology park is assessable as business income

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Capital gain- Section 50C- A. Y 2009-10- Full value of consideration- Guideline value-Objection- Computation of capital gain by AO on basis of guideline value without referring to DVO u/s. 50C(2)- AO directed to work out capital gain invoking section 50C(2)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain-Ss. 45 and 48- A. Y. 2007-08- Gains on sale of TDR received as additional FSI as per the D. C. Regulations has no cost of acquisition and is not chargeable to capital gains tax

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Deemed income- Section 41(1)- A. Y. 2004-05- Remission or cessation of liability- Sales tax deferral scheme-Option in subsequent scheme for premature payment of net present value- No remission or cessation of liability of the difference- Difference is not deemed income u/s. 41(1)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Deemed income-Section 41(1)-A. Y. 2003-04- Remission or cessation of liability-Sales tax deferral scheme-Option in subsequent scheme for premature payment of net present value-No remission or cessation of liability of the difference- Difference is not deemed income u/s. 41(1)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    DTAA between India and Denmark-Section 9(1) (vi)-A. Y. 1991-92: Income deemed to accrue or arise in India-Danish company supplying equipment and information regarding installation of such equipment-Consideration received is not royalty-Not assessable in India

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Education: Charitable purpose- Exemption u/s. 11-A. Y. 2007-08-Pre-sea and post-sea training for ships and maritime industry-Object of trust educational- Trust entitled to exemption u/s. 11

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Interest- Ss. 234A, 234B and 234C- A. Y. 1990- 91- Order levying interest should be specific- Order directing levy of interest as per rules is not sufficient

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    ITAT- Power to grant stay beyond 365 days- S. 254(2A)- The Third Proviso which restricts the power of the ITAT to grant stay beyond 365 days “even if the delay in disposing of the appeal is not attributable to the assessee” is arbitrary, unreasonable and discriminatory. It is struck down as violative of Article 14. The ITAT has the power to extend stay even beyond 365 days

    By K. B. Bhujle Advocate
    Reading Time 5 mins

    Reassessment: S/s. 143(1), 147 and 148- A. Y. 2010-11- Reopening of assessment, even in case of intimation u/s. 143(1), on the ground that a specific aspect requires verification is not permissible

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure- Assessment- Section 153 A of- A. Y. 2008-09- No addition can be made in respect of an unabated assessment which has become final if no incriminating material is found during the search

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Transfer pricing- Section 92C-A. Y. 2007-08- Arm’s length interest rate for loan advanced to foreign subsidiary by Indian company should be computed based on market determined interest rate applicable to currency in which loan has to be repaid

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Section 37(1) – A. Y. 2000-01 to 2002-03 – Where assessee, engaged in manufacturing and selling of motorcycles, made payment of royalty to a foreign company for merely acquiring right to use technical know how whereas ownership and intellectual property rights in know how remained with foreign company, payment in question was to be allowed as business expenditure –

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure – Bogus purchases – A. Y. 2001-02 – No rejection of books of account – Substantial amount of sales to Government Department – Confirmation letters filed by suppliers, copies of invoices of purchases as well as copies of bank statements indicating purchases were made – Non-appearance of suppliers before authorities is not a ground to hold purchases bogus – No addition could be made –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gains – Section 45(4) – A. Y. 1993-94: Conversion of firm into company – Transfer of assets means a physical transfer or intangible transfer of rights to property – Conversion of shares of partners to shares in company – No transfer within meaning of section 45(4) – No capital gain:

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gains – Computation – Section 50C – Valuation by DVO – Sale of land – Stamp duty assigning higher value to the land – Matter should be referred to DVO –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable Institution-Exemption u/s. 10 & 11- In computing the income of charitable institutions exempt u/s. 11, income exempt u/s. 10 has to be excluded. The requirement in section 11 with regard to application of income for charitable purposes does not apply to income exempt u/s. 10 –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Charitable Trust – Registration – Section 12AA(2) – Period of six months provided in section 12AA(2) for disposal of application is not mandatory – Non disposal of application before expiry of six months does not result in deemed grant of registration –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Mutuality Income: A. Y. 2005-06- Transfer fees received by Co-operative Housing Societies from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Co-operative society – Deduction u/s. 80P(2)(a) (i) – A. Ys. 2008-09, 2009-10 and 2011-12 – Byelaws of society not prohibiting other co-operative societies from being its members – Assessee is not a co-operative bank – Assessee entitled to deduction u/s. 80P(2)(a)(i)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Exemption u/s. 54 – A. Y. 2007-08 – Investment of net consideration in purchase of a residential house – Acquisition of plot and substantial domain over new house – Requirement for claiming exemption complied with – Assessee entitled to exemption –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Export profit – Supporting manufacturer – Deduction u/s. 80HHC – A. Y. 2003-04 – Condition precedent – Not necessary that exporter should have earned profit – Requisite certificate filed during assessment proceedings – Assessee, supporting manufacturer is entitled to deduction u/s. 80HHC

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing project – Deduction u/s. 80-IB(10) – A. Y. 2007-08 – Condition precedent – Plot must have minimum area of one acre – Composite housing scheme consisting of six blocks in area exceeding one acre – Housing project approved under Development Control Rules – Separate plan permits were obtained for six blocks is not a ground for denial of deduction – Assessee entitled to deduction

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Non-resident: Section 6(1)(a) – A. Ys. 2007-08 and 2008-09: Assessee will not lose non-resident status due to forced stay in India due to invalid impounding of passport

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Refund – Self-assessment tax – Interest – Sections 140A, 244A(1)(a),(b) and 264 – A. Y. 1994-95 – Excess amount paid as tax on self-assessment – Interest payable from date of payment to date of refund of the amount

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure – Block assessment – Sections 158BC and 158BD – B. P. 1/04/1988 to 03/05/1998 – Police recovering cash from possession of three persons – Persons stating cash belonging to assessee who in reply stated that cash belongs to firm – No search warrant or requisition in name of assessee or the firm – No asset requisitioned from assessee – No notice could be issued in the name of assessee – Block assessment against assessee not valid

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Appeal to High Court – Competency of appeal – Rule of consistency – Sections 92B and 260A – A. Y. 2007-08 – Decision of Tribunal on identical issues relating to section 92B – No appeals from decisions – Presumption that the decision has been accepted – Appeal on similar issue to High Court not maintainable

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Accounting – Sections 37 and 145 – A. Ys. 1996-97 to 1999-00 – Accounting standards issued by ICAI not to be disregarded – Accounting standard employed by assessee, issued by ICAI but not notified by Central Government – Not a ground to discard – Lease equalisation charges – Deductible from lease rental income

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance u/s. 14A – A. Y. 2007-08 – Higher disallowance under rule 8D agreed before AO – Assessee could not be bound by such offer – Tribunal justified in reducing the amount of disallowance

    By K.B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Disallowance u/s. 14A – A. Y. 2007-08 – Disallowance u/s. 14A is not automatic upon claim to exemption – AO’s satisfaction that voluntary disallowance made by assessee unreasonable and unsatisfactory is necessary – In the absence of such satisfaction the disallowance cannot be justified

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Section 37(1) – A. Y. 2009- 10 – Payment made by the assessee law firm to the Indian branch of the International Fiscal Association towards the cost of constructing one of its meeting halls on the understanding that the hall would be named after the assessee firm was deductible as business expenditure

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Short term capital gain or business income – A. Y. 2008-09 – Purchase and sale of shares – Entire investment in shares consistently treated as investment in shares and not stock-intrade – Transactions not of high volume – Own funds used for the purposes of investment in shares – Transactions delivery based – Income to be treated as short term capital gains and not business income

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Charitable and religious trust – Anonymous donations – Special rate of tax – Section 115BBC – A. Y. 2009-10 – Exception – Religious trust – Overall activities of trust to be seen – Charitable activity part of religious activity – Assessee is a public religious trust – Special rate not attracted

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Income or capital receipt – A. Y. 2008-09 – An amount received by a prospective employee ‘as compensation for denial of employment’ was not in nature of profits in lieu of salary. It was a capital receipt that could not be taxed as income under any other head

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure – Capital or revenue expenditure – Section 37 – A. Ys. 2007-08 and 2008-09 – Development charges on research and testing of components – Revenue expenditure

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Housing project – Deduction u/s. 80-IB(10) – A. Ys. 2002-03 to 2007-08 – Architect certifying completion of project, application made to municipal corporation for issuance of completion certificate and fees paid therefor within time specified – Delay by municipal corporation for issuance of certificate – Delay cannot be attributed to assessee – Assessee is entitled to deduction

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Presumptive income – Section 44BB – The servicetax is not an amount paid or payable, or received or deemed to be received by the assessee for the services rendered by it. The assessee is only collecting the service-tax for passing it on to the government. Thus, for the purpose of computing the presumptive income of the assessee u/s. 44BB, the service-tax collected by the assessee on the amount paid for rendering services is not to be included in the gross receipt in terms of section 44BB(2) rea<

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income – Deemed profit – Section 41(1) – A. Y. 2007-08 – Amounts shown for several years as due to sundry creditors – Amount not written off in relevant year – Genuineness of credits not doubted – Amount not assessable u/s. 41

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Income – Mutuality – A. Y. 1986-87 – Co-operative society allotting plots in land to members at premium – Ownership of land remaining with society – Premium to be utilised for development of common facilities and amenities – Co-operative society a mutual concern – Premium received for transfer of plots exempt from tax

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Income or capital – A. Y. 2008-09 – Fund allotted to Government Company for a scheme – Specific direction that the interest on the amount should be utilised for the scheme – Interest is not assessable as income

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable trust – Exemption u/s. 11 – A. Y. 2008- 09 – Hospital – Application of income to objects and for purposes of trust – Charity Commissioner giving directions from time to time – Amounts charged or surcharges levied on bills given to indore patients – To be treated as income from activities of trust – Entitled to exemption u/s. 11

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Charitable trust – Exemption u/s. 11(2) – A. Y. 2005-06 – Accumulation of income – Three purposes given covered by fourteen objects of trust – More than one purpose specified in Form 10 and details about plan of such expenditure not given – Not sufficient to deny exemption

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Revision – Section 263 – A. Y. 2007-08 – Assessee consistently following project completion method – Revision on the ground that other method is preferable – Revision not valid

    By K.B. Bhujle Advocate
    Reading Time 1 mins

    Loss – Carry forward and set off – Section 79 – A. Y. 2002-03 – During the relevant assessment year holding company of assessee reduced its shareholding from the 51% to 6% by transferring its 45% shares to another 100% subsidiary company – 51% of voting rights remained with the holding company – The revenue not justified in refusing to allow carry forward and set-off of business losses

    By K.B. Bhujle Advocate
    Reading Time 1 mins

    Depreciation – Carrying on of business – Set-off of unabsorbed depreciation of previous years – Section 32(2) and 41(2) – A. Y. 2002-03 – Where once amount realised by assessee by sale of building, plant and machinery was treated as income arising out of profits and gains from business by virtue of section 41(2) notwithstanding fact that assessee was not carrying on any business during relevant assessment year, provision contained in section 32(2) would become applicable and, consequently, set-

    By K.B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance of payment to directors – Section 40(c) – A. Y. 1981-82 – Film production – Amounts paid as professional charges to directors for directing and producing film – Amounts not paid in their capacity as members of Board of Directors – No disallowance can be made u/s. 40(c)

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Disallowance u/s. 40(a) (ia) -: Section 40(a)(ia) – Argument that the disallowance for want of TDS can be made only for amounts “payable” as of 31st March and not for those already “paid” is not correct. In Liminie dismissal of SLP in Vector Shipping does not mean Supreme Court has confirmed the view of the HC

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain – Agricultural land – Section 2(14)(iii) (b) – A. Y. 2009-10 – Land situated within prescribed distance from municipal limit – Measurement of distance – Amendment in 2014 providing that distance should be measured aerially is prospective and not to apply to earlier years

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    ITAT: Power to grant stay beyond 365 days: Section 254(2A) – Section 254(2A) third proviso cannot be interpreted to mean that extension of stay of demand should be denied beyond 365 days even when the assesseee is not at fault. ITAT may extend stay of demand beyond 365 days if delay in disposing appeal is not attributable to assessee: ITAT should make efforts to decide stay granted appeals expeditiously

    By K. B. Bhujle Advocate
    Reading Time 5 mins

    Settlement of cases – Interest – Section 245D(2C) – B. P. 01/04/1995 to 05/10/2001 – Assessee depositing tax on admitting additional income: Required amount deposited within time when application admitted – Further tax liability determined final order satisfied – Interest on further tax for the period during the pendency of application before Settlement Commission is unwarranted

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure-Capital or revenue expenditure – Section 37 – A. Y. 1998-99 – Machine not put to use on ground that technology had become obsolete – Expenditure incurred for development of machines is revenue expenditure

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Disallowance u/s. 14A – A. Y. 2004-05 – Section 14A will not apply if no exempt income is received or receivable during the relevant previous year

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Educational Institution – Exemption u/s. 10(23C)(vi) – A. Y. 2009-10 – One of the object clauses providing trust could run business – No finding recorded that predominant object of trust was to do business – Trust is entitled to exemption

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Export oriented undertaking – Exemption u/s. 10B – A. Y. 2007-08 – Part of manufacture outsourced but under control and supervision of assessee – Assessee entitled to exemption

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Export oriented undertaking – Exemption u/s. 10B – A. Y. 2007-08 – Development Commissioner granting approval to assessee as 100% export oriented unit – Board of Approval ratifying this subsequently – Ratification relates back to date on which Development Commissioner granted approval – Assessee is entitled to exemption

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Concealment of income – Section 271(1)(c) – A. Y. 2005-06 – Assessment u/s. 115JB – No change in book profits and assessed tax – Penalty u/s. 271(1) (c) could not be levied

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Section 37 – A. Y. 2005- 06 – Assessee running hospital – Daughter of MD working in hospital as doctor – Expenditure on her higher studies incurred by assessee – She comes back to work in hospital – Expenditure had nexus with business of assessee – Expenditure allowable as deduction

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business income or short term capital gain – A. Ys. 2005-06 and 2006-07 – Transaction in shares NBFC – Whether business transactions or investment – Frequency of transactions is not conclusive test – Concurrent finding that transactions not business activity – Upheld

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable Institution – Exemption u/s. 11 – A. Y. 2006-07 – Where the objects of the trust include “(2)Devising means for imparting education in and improving the Ayurvedic system of Medicine and preaching the same. In order to gain objects No. 2, it is not prohibited to take help from the English or Yunani or any other system of medicine and according to need one or more than one Ayurvedic Hospital may be opened.”, it cannot be held that running an allopathic hospital is ultra vires to the ob<

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Deemed dividend – Section 2(22)(e) – A. Y. 2009- 10 – Loan to shareholder – Amounts taken as loan from company and payments also made to company – AO directed to verify each debit entry and treat only excess as deemed dividend

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income from house property – Annual letting value – Section 23 – A. Y. 1986-87 – Annual value is lesser of fair rent and standard rent

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Reassessment – Sanction u/s. 151 – A. Y. 2007-08 – In the absence of the requisite sanction u/s. 151 the notice u/s. 148 will be invalid

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Refund – Adjustment against demand u/s. 245 – A. Ys. 2004-05, 2007-08 and 2008-09 – Grant of stay of demand – Section 245 cannot be invoked

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    TDS – Failure to deduct – Section 201(1), (1A), (3) – A. Y. 2008-09 – Notice and order deeming the assessee in default – Notice declared barred by limitation by court – Amendment extending period of limitation – AO has no power to issue notice afresh on the same basis

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS- Disallowance u/s. 40(a)(ia) – A. Ys. 2008-09 and 2009-10 – Second proviso to section 40(a)(ia) which states that TDS shall be deemed to be deducted and paid by a deductor if resident recipient has disclosed the amount in his return of income and paid tax thereon, is retrospective in nature

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Scientific research expenditure – Weighted deduction – Section 35(2AB) – A. Y. 2003-04 – Denial of deduction by AO on ground that machinery is required to be installed and commissioned before expiry of relevant previous year – Not proper

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Concealment – Section 271(1)(c): A. Y. 2003-04 – The rigors of penalty provisions cannot be diluted only because a small number of cases are picked up for scrutiny – No penalty can be levied unless assessee’s conduct is “dishonest, malafide and amounting to concealment of facts” – The AO must render the “conclusive finding” that there was “active concealment” or “deliberate furnishing of inaccurate particulars”

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    TDS – Chit Fund – Interest – Section 194A – A. Ys. 2004-05 to 2006-07 – Amount paid by Chit Fund to its subscribers – Not interest – Tax not deductible at source on such interest

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Income deemed to accrue or arise in India – Sections 9(1)(vii)(b) and 195 – A. Ys. 1998- 99 to 2000-01 – Wet-leasing aircraft to foreign company – Operational activities were abroad – Expenses towards maintenance and repairs were for purpose of earning abroad – Payments falling within the purview of exclusionary clause of section 9(1)(vii)(b) – Not chargeable to tax and not liable for TDS

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Assessment – Disallowance/addition on the basis of statement of third party – Reliance on statements of third party without giving the assessee the right of cross-examination results in breach of principles of natural justice

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure – Capital or revenue – A. Y. 1996-97 – Assessee carrying on business of letting out properties – Payment to tenant for vacating premises – Rental income earned by the assessee is assessed under the head ‘Business’ and the compensation of Rs. 53,50,000/- paid by it for obtaining possession from lessee/tenant so as to earn higher income is an admissible revenue deduction

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Assessment – Sections 143(2), 143(3) and 147 – A. Ys. 2006-07 to 2011-12 – Assessment u/s. 143(3) – Condition precedent – Issue of valid notice u/s. 143(2) – Difference between issue and service of notice – Deeming fiction – Section 292BB not applicable to non-issue of notice

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Concealment of income – Section 271(1) (c): A. Y. 2001-02 – Allowability of deduction pending consideration by High Court in appeal – Admission of appeal makes it clear that addition is debatable – No concealment of income – Penalty could not be imposed

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Charitable purpose – Exemption u/s. 11 – Management and development programme and consultancy charges part and parcel of Institute of management studies set up by assessee – No element of business in conducting management courses – Surplus funds applied towards attainment of objects of institute – Income generated from giving various halls and properties – Assesse entitled to exemption u/s. 11

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Depreciation – Additional depreciation – Section 32(1)(iia) – A. Y. 2008-09 – Assessee is engaged in the business of FM radio broadcasting, producing, recording, editing and making copies of the radio programme amounts to manufacture/production of article or things – Radio programme produced is “thing” if not an “article” as Dictionary meaning of the word envisages that “thing” could have intangible characteristic – Assessee is entitled to additional depreciation

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    DTAA – “International traffic” under Art 8 of India-Singapore DTAA – Journey of a vessel between two Indian ports is “international traffic” if the same is part of a larger journey between two foreign ports – It is only when a ship or aircraft is operating ‘solely’ between places in a contracting state that the transport is excluded from scope of “international traffic”

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    ALP – International transaction – Sections 92CA and 144C – A. Y. 2012-13 – Amount in dispute exceeding Rs. 5 crore – Matter has to be referred to TPO

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Section 37 – A. Y. 2003-04 – Year in which allowable – Project abandoned as unviable at capital-work-in-progress stage – No claim made in earlier year – Expenses allowable in the year of write-off

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital or revenue receipt – A. Y. 2009-10 – Money to be used in purchase of plant and machinery temporarily placed in fixed deposits – Inextricably linked with setting up of plant – Interest on fixed deposits is capital receipt

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Depreciation – Section 32 – A. Y. 1996-97 – Purchase and lease back of energy measuring devices – Lessee not claiming depreciation – Assessee entitled to depreciation

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Sections 269T, 271E and 275(1)(c) – A. Y. 2005-06 – Assessment order u/s. 143(3) with direction to initiate penalty proceedings u/s. 271E passed on 28/12/2007 – Penalty order u/s. 271E passed on 20/03/2012 is barred by limitation

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Non-resident – Royalty – Sections 9 and 90 – A. Ys. 2007-08 and 2009-10 – Royalty having same meaning under I. T. Act and DTAA – Subsequent scope in I. T. Act widening scope of “royalty” – Meaning under DTAA not changed – Assessee entitled to exemption as per DTAA

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Revision against a deceased person is not valid – Sections 263 and 159 and 292BB – A. Y. 2009-10 – Where revision Proceedings u/s. 263 are initiated against a deceased assessee after the Income Tax Department comes to know of his death by notice returned by postal dept with remarks “addressee deceased”, such proceedings are a nullity and are not saved by section 292BB by reason of legal heirs having co-operated in revision proceedings nor by section 159

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Rent – Section 194I – Where One Time Nonrefundable Upfront Charges paid by the assessee was not (i) under the agreement of lease and (ii) merely for the use of the land and the payment was made for a variety of purposes such as (i) becoming a co-developer (ii) developing a Product Specific SEZ(iii) for putting up an industry in the land and both the lessor as well as the lessee intended to treat the lease virtually as a deemed sale, the upfront payment made by the assessee for the acquisition of leasehold rights over an immovable property for a long duration of time say 99 years could not be taken to constitute rental income at the hands of the lessor and hence lessee, not obliged to deduct TDS u/s. 194-I

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Disallowance u/s. 40(a)(i) – Royalty – Payment for import of software – Not royalty – Tax not deductible at source on such payments – Amount not disallowable u/s. 40(a)(i)

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Presumptive tax – Section 44BBA – A. Y. 1989-90 to 1993-94 – Non-residents – Business of operation of air craft – Section 44BBA is not charging provision, but only a machinery provision – It cannot preclude an assessee from producing books of account to show that in any particular assessment year there is no taxable income – When there is no taxable income, section 44BBA cannot be applied to bring to tax presumptive income constituting 5 per cent of gross receipts

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Revision – Section 263 – A. Y. 2007-08 – Question whether total income for purposes of section 36(1)(viia)(c) should be computed after allowing deduction u/s. 36(1)(viii) – Two possible views – Debatable issue – Revision u/s. 263 not justified

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Payment to non-resident – Sections 195 and 201 – A. Y. 2002-03 – Transaction not resulting in liability to tax – Tax not deductible at source – Assessee not in default

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Appellate Tribunal – Additional ground – Admissibility – Section 143(2) and 147 – A. Ys. 2005-06 to 2008-09 – The requirement of issuance of the notice u/s. 143(2) is a jurisdictional one – It does go to the root of the matter as far as the validity of the reassessment proceedings u/s. 147 is concerned – There being no fresh evidence or disputed facts sought to be brought on record, and the issue being purely one of law, the Tribunal was not in error in permitting the assessee to raise the addi

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – TDS – Disallowance u/s. 40(a)(i), (ia) – A. Y. 2008-09 – Payment made for purchase of software as product and for resale in Indian market – Not royalty – Assessee not liable to deduct tax at source – Payment not to be disallowed

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Interest on borrowed funds – Section 36(1)(iii) – A. Y. 2005-06 – Assessee advancing money to its sister concern owning 89% of share capital free of interest – Holding company investing money for purpose of business in its subsidiary company amounts to expense on account of commercial expediency – Assessee entitled to deduction u/s. 36(1)(iii)

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Capital or revenue receipt – Section 17(3)(iii) – A. Y. 2008-09 – Amount received by way of compensation against employment contract as goodwill and one time settlement of proposed employment – Capital receipt and not “profit in lieu of salary” – Assessee entitled to refund of tax deducted at source

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gains – Section 45(4) – A. Y. 1991-92 – Where natural partners of a firm transferred their rights in firm to artificial partner, being a company for its equity shares, such transfer would not amount to distribution or transfer of capital assets chargeable to capital gain

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Charitable or religious trust – Sections 11 and 32 – A. Y. 2009-10 – Section 11(6) inserted by the Finance (No. 2) Act, 2014 denying depreciation while computing income of charitable trust, is prospective in nature and operates with effect from 1-4-2015 – For the relevant year the depreciation is allowable

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Loss – Set-off – Section 74 r.w.s. 50 – A. Y. 2005- 06 – Where deemed short-term capital gain arose on account of sale of depreciable assets that was held for a period to which long-term capital gain would apply, said gain would be set-off against brought forward long-term capital losses and unabsorbed depreciation

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Reassessment in case of dead person – Sections 147, 148 and 159 – A. Y. 2008-09 – Where department intended to proceed u/s. 147 against assessee when he was already dead, it could have been done so by issuing a notice to legal representative of assessee within period of limitation for issuance of notice

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Consequence of failure to deduct or pay (Time Limit for passing order) – Section 201(3) – A. Ys. 2008-09 and 2009-10 – Section 201(3), as amended by Finance Act No.2 of 2014 shall not be applicable retrospectively and therefore, no order u/s. 201(1) could be passed for which limitation had already expired prior to amended section 201(3) as amended by the Finance Act No. 2 of 2014 came into force:

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Transfer pricing – S. 92C r.w.s. 144C – Where petitioner is not a foreign company and Transfer Pricing Officer has not proposed any variation to return filed by petitioner, neither of two conditions of section 144C being satisfied, petitioner is not an ‘eligible assessee’ and, consequently, Assessing Officer is not competent to pass draft assessment order u/s. 144C(1)

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure – Disallowance u/s. 14A – Variable ‘A’ prescribed in the formula in Rule 8D(2)(ii) (to make disallowance in case of common interest expenditure) would exclude both interest attributable to tax exempt income as well as taxable income

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance u/s. 40(a)(ia) – A. Y. 2008-09 – Reimbursment of service charges is not taxable – Tax not deductible at source from such amount – Expenditure cannot be disallowed u/s 40(a)(ia) of the Act

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Exemption u/s. 10A – A. Y. 2000-01 – Relevance of date of notification of STPI – Assessee having been notified by STPI on 04/03/2000 is eligible for exemption u/s. 10A for entire A. Y. 2000-01 – AO was not justified in restricting the benefit for the period after 04/03/2000

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Penalty – Concealment – Section 271(1)(c) – A. Y. 2008-09 – Capital gains – Exemption – Whether assesee entitled to exemption u/s. 54 or section 54F or neither pending before High Court – Addition itself debatable – Penalty u/s. 271(1)(c) not justified

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure – Retention of seized articles – Section 132A – A. Y. 2012-13 – IT authorities requisitioning silver articles of assessee from railway police for purpose of investigation – Assessment order taking note of such seizure but no addition on account of seized articles – IT authorities to hand over seized articles to assessee

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Depreciation – Additional depreciation – Section 32(1)(iia) – A. Ys. 2007-08 and 2008-09 – Plant and machinery set up after 1st October 2006 but before 31st March 2007 – Half of additional depreciation of 20% is allowable in A. Y. 2007-08 and the balance half allowable in A. Y. 2008-09

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Limitation – Amendment – Increased limitation period of 7 years u/s 201(3) as amended by Finance (No.2) Act, 2014 w.e.f.1.10.2014 shall not apply retrospectively to orders which had become timebarred under the old time-limit (2 years/6 years) set by the unamended section 201(3). Hence, no order u/s. 201(i) deeming deductor to be assessee in default can be passed if limitation had already expired as on 1-10-2014 –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Manufacture – Exemption u/s. 10B – A. Ys. 2003- 04 and 2004-05 – Assembling of instruments and apparatus for measuring and detecting ionizing radiators amounts to manufacture – Assessee entitled to exemption u/s. 10B –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Presumptive tax – Section 44BB – A. Y. 2008- 09 – Assessee non-resident – Prospecting for or production of mineral oils – Service tax collected by the assessee is not includible in gross receipts for the purposes of computation of presumptive income

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Reassessment – Sections 147 & 148 – A.Y. 2002- 03 – Information received from ED – AO set out information received from ED – He failed to examine if that information provided the vital link to form the ‘reason to believe’ that income of the assessee has escaped the assessment for the A.Y. in question – Reopening of the assessment is not valid

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Sections 194C and 194J

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose – Exemption – Sections 2(15), proviso, 11 – A. Y. 2009-10 – Object of trust to provide training to needy women in order to equip or train them in skills and make them self reliant – Nursing training provided at centre of Trust free of cost – Occasional sales or generation of funds for furthering objects but not indicative of trade, commerce or business – Proviso to section 2(15) not applicable – Trust entitled to exemption

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Appeal – A. Y. 2006-07 – CIT(A) can consider the claim though not made in the return or the revised return

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    References and appeals to High Court – Sections 256 and 260A – Revised monetary limit of tax effect of Rs.20 lakh in CBDT’s Circular No. 21/2015 shall apply to pending references in High Courts u/s. 256 as they apply to pending appeals u/s. 260A as the objective of the Circular would stand fulfilled on application to references u/s. 256 pending in HCs where tax effect is less than Rs.20 lakh

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Salary – Section 17(3) – A. Y. 1994-95 – Premature termination of service in terms of service rules – Payment of sum by employer to employee voluntarily with a view to bring an end to litigation – No obligation on employer to make such payment – Payment not compensation – Not profits in lieu of salary – Not liable to tax

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance u/s. 40A(3) – A. Y. 2008-09 – Payments in cash – Agents appointed by assessee for locations to enable dealers of petrol pumps to buy diesel and petrol – No cash payment made directly to agents but cash deposited in respective bank accounts of agents – Rule 6DD(k) applicable – Amount not disallowable u/s. 40A(3)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Additional depreciation – Section 32(1)(iia) – A. Y. 2008-09 – Manufacture – Broadcasting amounts to manufacture of things – Plant and machinery used in broadcasting entitled to additional depreciation

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure – Section 37(1) – A. Y. 2001- 02 – Payment to Port Trust by way of compensation for encroachment of land by assessee – Is business expenditure allowable u/s. 37(1)

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Capital gain vs. Business income – A. Y. 2006-07 – Profit from purchase and sale of shares – Assessee not registered with any authority or body to trade in shares – Entire investment made out of assessee’s own funds – Purchase and sale of shares were for investment accepted by Department for earlier years – Gain from purchase and sale of shares cannot be taxed as business income

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Appeal to Appellate Tribunal- No appearance by assessee’s counsel on date of hearing due to death in family- Refusal by Tribunal to grant adjournment and matter decided on merits: Violation of principles of natural justice- Order of Tribunal quashed and direction to decide matter on merits after hearing parties-

    By K. B. Bhujle
    Adovcate
    Reading Time 1 mins

    Appeal to High Court- Section 260A- Competency of appeal- Decision of Tribunal following earlier decision- No appeal from earlier decision- No affidavit explaining reasons: Appeal not competent-

    By K. B. Bhujle
    Adovcate
    Reading Time 1 mins

    Capital gains- Transfer- S/s. 45(1), (4) – A. Y. 1992- 93- Conversion of firm to company- Takeover of business of firm with assets by private limited company with same partners as shareholders in same proportion: Subsequent revaluation of assets- No dissolution of partnership- No consideration accrued or received on transfer of assets: Transaction not transfer giving rise to capital gains-

    By K. B. Bhujle
    Adovcate
    Reading Time 2 mins

    Charitable purpose- S/s. 2(15), 12A of I. T. Act 1961- A. Y. 2009-10- Premises let for running educational institutions- Auditorium let out to outsiders for commercial purpose- Incidental to principal object of promotion of educational activities- Will not fall in category of “advancement of any other object of general public utility” in section 2(15)- Cancellation of registration not justified-

    By K. B. Bhujle
    Adovcate
    Reading Time 3 mins

    Tea Development allowance- Section 33AB- A. Y. 2000-01- Composite income: Deduction to be allowed from total composite income derived from growing and manufacturing tea- Rule 8 shall apply thereafter to apportion resultant income-

    By K. B. Bhujle
    Adovcate
    Reading Time 1 mins

    Housing Project- Deduction u/s. 80-IB(10) – A. Y. 2010-11- Two flats in project exceeding specified dimension- Assessee entitled to deduction in respect of other flats not exceeding specified dimension-

    By K. B. Bhujle
    Adovcate
    Reading Time 2 mins

    TDS: Business expenditure- Disallowance u/s. 40(a)(i)- A. Ys. 2007-08 and 2008-09- Payment of commission to non-resident agent- Commission not income deemed to accrue or arise in India- Tax need not be deducted at source- Disallowance of expenditure u/s. 40(a)(i) not justified-

    By K. B. Bhujle
    Adovcate
    Reading Time 2 mins

    TDS: DTAA- Business expenditure- Disallowance u/s. 40(a)(i)- A. Y. 2001-02- Assessee paid administrative fee to its US-AE- Assessing Officer disallowed same for not deducting TDS- As condition of TDS-deduction was only applicable on payment to non-resident and not applicable on payment to resident for relevant period, it created discrimination- consequently, assessee would get benefit of DTAA and, therefore, action of Assessing Officer was not justified-

    By K. B. Bhujle
    Adovcate
    Reading Time 3 mins

    21. Business expenditure – Section 37 – A. Y. 2005-06- Capital or revenue expenditure – Assessee engaged in oil exploration – Expenses on dry dockings of rigs and vessels – is expenditure on maintenance of assets – deductible

    By K. B. BHUJLE
    Advocate
    Reading Time 1 mins

    54. Search and seizure- Block assessment- Sections 132 and 158BC – B P. 1990-91 to 2000-01 – Undisclosed income-corroborative evidence needed in case of statement- Finding that additions were not sustainable – Justified

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    22. Business expenditure – A. Y. 1999-00 – Same business or different business – tests – Expenditure incurred in setting up new line of same business is deductible

    By K. B. BHUJLE, Advocate
    Reading Time 1 mins

    23. Business expenditure – Gratuity – Sections 36(1)(v), 40A(9) – A. Ys. 2007-08 to 2009-10 – Application by assessee for approval of scheme neither approved nor rejected by Competent Authority – Finding that assessee complied with conditions stipulated for approval – Assessee entitled to allowance

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    24. Income – Accrual – Mercantile system of accounting- Section 145(1) – A. Ys. 2007-08 and 2009-10 – Nonconvertible unsecured debentures issued by group company – Group company in financial difficulties – Resolution passed by board of directors of assessee to waive interest on debentures for six years – The Tribunal holding that even though assessee following mercantile system of accounting interest did not accrue – Neither perverse nor arbitrary – Notional interest cannot be brought to tax

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    1. Business expenditure – Disallowance u/s. 40A(2) – A. Y. 1997-98 – Disallowance is not automatic and can be called into play only if AO establishes that expenditure incurred is, in fact, in excess of fair market value

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    2.Charitable purpose – Sections 10(23C)(vi), 12AA and 80G – Trust registered u/s. 12A and income exempt u/s. 10(23C) – Surplus income utilised for charitable purposes – Trust entitled to approval for purpose of section 80G

    By Keshav B. Bhujle, Advocate
    Reading Time 2 mins

    3.Offences and prosecution – Compounding of offences – Sections 276B and 279(2) – Failure by assessee to deposit amount deducted as tax at source – Rejection of application for compounding on basis of guidelines by CBDT – Assessee’s failure to deposit amount collected beyond its control – Chief Commissioner should consider objective facts on merits before exercising jurisdiction – order rejecting application for compounding not sustainable

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    4.Recovery of tax – Stay of demand during pendency of appeal before CIT(A) – Circular/Instruction No. 1914 dated 02/02/1993 and Circular dated 29/02/2016 modifying Instruction No. 1914 – Circular No. 1914 deals with collection and recovery of income tax, however it does not standardise the quantum of lumpsum payment required to be made by asssessee as a pre-condition of stay of disputed demand before CIT(A). Circular dated 29-2-2016 being a partial modification of Circular No. 1914 merely prescribes the percentage of the disputed demand that needs to be deposited by assessee. Thus, although process for granting stay was streamlined, and standardised by Circular dated 29-2-2016 but it could not mean that Instruction No. 2-B(iii) contained in Circular No. 1914 dealing with situation of unreasonably high pitched or dealing with situation of genuine hardship caused to assessee was erased by Circular dated 29-2-2016, therefore, both these factors should have been considered by both, Assessi

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    5. Refund – Interest on refund – Section 244A – A. Ys. 2007-08 and 2008-09 – Period for which interest payable – Exclusion of period of delay caused by assessee – Belated claim during assessment or revised return not a delay caused by assessee – Claim of assessee accepted in appeal by Commissioner (Appeals) – Time taken for appeal proceedings cannot be excluded

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    6. Settlement Commission – Application for settlement of case – Maintainability – Application offering undisclosed foreign income and assets – A. Ys. 2005-06 to 2014-15- Section 245C – Effect of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Act coming into force w.e.f. 01/07/2015 – Return filed on 21/05/2015 and notice u/s. 148 issued on 29/05/2015 – Application for settlement maintainable

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    38. Business expenditure – Interest on borrowed capital – Section 36(1)(iii) of the Act – A. Y. 1989-90 – Advance of loans at lower rate of interest to subsidiary concerns in financial difficulty for business purposes – Commercial expediency- Assessee entitled to deduction

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    39. Capital gain – Exemption u/s. 54 of the Act – A.Y. 2003-04 – Sale of residential property on 04/02/2003 – Agreement to purchase another residential property on 08/09/2003 and invested the capital gain within specified time – Assessee entitled to exemption u/s. 54 even if there is delay in completing the transaction

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    40. Capital gain – Exemption u/s. 54EC of the Act – A. Y. 2008 -09 – Investment in specified bonds from the amounts received as an advance is eligible for section 54EC deduction – The fact that the investment is made prior to the transfer of the asset is irrelevant

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    41. Charitable purpose – Charitable trust – Exemption u/s. 11 of the Act – A. Y. 2008-09 – Expenditure incurred in excess of income from accumulated funds – Trust entitled to exemption

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    42. Educational institution – Exemption u/s. 10(23C)(vi) of the Act – A. Y. 2014-15 – Application for approval can be filed before end of financial year and further information if needed can be sought from assessee – Application filed in the financial year rejected on the ground that it was filed prematurely – Not justified

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    43. Income – Accrual – A. Ys. 2005-06 to 2007-08 – Assessee obtaining contract – Work shared by assessee with another person – Amount received for work shared proportionate to work – Amount received by assessee and such other person shown separately – No evidence of sub-contract – Amount received by other person cannot be added to assessee’s income

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    44. Salary – Perquisite – Fringe Benefit Tax – Sections 17 and 115WA of the Act – Once the employer is taxed on the fringe benefits same cannot be taxed as perquisite in hands of employee

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    45. Speculative transaction – Business loss – A. Y. 2009-10 – Hedging transactions entered into to cover variation in foreign exchange rate – Impact on business of import and export of diamond – Transactions entered only in regular course of business activity – Not speculative transactions

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    37. Appellate Tribunal – Rectification of mistake – Section 254(2) – Mistake can be on part of litigants or his advisors

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    23 Appeal to High Court – Limitation – Appeal by Department – Receipt of copy of order of Tribunal by any of officers in Department including Commissioner (Judicial) will trigger period of limitation – Internal arrangements by Department changing jurisdiction of its officers will not alter period of limitation – Administrative instructions for administrative convenience of Department do not override statute particularly section 260A(2)(a)

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    24 Business expenditure – Accrued or contingent liability- A. Y.s. 2001-02 and 2002-03 – Award of damages with interest in arbitration made rule of court – Assessee disputing award of damages and interest and dispute pending before Division Bench – Grant of stay by Division Bench does not relieve assessee from liability of interest – Entitled to deduction on interest

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    25 Business expenditure – Capital or revenue – Section 37 – A. Y. 2005-06 – Lease rent paid for plot allotted for period of 10 years by Gujarat Maritime Board – Allowable as revenue expenditure

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    26 Capital gains – Transfer – Joint development agreement (JDA) – Section 2(47), r.w.s. 53A of the Transfer of Property Act, 1882 – A. Y. 2008-09 – Assessee was member of cooperative housing society which owned certain land – Society entered into tripartite JDA with developers but the JDA was not registered – Assessee was entitled to receive monetary consideration partly in money and balance as a part of built up property – During relevant assessment year, assessee actually received proportionate amount – Unregistered JDA does not fall u/s. 53A of Transfer of Property Act; does not amount to transfer – Tribunal was justified in holding that assessee was not liable to capital gain tax

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    27 Charitable purpose – Exemption u/s. 10(23C)(via) – A. Y. 2011-12 – Application for approval cannot be rejected on ground assessee charges fees for educational courses or it entered into arrangements with other institutions to set up satellite centers to give medical treatment or its treatment involved layered subsidisation programme – Rejection of application not justified

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    28 Depreciation – Additional depreciation – Section 32(1)(iia) – A. Y. 2006-07 – Acquisition of machinery in previous year and installation during A. Y. – Assessee entitled to additional depreciation at 20%

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    29 Income Declaration Scheme 2016 – Assessee not filing returns for A. Y. 2010-11 onwards owing to internal problems – Declaration under Scheme for A. Y. 2010-11 onwards – Advance tax paid and tax deducted at source for those years – Assessee entitled to credit of advance tax and TDS

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    30 Speculation business – Loss – Section 73, Explanation – Penalty u/s. 271(1)(c) – A. Y. 2001-02 – Allotment of shares – No purchase of shares- Loss on sale of shares – Not from speculation business – Question of penalty u/s. 271(1)(c) also would not arise

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    31 Transfer pricing – Computation of arm’s length price – Section 92C, r.w.s. 144C – A. Ys. 2007-08 and 2008-09 – Failure of Assessing Officer to adhere to mandatory requirement of section 144C(1) and first pass a draft assessment order would result in invalidation of final assessment order and consequent demand notices and penalty proceedings

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    25. Capital gains – Section 50C: A. Y. 2006-07 – Stamp duty value higher than sale price- Reference to DVO – Valuation by DVO binding on AO

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    26. TDS – Payment of salary to priests and nuns of catholic institutions – Ultimate beneficiaries congregation or dioceses with benefit of exemption from tax – No liability to deduct tax at source

    By K. B. BHUJLE
    Advocate
    Reading Time 1 mins

    27. Revision – Limitation – Section 263 – A. Y. 2007-08 – Reassessment in respect of items other than item sought to be revised by Commissioner – Period of limitation begins from original assessment – Not from date of reassessment in which item was not in question

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    28. TDS – Interest u/s. 28 of Land Acquisition Act- capital gain or income from other sources – Sections 45, 56 and 194A – Interest assessable as capital gain – Tax not deductible at source on such interest

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    53. TDS- Fees for technical services or for execution of contract-Sections 9(1)(vii), 194C, 194J and 201(1) – A. Y. 2011-12- Deployment of technical personnel not for and on behalf of customer but for and on behalf of contractor for execution of contract- Consideration paid not for professional or technical services rendered to assessee- Section 194C is applicable and not 194J

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    47. Business expenditure- Disallowance u/s. 14A – A. Y. 2008-09- Where securities in question constituted assessee’s stock-in-trade and assessee did not hold securities to earn dividend or interest but traded in them and dividend or interest accruing thereon was only a by-product thereof or an incidental benefit arising therefrom, same would not be subject to provisions of section 14A

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    48. Demonetisation – PMGKY deposit scheme – Where person from whom cash was seized during demonetisation 2016 and he was not tried under any provision of law, he would be eligible to deposit amount in PMGKY deposit scheme on or before 30-3-2017

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    49. DTAA between India and Germany – Amount received by assessee – international airlines as IATP members by rendering technical facilities i.e. line maintenance facilities to other member airlines at various Indian airports being covered under Article 8(4) of DTAA between India and Germany and article 8(1) and 8(3) of DTAA between India and Netherlands respectively, was not liable to tax in India

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    50. DTAA between India and Singapore- Shipping corporation in Singapore earning income from operations in India – Article 8 of DTAA stating that such income would be taxable in Singapore-Article 24 of DTAA stating that if income were taxed by contracting state on basis of remittance clause 8 would not apply – Certificate by Internal Revenue of Singapore that income accrued and was taxable in Singapore – Fact that freight receipts were remitted to UK not relevant – Income not taxable in India

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    51. Income- Transport subsidy – whether income or capital- A. Y. 2001-02 – Transport subsidy to stimulate industrial activity in backward region is capital receipt and not income

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    52. Notice – Validity- Service of notice- Reassessment- Sections 148 and 282 – A. Y. 1996-97- Service of notice on accountant of assessee company- Power of attorney given to accountant to conduct assessment proceedings does not include authority to accept any fresh notice- Notice not validly served on assessee- Reassessment proceedings vitiated

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    20. Assessment – Transfer pricing – DRP is superior to AO- AO is bound by decision of DRP – ESPN Star Sports Mauritius

    By K. B. BHUJLE, Advocate
    Reading Time 1 mins

    7. ALP – International transaction – Sections 92 and 92C – R. 10B of I. T. Rules 1962 – A. Y. 2008-09 – Comparables accepted for earlier years excluded – Onus on Department to justify exclusion –

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    8. Business expenditure – Deduction on actual payment – Sections 37 and 43B – A. Y. 2007-08 – Export and import business – Misdeclaration- Evasion of customs duty – Search and arrest – Bail order by court on condition assessee’s deposit amount to be appropriated towards differential liability by custom authorities – Recovery of customs duty from amount deposited by assessee evident from order of Principal Commissioner of Customs. Allowable expenses

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    9. Capital gain or business income- A. Y. 2006-07 – Where assessee converted the stock-in-trade of shares into investments and sold the same at a later stage, profit arising from sale of shares shall be deemed to be capital gains and not business income -Since shares were held as long-term capital asset, profit arising from sale of share shall be exempt from tax u/s. 10(38)

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    10. Capital asset – Agricultural land – Sections 2(1A) and 2(14) – A. Y. 2007-08 – Where assessee sold a piece of land in view of fact that assessee had planted various fruit bearing trees on land and produce was being used for personal consumption and, moreover, assessee had not filed an application for conversion of land for non-agricultural propose, it was not a ‘capital asset’ u/s. 2(14) and, thus, gain arising from sale of it was exempt from tax

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    11. Disallowance of expenditure – Exempt income – Section 14A – A. Y. 2011-12 – Section 14A cannot be invoked where no exempt income was earned by assessee in relevant assessment year

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    12. Educational Institution – Exemption u/s. 10(23C)(vi) – A. Ys. 2008-09 and 2009-10 – CBDT Circular to the effect that approval granted on or after 01/12/2006 to operate in perpetuity till withdrawn – Assessee seeking exemption for A. Y. 2008-09 but withdrawing it pursuant to CBDT Circular – Order of Commissioner holding application delayed and denying exemption – Contrary to law – Assessee entitled to exemption – Directions to Commissioner to pass fresh orders

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    13. Income – Assessability – Land purchased for company by its director – Land shown as stock-in-trade of company – sale of land also shown in books of company and gains offered for tax – gains not assessable in hands of director

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    14. Penalty: Section 271(1)(c) – A. Ys. 2003-04 to 2006-07- Assessing Officer initiating penalty proceedings for furnishing of inaccurate particulars of income and imposing penalty for concealment of income- Order imposing penalty to be made only on ground on which penalty proceedings initiated and not on fresh ground of which assessee had no notice- Penalty to be deleted

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    15. Appellate Tribunal – Order to be passed within 90 days – Section 254(1) and ITAT Rules 34(5)(c) and 34(8) – A. Y. 2009-10 – Rule requiring order to be pronounced within 90 days of conclusion of hearing – Tribunal passing order beyond period of 90 days – Assessee applying rectification on ground delay operated to its prejudice – Rejection not justified – Tribunal to consider rectification application afresh

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    16. Capital gain – Exemption u/s. 54F – Investment of capital gain in purchase of residential house outside India before amendment by Finance No. 2 Act, 2014 – Assessee entitled to exemption u/s. 54F

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    17. Charitable purpose – Registration u/s. 12AA – A. Y. 2009-10 – Cancellation of registration- Assessee a housing development authority constituted under Act of Legislature – No activity demonstrating that assessee not genuine trust – No material indicating that assessee or its affairs not carried out in accordance with object of trust – Registration cannot be cancelled

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    18. Co-operative society – Deduction u/s. 80P(2)(a)(i) – Society providing credit facilities to members – Finding that assessee not a co-operative bank and its activities confined to its enrolled members in particular area – Class B members enrolled for purpose of availing of loans and not participating in administration are also members – Benefit of exemption cannot be denied to assessee

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    19. Penalty – Concealment of income – Sections 92CA and 271(1)(c) – Recomputation of arm’s length price of specified domestic transaction not carried out at arm’s length – Transactional net margin method or comparable uncontrolled price method – difference in method leading to rejection of loss claimed in respect of genuine new line of business – Penalty cannot be imposed –

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    20. Return – Belated revised return for claiming exemption in terms of Supreme Court decision and CBDT circular – High Court has power to direct condonation of delay and granting of exemption

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    21. Transfer pricing – A. Y. 2006-07 – International transaction – Arm’s length price – Selection of comparables – Company outsourcing major parts of its business cannot be taken as comparable for company not outsourcing major part of its business

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    22. Revision – Section 263 – A. Y. 2007-08 – Assessee changing method of accounting in accordance with accounting standard 7 – Known and recognised method of accounting and approved as proper – Not erroneous and prejudicial to Revenue – Revision not warranted

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    19. Appellate Tribunal – Power to consider new ground etc. – Sections 142(2A) and (2C) – A. Y. 2005-06 – Tribunal has power to consider the question of validity of extension of time u/s. 142(2C) of the Act – Amendment by Finance Act, 2008 is prospective and not retrospective

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    46. Appellate Tribunal – Power to enhance – Tribunal has no power to enhance assessment

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    34. Housing project – Deduction – Sections 40(a)(ia) and 80IB – A. Y. 2006-07 – Disallowance u/s. 40(a)(ia) cannot be treated separately but is to be added to gross total income eligible for deduction u/s. 80IB(10)

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    35. Salary – Voluntary retirement – Exemption u/s. 10(10C) – Where assessee who had opted for voluntary retirement under Early Retirement Option Scheme on coming to know and on being advised that pursuant to a decision of Supreme Court would be entitled to exemption u/s. 10(10C) filed a revised return claiming deduction u/s. 10(10C), he would be entitled to exemption even though revised return had been filed beyond period stipulated u/s. 139(5) as default in complying with requirement being due to circumstances beyond control of assessee, Board would be entitled to relax requirement contained in Chapter IV or Chapter VI

    By K. B. BHUJLE, Advocate
    Reading Time 5 mins

    36. Housing project – Deduction u/s. 80IB(10) – A. Y. 2006-07 – Ceiling on built up area – terrace in pent house is not part of built up area – Finding that assessee was developer and built up areas were within specified limits – Assessee entitled to deduction u/s. 80IB(10)

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    29. Capital gain – Section 47 – Where no gain or profit arises at time of conversion of partnership firm into a company, in such a situation, notwithstanding non-compliance with clause (d) of proviso to section 47(xiii) by premature transfer of shares, transferee company is not liable to pay capital gains tax

    By K. B. BHUJLE
    Advocate
    Reading Time 6 mins

    30. Charitable purpose – Computation of Income- Depreciation – Sections 11 and 32(1) – A. Y. 2004-05 – Assets whose cost allowed as application of income to charitable purposes in earlier years – Depreciation is allowable on such assets

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    31. Charitable purpose – Computation of income- Depreciation – Sections 11 and 32 – A.Y. 2009 -10 – Asset whose cost allowed as application of income u/s. 11- Depreciation allowable – Section 11(6) denying depreciation on such assets inserted w.e.f. 01/04/2015 – Amendment not retrospective- Depreciation allowable for A. Y. 2009-10

    By K. B. BHUJLE, Advocate
    Reading Time 1 mins

    32. Co-operative society – Deduction u/s. 80P – A. Ys. 2008-09, 2009-10 and 2011-12 – Effect of amendment w.e.f. 01/04/2007 – Deduction denied to co-operative banks – Difference between co-operative bank and primary agricultural credit society – Primary agricultural credit society is entitled to deduction u/s. 80P

    By K. B. BHUJLE, Advocate
    Reading Time 1 mins

    33. Export – 100% export oriented unit – Exemption u/s. 10A – A. Y. 2002-03- Electronic transmission of software developed in India branch to head office outside India at markup 15% over cost – Is export eligible for exemption u/s. 10A-

    By K. B. BHUJLE, Advocate
    Reading Time 2 mins

    11 Section 37(1) – Business expenditure – Capital or revenue – A. Ys. 2008-09 and 2009-10 – Assessee obtaining mining lease from Government – Writ petitions to quash lease – Legal expenditure to defend and protect lease – Is revenue expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    37 Sections 10A, 10B, 254 and 263 – Appellate Tribunal Power to direct consideration of alternative claim – A. Y. 2010-11 – Revision – Commissioner directing withdrawal of exemption u/s. 10B – Appeal against order of Commissioner refusing to consider claim u/s. 10A – Tribunal has power to direct consideration of alternative claim of assessee to exemption u/s. 10A

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    38 Sections 2(15) and 11 – Charitable trust – Exemption – A. Ys. 2010-11 and 2011-12 – Charitable purpose – Effect of insertion of proviso in section 2(15) – Trust running educational institutions – purchase of land for charitable purposes – inability to utilise land for charitable purpose – Sale of land in plots – sale consideration utilised for charitable purposes – Assessee entitled to exemption –

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    39 U/s. 80-IC – Deduction An ‘undertaking or an enterprise’ established after 07/01/2003, and carried out ‘substantial expansion’ within specified window period, i.e., between 07/01/2003 and 01/04/2012, would be entitled to deduction on profits at rate of 100 per cent, u/s. 80-IC post said expansion

    By K. B. Bhujle
    Advocate
    Reading Time 7 mins

    40 U/s. 80-IB(10)(a) – . Housing project – Deduction – Completion certificate – Assessee completing construction and applying for certificate of completion before stipulated date – Delay in issuance of completion certificate beyond control of assessee – Assessee entitled to deduction

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    41 u/s. 80-IA(4) – Infrastructure project – Deduction- A. Y. 2003-04 – Development of infrastructure facility – Effect of section 80-IA(4) – Person developing infrastructure facility and person operating it may be different – Both entitled to deduction u/s. 80-IA(4) on portion of gains received

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    42 Section 144C – International transactions – Assessment – A. Y. 2009-10 – Draft assessment order – Final assessment order giving effect to directions of DRP – AO not entitled to introduce new disallowance not contemplated in draft assessment order

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    43 Section 271(1)(c) – Penalty – Concealment of income – A. Y. 2014-15 – Condition precedent – No specific finding that conduct of assessee amounted to concealment of particulars of income or furnishing inaccurate particulars of income – Assessee not found to have furnished inaccurate particulars but making incorrect claim of rebate – Voluntary withdrawal of claim pursuant to notice – No concealment of income – Order imposing penalty unsustainable

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    44 TDS – Fees for technical services or payment for work – Sections 194C and 194J – Fees for technical services or payment for work – Sections 194C and 194J – A. Ys. 2008-09 to 2011-12 – Broadcasting of television channels – Placement charges, subtitling, editing expenses and dubbing charges – Are part of production of programmes – Not fees for professional or technical services – Amounts paid falling u/s. 194C and not section 194J

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    45 Section 92C – Transfer pricing Computation of arm’s length price (ALP) – A. Y. 2006-07 – Comparable and adjustment – There is no provision in law which makes any distinction between a Government owned company and a company under private management for purpose of transfer pricing audit and/or fixation of ALP – A company cannot be excluded as a comparable only on ground that company has far higher turnover – Where both comparable and assessee were in segment of manufacture of tractors and power tillers and all functions of comparable company and assessee were same, said company should not be rejected as a comparable only because of its higher turnover

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    32. ALP – Computation- Sections 92 and 92C – A. Y. 2011-12 – Determination of operating costs- Agreement between parties – Reimbursement of costs received from AEs – Finding that reimbursement of cost of infrastructure was without a mark up- Claim of assessee to exclude cost of infrastructure to be allowed

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    33. Business expenditure – Exempt income- Disallowance u/s. 14A- A. Y. 2011-12 – If no exempt income is earned in the assessment year in question, there can be no disallowance of expenditure in terms of section 14A read with Rule 8D even if tax auditor has indicated in his tax audit report that there ought to be such a disallowance

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    34. Capital gains- Exemption u/s. 54F – A. Y. 2012-13 – Assessee getting more than one residential house in several blocks – All flats product of one development agreement on same piece of land – Flats located in same address – Assessee is entitled to benefit of exemption u/s. 54F

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    35. Charitable purpose – Exemption u/s. 11 – A. Ys. 2006-07 and 2009-10 – Education main activity of assessee – Publishing and printing books and selling them at subsidised rates or distributing them at free of cost – Profit earned thereby utilised for education – Denial of exemption erroneous-

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    12 Section 41(1) – Business income – Deemed income – A. Y. 2000-01 – Remission or cessation of trading liability – Condition precedent for treating sum as deemed profits – Sum should have been claimed as allowance or deduction in earlier year – Advance received from parent company for business purposes to be adjusted against future supplies – Transfer of advances to capital reserve – Capital receipt not liable to tax

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    13 Section 206C(1C) – A. Ys. 2005-06 to 2007-08 – Scope of section 206C(1C) – Collection of tax at source from agents who collect toll etc. – No obligation to collect tax at source from agent who collected octroi

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    14 Sections 194A, 194H, 201(1A), 276B and 279(1), and section 482 of Cr PC 1973 – TDS – Failure to deposit – Assessee depositing tax with interest once mistake of its accountant revealed during audit – Reasonable cause – Prosecution initiated three years after such payment – Not permissible

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    15 Section 271(1)(c) – Penalty – Concealment of income – A. Y. 2006-07 – Notice for levy of penalty – Notice should state specific grounds for levy of penalty – Printed form not sufficient

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    16 Section 9(1)(vii) and art 12 of DTAA between India and US – Non-resident – Income deemed to accrue and arise in India – A. Y. 2004-05 – (i) Agreement between resident and non-resident – Non-resident to procure designs and drawings from another non-resident – Designs and drawings supplied and payment received – Transaction one of sale – No royalty accrued to non-resident – tax not deductible at source; (ii) Indian company subsidiary of American company – Expenses incurred on behalf of Indian company by American company – Reimbursement of expenses – No payment for technical services – Amount not assessable u/s. 9 – Tax not deductible at source

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    17 Section 245D – Settlement Commission – Settlement of cases – Section 245D – A. Y. 2000-01 to 2006-07 – Order of Settlement Commission after considering facts – Writ by Revenue – No evidence that conclusions of Settlement Commission were perverse – Order valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    18 TDS – Karta – HUF – A. Y. 2012-2013 – Erroneous of PAN of Karta – HUF is entitled to benefit of TDS – Revenue has discretion to grant benefit to family

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    10 Unexplained Investment – Section 69 – A. Y. 2008-09 – Addition based on invoices, delivery notes and stock statement submitted before bank – AO not examined suppliers of stock – No corroborative evidence to support AO’s claim – Physical verification of stock tallying with books of account maintained by assessee – Verification made by bank not relevant evidence – Addition cannot be made on ground of undisclosed income

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    39. Search and seizure – Assessment u/s. 153A – A. Ys. 2003-04, 2006-07 to 2008-09 – Assessee can claim deduction in return u/s. 153A or first time before appellate authorities

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    28 Sections 253 and 254 –Appeal to Appellate Tribunal – Condonation of delay – A. Ys. 1994-95 and 1996-97 – Delay of 2984 days in filing appeal – Request for condonation of delay not to be refused unless delay is shown to be deliberate and intentional – Orders of Tribunal rejecting condonation of delay based on irrelevant factors – erroneous – delay condoned – Appeals filed by assessee to be restored for adjudication by Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    29. Section 254 –Appellate Tribunal – Power and duties as final fact finding authority –A. Y. 2009-10 and 2010-11 – Must reappraise and reappreciate all factual materials – Failure by Tribunal to render complete decision in terms of powers conferred on it – Matter remanded to Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    30. Section 153 – Assessment – Limitation – Computation of period – Exclusion of time during which assessment proceedings stayed by Court – Expl. 1 – A. Y. 2006-07 – Effect of section 153 – Period between vacation of stay and receipt of order by Income Tax Department not excluded – Vacation of stay on 09/11/2016 – Order of reassessment passed on 30/01/2017 – Barred by limitation

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    31. Section 2(47) – Capital gain – Computation – Transfer – A. Y. 1995-96 – Transfer of land to developer – 44% of land transferred in exchange for 56% of built-up area – Consideration for transfer of land was cost of construction of 56% of built up area – Cost of acquisition of land was its market value on 01/04/1981 – Land and development charges deductible from sale consideration

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    40. TDS – Rent – Section 194-I – A. Y. 2010-11 – Meaning of “rent”- Passenger service fees collected by airline operators – Use of land and building incidental – Tax not deductible at source on such fees

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    41. Revision- Section 264 – A. Y. 2013-14- Power of Commissioner – Intimation u/s. 143(1) whether can be considered in revision – Assessee filing revised return and seeking interference by Commissioner – Commissioner to consider revision application

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    32. Sections 2(15) and 12AA – Charitable Trust – Registration – A. Y. 2012-13 – Meaning of charitable purpose – Institution for training Government officials in water and land management – Direct connection with preservation of environment – Institution entitled to registration

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    33. U/s. 80HHC – Export Business – Deduction – A. Y. 1996-97 – Supporting manufacturer – Application by exporter for renewal of trading house certificate pending before concerned authorities – Does not disentitle supporting manufacturer to the deduction u/s. 80HHC – Exporter gave disclaimer certificate with details of export – Supporting manufacturer entitled to benefit of deduction u/s. 80HHC(1A)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    18 TDS – Certificate for deduction at lower rate/nil rate – Cancellation of certificate – Judicial order – Recording of reasons is condition precedent – No change in facts during period between grant of certificate and order cancelling certificate – No valid or cogent reasons recorded and furnished to assessee for change – Violation of principles of natural justice – Order of cancellation quashed

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    1 Section 143(3) – Assessment – Construction business – Estimate of cost of construction – Reference to DVO – Books of account maintained by assessee not rejected – AO cannot refer matter to DVO

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    2 Sections 40(a)(ia), 194H and 194J – Business expenditure – Disallowance – Payments subject to TDS – Compensation paid to joint venture partner under MOU – Finding that agreement not sham – Payment cannot be treated as expenditure required to deduct tax at source – Disallowance for failure to deduct tax not attracted

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    3 Section 14A – Business expenditure – Disallowance – Assessing Officer cannot attribute administrative expenses for earning tax free income in excess of total administrative expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    4 Section 54EC – Exemption of Capital gain – Time of six months from date of transfer for investment – Transfer effected only on transfer of physical possession of property and not on date of execution of development agreement – Investment made by assessee falling within time specified u/s. 54EC

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    5 Section 32(2) – Unabsorbed depreciation – Law applicable – Effect of amendment to section 32(2) by Finance Act, 2001 – Removal of restriction of eight years for carry forward and set off – Unabsorbed depreciation or part thereof not claimed till relevant year – Carry forward and set off permitted

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    6 Section 43(6) – Depreciation – WDV – While computing written down value u/s. 43(6) for claiming depreciation, depreciation allowed under State enactment cannot be reduced

    By K. B. Bhujle, Advocate
    Reading Time 7 mins

    7 Sections 80-IA(4), 147 and 148 – Reassessment – Where AO rejected claim of assessee of deduction u/s. 80-IA(4) and, Commissioner (Appeals) allowed said claim of deduction in its entirety, thereafter AO could not reopen this very claim of deduction for disallowance u/s. 148

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    34. Section 37- Income – Charge of tax – Commission – Business expenditure – A. Ys. 1997-98 and 1998-99 – Assessee receiving 95% of payments against invoices after deduction of commission of 5%. – Finding of fact by Tribunal – Liability to tax only actual receipts

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    8 Sections 69B and 147 – Reassessment – Undisclosed investment – Where as per rule 11UA, value of shares was less than Rs. 5, but assessee purchased same at Rs. 10 per share and disclosed all facts in return, reassessment notice for valuing these shares at Rs. 35 as per valuation by Government valuer was not justified

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    35. Sections 144C(1), 156 and 271(1)(c) – International transactions – A. Ys. 2007-08 and 2008-09 – Transfer pricing – Arm’s length price – Scope of section 144C(1) – Issuance of draft assessment orders by AO mandatory – Condition not fulfilled – Assessment orders, consequent demand notices and penalty proceedings invalid

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    36. Section 144C and CBDT Circulars No. 5 of 2010 dated 03/06/2010 and Circular No. 9 of 2013 dated 19/11/2013- International transactions – A. Y. 2009-10 – Transfer pricing – Arm’s length price – Assessment order – Procedure to be followed – Issuance of draft assessment orders by AO mandatory – Failure to do so – Not mere procedural error – Failure makes assessment order invalid – Circular clarifying that requirement u/s. 144C applies to all orders passed after 01/10/2009 irrespective of A. Y. – Department not entitled to rely on earlier circular saying provision applicable for A. Y. 2010-11 onwards

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    48 Export business – Special deduction u/s. 10B – A. Y. 2008-09 – Gains derived from fluctuation in foreign exchange rate – Receipt on account of export – Is in nature of income from export – Entitled to deduction u/s. 10B

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    49 Income – Expenditure – Sections 2(24) and 36(1)(v) : A. Ys. 2002-03 and 2003-04 – Grant received from Government – Assessee a sick unit, receiving grant for disbursement of voluntary retirement payments – Grant received by assessee from Government cannot be treated as income – Payment to employees towards voluntary retirement scheme from grant allowable as deduction – Payment of gratuity from fund granted by Government is deductible u/s. 36(1)(v)

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    50 Recovery of Tax – Company in liquidation – Liabilities of directors – Section 179 – A. Ys. 2006-07 to 2011-12 – Assessee was a director of private limited company – She filed instant writ petition contending that order passed against her u/s. 179(1) was without jurisdiction because no effort was made by revenue to recover tax dues from defaulting private limited company – Held: Assessing Officer can exercise jurisdiction u/s. 179(1) against assessee only when it fails to recover its dues from Private Limited Company, in which assessee is a director – Such jurisdictional requirement cannot be said to be satisfied by a mere statement in impugned order that recovery proceedings had been conducted against defaulting private limited company – Since, in instant case, show cause notice u/s. 179(1) did not indicate or give any particulars in respect of steps taken by department to recover tax dues from defaulting private limited company, impugned order was to be set aside

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    51 Loss – Carry forward and set off – Section 72(1) – A. Y. 2005-06 – Loss of current year and carried forward loss of earlier year from non-speculative business can be set off against profit of speculative business of current year

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    52 Penalty – Concealment of income – Section 271(1)(c) – A. Y. 2009-10 – Claim for deduction – Difference of opinion among High Courts regarding admissibility of claim – Particulars regarding claim furnished – No concealment of income – Penalty cannot be levied

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    53 Reassessment – Sections 147 and 148- A. Y. 2008-09 – Notice on ground that shareholders of company were fictitious persons – Shareholders other public registered companies – Notice based on testimony of two individuals who had not been cross-examined – Notice not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    54 Special deduction u/s. 80-IA – A. Y. 2008-09 – Development or operation and maintenance of infrastructure facility – Scope – Deduction is profit linked – Ownership of undertaking is not important – Successor in business can claim deduction

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    55 TDS – Section 194J – A. Ys. 2009-10 to 2012-13 – Fees for professional and technical services – Scope of section 194J – State Development Authority newly constituted getting its work done through another existing unit – Reimbursement of expenses by State Development Authority – Not payment of fees – Tax not deductible at source

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    17 Search and seizure – Presumption as to seized documents – Can be raised in favour of assessee -– Documents showing expenditure incurred on account of value addition to property – Failure by AO to conduct enquiry or investigation regarding source of investment or genuineness of expenditure – Expenditure to extent supported by documents allowable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    9 Section 264(4) of I. T. Act, 1961 – Revision – Scope of power of Commissioner – Waiver of right to appeal by assessee – Appeals filed on similar issue for other assessment years – Not ground for rejection of application for revision – Revision petition maintainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    10 Section 142(2A) – Special audit – Direction for special audit without application of mind – Objection of assessee not considered – Order for special audit not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    36. Income- Exempt income – A. Y. 1991-92 – When the royalty and interest income were claimed as exempt on accrual basis in earlier years, forex fluctuation gain or loss arising on receipt of such income in subsequent period could not also be considered as exempt. Such gain or loss could not be considered as part of royalty or interest income and it should be taxed on basis of AS-11

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    37. Penalty – Block assessment – Sections 132(4), 158BC and 158BFA(2) – On mutual understanding with department, director of assessee – company filed return showing undisclosed income and assessee filed Nil return – Undisclosed income assessed finally partly in hands of director and partly in hands of assessee – Penalty not leviable on assessee

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    38. Revision – Scope of power of Commissioner – Section 264 1 – A. Y. 2006-07 – Record includes all records relating to any proceedings – Not confined to return of income and assessment order in case of assessee – Order passed on other party treating lease rent received by it from assessee as its income – Application by assessee for revision on basis of order – Order can be considered and applied to allow deduction in assessee’s hands – Remedy u/s. 264 appropriate

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    21 u/s. 11 – Charitable purpose – Exemption – A.Y. 2012-13 – Assessee incurring expenditure for upkeep of priests who belonged to particular community – Programmes conducted by assessee open to public at large – Activity of assessee not exclusively meant for one particular religious community – Assessee is entitled to exemption u/s. 11

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    22 U/s. 10A – Exemption – A.Y. 2005-06 – Newly established undertaking in free trade zone – Units set up with fresh investments – Units not formed by reconstruction or expansion of earlier business – Business of each unit independent, distinct, separate and not related with other – Assessee entitled to deduction u/s. 10A

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    23 Income or capital receipt – A. Y. 2004-05 – Sales tax subsidy – Is capital receipt

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    24 Income Computation and Disclosure Standards (ICDS) are intended to prevail over the judicial precedents that are contrary. Section 145 permits Central Government to notify ICDS but not to bring about changes to settled principles laid down in judicial precedents which seek to interpret and explain statutory provisions contained in the Income-tax Act (Act)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    25 Sections 147 and 148 – Reassessment Notice after four years – Failure by assessee to disclose material facts necessary for assessment – No evidence of such failure – Notice not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    26 Sections 200, 201 and 221 – Penalty – DS – A.Y. 2009-10 – Foreign company Expatriate employees – Failure to deposit tax deducted at source with Central Government within prescribed time – Penalty – Delay in depositing amount on account of lack of proper understanding of Indian tax laws and compliance required thereunder – Tax deducted at source deposited with interest before issuance of notice – Sufficient and reasonable cause shown by assessee – Deletion of penalty proper

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    27 Sections 147 and 148 – Reassessment Sections 147 and 148 – A.Ys. 1999-00 to 2004-05 – Procedure – Failure to furnish copy of reasons recorded for reopening of assessments – Not mere procedural lapse – Notices and proceedings vitiated

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    19 Section 68 – Cash credit – A.Y. 2006-07 – Sums outstanding against trade creditors for purchases – Appellate Tribunal concluding that assessee having failed to furnish confirmation had paid in cash from undisclosed sources – Finding not based on any material but on conjectures and surmises – Perverse – Addition cannot be sustained

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    20 Sections 2(15) and 12AA – Charitable purpose – Registration and cancellation – A. Y. 2009-10 – Exclusion of advancement of any other object of general public utility, if it involved carrying out activities in nature of trade, commerce or business with receipts in excess of Rs. 10 lakh – Dominant function of assessee to provide asylum to old, maimed, sick or stray cows – Selling milk incidental to its primary activity – No bar on selling its products at market price – Assessee not hit by proviso to section 2(15) – No need to cancel registration of assessee

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    1 Section 37(1) – Business expenditure -A. Ys. 1997-98 to 2002-03, 2004-05 and 2009-10 – Year in which deductible (Licence fee) – Assessee, sole proprietor of Oil Corporation, was granted licence by Northern Railway for use of a piece of Railway land against a licence fee – On 20/01/1999, Northern Railway revised licence fee taking revised base rate as on 01/01/1985 – Thereafter, for each of years from A. Y. 2002-03 till A. Y. 2008-09, Northern Railway issued letters demanding enhanced licence fees and damages – Assessee paid actual licence fee and claimed deduction on account of licence fee but had disputed enhanced liability – AO disallowed licence fee on ground that it was a contingent liability and not allowable as a deduction till liability for enhanced licence fee, which had been contested by assessee, actually crystallized

    By K. B. Bhujle
    Advocate
    Reading Time 8 mins

    2 Section 41(1) – Business income – Deemed income A. Y. 2007-08 – Remission or cessation of trading liability – Benefit must be obtained in respect of liability – Assessee a co-operative bank – Stale demand drafts and pay orders for sums owed by assessee bank to customers – Bank not deriving benefit on account of liability and liability still subsisting – Section 41(1) not applicable

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    3 Section 32 – Depreciation – Jetty – A. Y. 2005 – 06 – Rate of depreciation – 100% depreciation on temporary building structure – Jetty is a temporary structure – Entitled to 100% depreciation

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    46 Cash credit – Section 68 – A. Y. 2005-06 – Amount claimed to be long-term capital gains – Evidence of contract and payments through banks – Tribunal wrong in disregarding entire evidence and sustaining addition on sole basis of late recording on demat passbook – Addition u/s. 68 not justified

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    47 Charitable purpose – Charitable institution – Exemption u/s. 11 r.w.s. 2(15) – A. Ys. 2010-11 and 2011-12 – Society created by RBI to assist banks and financial institutions – Finding by Tribunal that assessee carried out an object of general public utility and was not engaged in trade – Assessee entitled to exemption

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    6 Sections 147 and 148 – Reassessment – A. Y. 2008-09 – Notice for reassessment by authority other than authority normally assessing assessee – Not mere irregularity or curable defect – Defective issuance of notice and not service of notice- Notice not valid – To be quashed

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    7 Section 263 – Revision – A. Ys. 2010-11 and 2011-12 Erroneous and prejudicial to revenue – AO not overlooking relevant facts, not failing to make enquiries – Order not erroneous – Revision not justified – Revision order covering issues not mentioned in show-cause notice – Not permissible. DTAA between India and Oman, arts, 11 and 25 – Credit for tax paid in other country – Dividend received from Omani company by PE of assessee in Oman – Clarification of Oman authorities that exemption granted to dividend under Omani tax laws was tax incentive – To be regarded as conclusive – Assessments in earlier years allowing tax credit – Assessee entitled to benefit of tax credit

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    8 Section 263 – Revision – A. Y. 2009-10 AO not specifically mentioning particular claim does not mean that AO passed assessment order without making enquiry in respect of allowability of claim – AO not expected to raise more queries if he was satisfied about admissibility of claim on basis of material and details supplied – Order not erroneous or prejudicial to Revenue – Order u/s. 263 is not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    9 Section 69 – Unexplained Investment – A. Ys. 1993-94 and 1994-95 Seizure of diaries and files – No cogent evidence to prove assessee booked vehicles in fictitious names or earned premium by sale – No addition for unexplained investment permissible on conjectures or surmises

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    11 Appeal to High Court – Delay – Condonation of delay – Period of limitation should not come as an hindrance to do substantial justice between parties – However, at same time, a party cannot sleep over its right ignoring statute of limitation and without giving sufficient and reasonable explanation for delay, expect its appeal to be entertained merely because it is a State – Delay of 318 days – No reasonable explanation – Delay not condoned

    By K. B. Bhujle
    Advocate
    Reading Time 6 mins

    12 Company – Recovery of tax from director – There should be proper proceedings against the company for recovery of tax and only thereafter the balance outstanding can be recovered from directors u/s. 179 – Precondition for a valid notice u/s. 179(1) is that the notice indicate the steps taken to recover the tax dues from the company and its failure – The notice and order u/s. 179(1) quashed and set aside

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    13 Industrial undertaking – Deduction u/s. 80-IA can be claimed in return filed pursuant to notice u/s. 153A – Finding that assessee developer and not contractor – Assessee is eligible for deduction u/s. 80-IA(4)(i)

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    14 Princ. CIT vs. Swapna Enterprise; 401 ITR 488 (Guj); Date of Order: 22/01/2018: A. Y. 2011-12: Sections 132, 132(4) and 271AAA(2)(i), (ii), (iii)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    15 Penalty – Concealment of income – Assessment u/s. 115JB – Assessment of income determined by legal fiction – Penalty for concealment of income cannot be imposed

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    16 Return of income – Revised return – Due date u/s. 139(1) – Delay in filing return – Condonation of delay – Where assessee-company could not file return of income u/s. 139(1) before due date on account of some misunderstanding between erstwhile auditor and assessee and, assessee could not even obtain NOC from said erstwhile auditor immediately for appointment of an alternative auditor, in such circumstances, delay of 37 days in filing return of income alongwith audit report was to be condoned

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    4 Sections 9 – DTAA between India and U.K – Arbitration – r.w.s. 195, and article 5 of DTAA – Income – Deemed to accrue or arise in India (Capital gains) – Whether arbitration proceedings against retrospective tax imposed by Finance Act, 2012 brought by Vodafone Group, UK under the Indo-UK BIPA (Bilateral Investment and Promotion Agreement) are liable to be stayed when on same issue an arbitration proceeding brought by Vodafone International Holdings BV is pending? – Multiple foreign corporate entities of same group cannot bring multiple arbitration proceedings under multiple investment protection treaties against a host State in relation to same investment, same economic harm and same measures especially when reliefs sought are same

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    5 Sections 220(2) and 221(1) – Penalty – Default in payment of tax – Penalty should not exceed the amount of tax in arrears – Tax in arrears does not include interest payable u/s. 220(2)

    By K. B. Bhujle, Advocate
    Reading Time 1 mins

    Appellate Tribunal – Power to grant stay – Section 254(2A) – A. Y. 2009-10- Tribunal has power to grant stay for a period exceeding three hundred and sixty five days

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Appellate Tribunal – Power to admit additional grounds/evidence – Section 254, read with Rules 11 and 29 of Income-tax (Appellate Tribunal) Rules, 1963 – A. Y. 2007-08 – In terms of section 254(1), Tribunal while exercising its appellate jurisdiction, has discretion to allow to be raised before it new or additional questions of law arising out of record after giving a reasonable opportunity of being heard to other party

    By Keshav B. Bhujle
    Advocate
    Reading Time 5 mins

    Business expenditure – A. Y. 1985-86 – Accrued or contingent liability – Mercantile system of accounting- Customs duty – Seller challenging increase in payment of customs duty before Supreme Court – Mere challenge to demand would not by itself lead to cessation of liability- Assessee cannot be denied deduction of amounts paid for purchase of goods

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure – TDS – Disallowance u/s. 40(a)(ia) – A. Y. 2006-07 – Professional services- Subscription to e-magazines – No rendering of professional services – Tax not deductible at source on subscription – Disallowance of subscription not justified

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business loss/speculation loss – 37(1)/43(5) – A. Y. 2009-10 – Loss suffered in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature. S. Vinodkumar Diamonds is not good law as it lost sight of Badridas Gauridas 261 ITR 256 (Bom)

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Appeal to High Court- Section 260A of I. T. Act, 1961- A. Y. 1996-97- Plea urged for first time in appeal before High Court- Not permissible- Capital vs. revenue receipt- Income from other sources- Casual and non-recurring receipts- Auction sale of property mortgaged with bank set aside by Supreme Court- Auction purchasers and judgment debtors compromising in execution proceedings- Amount received by auction purchaser not casual and non-recurring receipt but capital receipt not taxable-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Advance ruling- Application for advance ruling- A. Y. 2012-13- Bar of application where matter is pending consideration before Income-tax Authorities- Mere notice u/s. 143(2) without any specific queries would not mean matter was pending before Income-tax Authorities- Such notice would not bar an application for advance ruling-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business Expenditure- Capital or revenue- A. Y. 1997-98- Test of enduring benefit not to be mechanically applied- Expenses incurred for software development- Rapid advancement and changes in software industry- Difficult to attribute endurability- Expenditure to be treated as revenue

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Book profits- Section 115JB of I. T. Act, 1961- A. Y. 2008-09- Mesne profits (amount received from a person in wrongful possession of property) is a capital receipt and not chargeable to tax either as income or as “book profits” u/s 115JB- As the department has implicitly accepted Narang Overseas vs. ACIT 100 ITD (Mum) (SB), it cannot file an appeal on the issue in the case of other assesses-

    By K. B. Bhujle Advocate
    Reading Time 4 mins

    Cash credit- Section 68 of I. T. Act, 1961- A. Y. 1983-84- The assessee is bound to be provided with the material used against him apart from being permitted to cross examine the deponents- The denial of such opportunity goes to root of the matter and strikes at the very foundation of the assessment order and renders it vulnerable-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Business expenditure: Section 37(1) of I. T. Act, 1961- A. Y. 2003-04- Assessee paid stamp duty for a contract executed with State Road Transport corporation in course of business- Since stamp duty paid by appellant during year under consideration was a compulsory statutory levy and it would not restrict profits of future years and was incurred wholly and exclusively for purpose of business- It must be allowed in its entirety in year in which it was incurred and it could not be spread over a number of years-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose- Cancellation of registration- Section 2(15) and 12AA(3) of I. T. Act, 1961- A. Y. 2009-10- Disqualification for exemption where receipts from commercial activities exceed Rs. 25 lakhs- No change in nature of activities- Assessee entitled to continued registration-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Non-compete fees- Income or capital- Discontinuation of business pursuant to noncompete agreement- A. Y. 2000-01- Section 28(va) inserted w.e.f. 01/04/2003 is not retrospective- Amount received pursuant to negative covenant is capital receipt-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Non-resident: Fees for technical services- Section 9(1)(vii) Expl. 2 and 44BB(1)- A. Y. 2008-09- Geophysical services- Activity of two dimensional and three dimensional seismic survey carried on in connection with exploration of oil on land and off-shore- Consideration for services rendered cannot be construed as ”fees for technical services” Assessee was assessable u/s. 44BB(1) of the Act-

    By K. B. Bhujle
    Adovcate
    Reading Time 2 mins

    Search and seizure – Release of seized assets – Ss. 132A and 132B(1)(i) – Time limit for disposing application – If no decision taken within time department cannot wait for outcome of assessment but bound to release asset –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS: Credit for TDS – A. Y. 2009-10 – TDS belonging to sister concern credited to Form 26AS of assessee – TDS deducted from payment to REPL, sister concern of assessee – Deductor mistakenly mentioned PAN of assessee and hence TDS amount appeared in Form 26AS of assessee – REPL paid taxes without claiming adjustment of said TDS and also not objecting to grant of credit of the same to the assessee –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure – Retention of seized assets – Section 132B – Application for release of seized articles within time and explanation furnished regarding the articles – Department has no authority to retain seized articles if no dispute raised within 120 days – Direction to authorities to immediately release seized articles –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Compensation or interest accruing from the compensation that has been awarded by the Motor Accident Claims Tribunal cannot be subjected to TDS and the same cannot be insisted to be paid to the Tax Authorities since the compensation and the interest awarded therein does not fall under the term income –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS – Perquisite – A. Y. 1993-94 – Free interairline tickets provided to the employees of the assessee by other airlines – Cannot be considered as perquisite provided by assessee – No tax deductible at source –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Business expenditure- S. 37 of I. T. Act, 1961- A. Y. 2003-04- Fines and penalties- Penalty charges paid to Pollution Control Board for failure to install pollution control equipment at factory premises- Is expenditure incurred for compensating damage caused to environment- Payment according to “polluter pays” principle- Compensation for purpose of business

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    Export- Hotel business- Deduction u/ss. 80HHC and 80HHD of I. T. Act, 1961- A. Y. 2004-05- Computation- Deduction for export earnings not to be affected by computation of deduction for hotel business- Assessee entitled to deduction on both- Total turnover for computation of deduction of profits from export to be taken excluding foreign exchange receipts from hotel business

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    Penalty- Concealment of income- S. 271(1)(c) of I. T. Act, 1961: A. Y. 2005-06- Compensation paid for mining ores claimed as deduction in year of payment but allowed over five year period of mining- Assessee accepting order and revising subsequent returns- Levy of penalty u/s. 271(1)(c) not warranted

    By Keshav B. Bhujle
    Advocate
    Reading Time 1 mins

    Reassessment- Ss. 147, 148, 152 of I. T. Act, 1961- A. Y. 2011-12- Effect of section 152- Reassessment not resulting in assessment of higher income

    By Keshav B. Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure- Assessment- Ss. 132, 153A of I. T. Act, 1961: A. Y. 2005-06: No assessment pending at time of initiation of search proceedings- Finding by Tribunal that no incriminating evidence found during course of search- Finalised assessment or reassessment shall not abate

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment – Validity – Section 147 – A. Y. 1993 -94 – Non-supply by the AO of reasons recorded for reopening the assessment (even where the 14 reopening is prior to GKN Driveshafts 259 ITR 19 (SC)) renders the reassessment order bad as being without jurisdiction

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Disallowance of expenditure in respect of exempt income – Section 14A – A. Y. 2009-10 – Investment from common pool – Non-interest bearing funds more than investment in tax free securities No interest disallowance can be made u/s. 14A –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Charitable purpose – Depreciation – Disallowance u/s. 11(6) – A. Y. 2005-06 – Section 11(6) barring allowance of depreciation on such assets is prospective in nature operating w.e.f. 01/04/2015 – Depreciation on assets allowable for earlier period –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Inland port – Deduction u/s. 80-IA – A. Y. 2009- 10 – Container freight stations are inland ports within the meaning of section 80IA(4)(i) – Assessee entitled to benefit u/s. 80IA –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Income from house property vs. income from other sources – Section 22, 28(i) & 56 – A. Y. 2008-09 – Income from licensing of terrace floor for telecom antenna, constructing room for its personnel and storage – receipts are income from house property –

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Recovery of tax pending stay application – Ss. 220(6) and 226(3) – A. Y. 2009-10 – Notice of demand – Attachment of bank accounts – No recovery permissible till stay application is disposed of – Pending stay application withdrawal of part of attached amount from banks is without jurisdiction and unlawful – Garnishee notice quashed – Direction issued to deposit withdrawn amount and dispose of stay application –

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Return of loss- Section 139(1), (3) of I. T. Act, 1961- A. Y. 2010-11- Delay of one day in filing return satisfactorily explained by assessee- Assessee not to be denied carry forward of loss- direction to CBDT to accept return of assessee-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure- Limitation for assessment- Period reckoned from date of conclusion of search- Restraint order not extended and no action taken pursuant to search after three months- Search to be taken to have been concluded on expiry of restraint order- Visit of officers to assessee’s premises two years later to record conclusion of search not material- Period of limitation to pass assessment order not to be reckoned from such date- Assessment barred by limitation

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Search and seizure- Assessment of third person- Section 153C – A. Ys. 2003-04 to 2008-09- Condition precedent – Cheque book pertaining to assessee reflecting issue of cheques only document seized during search – No other evidence of undisclosed income – Proceedings u/s. 153C not valid

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Search and seizure – Block assessment – Notice u/s158BC – Where condition precedent to issue notice u/s. 158BC, viz. undisclosed income found during search proceedings was not satisfied, no notice u/s. 158BC could have been be issued to petitioner

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS – Commission- Sections 194H and 201(1) – A. Ys. 2008-09 to 2010-11- Assessee paying incentive under trade discount scheme to retail dealers through del creder agents – Transactions between assessee and retail dealers on principal to principal basis- No principal agent relationship – No services rendered by retail dealers to assesse – Incentive given only to promote sales – not commission – Tax not deductible

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS – Fees for technical services- Section 194J – Assessee purchasing and selling electricity – Transmission of electricity by State Power Transmission Corporation – Not technical services – Tax not deductible u/s. 194J on amount paid for such transmission –

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure- TDS- Disallowance- Section 40(a)(ia) of I. T. Act, 1961- A. Y. 2006- 07- Freight charges- Supplier making payments to transporters- Assessee, buyer, reimbursing transportation expenses- Liability to deduct TDS on supplier under agreement- No liability on assessee to deduct tax and disallowance u/s. 40(a) (ia) not attracted-

    By K. B. Bhujle Advocate
    Reading Time 3 mins

    Business expenditure- Disallowance u/s. 43B of I. T. Act, 1961- Provident fund- Employers and employees contribution- Although technical reading of section 43B and the provisions of subsection (2) of section 24 (x) read with section 36 (1) (va) creates the impression that the employees’ contribution would continue to be treated differently under a different head of deduction, as the head of deduction is separate u/s. 43B and section 36 but on a broader reading of the amendments made to section 43B repeatedly and the intention of Parliament, there appears to be sufficient justification for taking the view that the employees’ and the employer’s contribution ought to be treated in the same manner-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Charitable purpose- Registration of trusts- Application for registration- Audited accounts submitted subsequently- Registration to be allowed from the date of filing application and not from date on which defects in application cured-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Revision- Sections. 143, 145 and 163 of I. T. Act, 1961- A. Y. 2005-06- Solicitor following cash system of accounting- Advance deposits received from clients treated as liabilities in accounts and adjusted towards fees for expenditure incurred on behalf of clients in subsequent years- No loss of revenue- Revision to bring deposits shown in balance sheet to tax not proper-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Income or capital- A. Y. 2009-10- Income from sale of carbon credits- Carbon credits not a by-product of business but an offshoot of environmental concerns- Is capital receipt and not income-

    By K. B. Bhujle Advocate
    Reading Time 1 mins

    Search and seizure- Cash seized from third person- Third person stating that cash belonged to asessee and assessee admitting it- Amount included in return filed by assessee- Request to adjust tax dues and return balance to assessee- Request cannot be refused on ground that cash had been seized from third person-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Speculation business- Section 73 of I. T. Act, 1961- A. Y. 2004-05- Trading in units of mutual funds or bonds- Not trading in shares- Not speculation business-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    TDS- Interest- Section 194A of I. T. Act, 1961- Motor Vehicles Act- Compensation to victims of motor accident- Tax not deductible from compensation or interest thereon-

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    Transfer pricing- Reference to TPO (Opportunity of hearing)- Section 92CA of I. T. Act, 1961- A. Y. 2010-11- Assessing Officer is obliged to give assessee an opportunity of being heard prior to making reference where an objection as to jurisdiction is raised by assessee in relation to making a reference-

    By K. B. Bhujle Advocate
    Reading Time 5 mins

    Shipping Company- S. 172 of I. T. Act, 1961- DTAA between India and Singapore- Where freight receipts in question derived by assessee, a Singaporean shipping company, was taxable at Singapore on basis of accrual and not on basis of remittance, benefit of article 8 of DTAA between India and Singapore could not be denied to assessee on ground that fright receipts were remitted to London and not to Singapore

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS: Ss. 10(23C)(iv), 194A, 194H, 201(1),(1A) of I. T. Act, 1961- A. Y. 2012-13- Payment of interest to entities exempted from tax- No tax need be deducted at source

    By Keshav B. Bhujle
    Advocate
    Reading Time 1 mins

    TDS- Technical services- S. 194J of I. T. Act, 1961- A. Ys. 2007-08 to 2010-11- Transmission of electricity- No technical services- Tax not deductible on payment for such transmission

    By Keshav B. Bhujle
    Advocate
    Reading Time 2 mins

    39 Section 10B – Export oriented undertaking – Exemption u/s. 10B – Export from specified area of Iron ore excavated from specified area – Processing done outside specified area – Not relevant – Assessee entitled to exemption

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to Commissioner (Appeals) – Revision – Power of Commissioner(Appeals) – Application for revision and withdrawal of appeal to Commissioner(Appeals) – Order passed in revision granting relief – Commissioner(Appeals) has no power to decide appeal

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Section 37(1) – Business expenditure – Where assessee company had furnished names and PAN numbers of all vendors to whom it had paid repair and maintenance charges for their services, the Tribunal was justified in allowing expenditure on account of such repair and maintainence charges

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Sections 12A and 12AA(3)– Charitable purpose – Registration of trust – Cancellation of registration – Grounds for – Difference between objects of trust and management of trust – No change in objects of trust – Amendment in respect of appointment of chief trustee and manner of managing the trust – Not ground for cancelling registration of trust

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Sections 45 and 54(1) – Capital gain – Exemption u/s. 54 – Construction of residential house within stipulated time – Exemption in respect of cost of new residential house – Scope of section 54 – Does not exclude cost of land from cost of residential house

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Section 9 of the Act and Article 5 of DTAA–Income – Deemed to accrue or arise in India (Permanent establishment) – Where there were all relevant documentary evidence available on record to render finding whether assessee, a Netherland based company, had a permanent establishment in India and the Tribunal having referred to same in its order could not have remanded back matter to Assessing Officer for consideration afresh? – The Tribunal having referred to all factual details and crystallised issues could not have remanded back matter to Assessing officer for consideration afresh

    By K. B. BHUJLE
    Advocate
    Reading Time 7 mins

    Sections 9 and 195 – Non-resident – Income deemed to accrue or arise in India – TDS – Effect of sections 9 and 195 – Non-resident liable to tax only on incomes attributable to operations in India – Commission paid for procuring abroad – Non-resident not liable to tax on commission – Tax not deductible at source on commission

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Chapter X and Section 260A – International transactions – Determination of arm’s length price – Appeal to High Court – Power of High Court to interfere with such determination – Interference only if finding of Appellate Tribunal is perverse – Selection of comparables, short-listing them, applying of filters, fact finding exercises and final orders passed by the Tribunal binding on Department and High Court

    By K. B. BHUJLE
    Advocate
    Reading Time 5 mins

    Sections 147, 148 and 151(2) – Reassessment – Notice u/s. 148 – Sanction for issuance of notice – Designated authority Additional Commissioner – Sanction by Commissioner – Notice not valid – Order of reassessment without jurisdiction and invalid

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Sections 226(3), 276B and 276BB – Recovery of tax – Garnishee proceedings – Assessee holding lease for settlement of sand ghats – Surrender of lease accepted by Government – Attachment of bank account of assessee thereafter for failure by Mining Office to collect tax from other settlees – No determination that settlement amount to Mines Department due against assessee – Liability was that of Mines Department – Attachment of assessee’s bank account not sustainable and revoked

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Section 37 (1) – Business expenditure – Rule of consistency – Expenditure claimed and allowed against professional income in earlier years and subsequent years – Allocation of expenditure between capital gains and professional business income in year in question – Not proper

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 40(a)(ia) and 194J – Business expenditure – Disallowance u/s. 40(a)(ia) – Payments liable to TDS – Third party administrator for insurance companies – Payments merely routed through assessee – Disallowance u/s. 40(a)(ia) not warranted

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 12A – Charitable or religious trust – Registration of (Cancellation of) – Where assessee educational society, set up with various aims and objects including improvement in standard of education of backward students of rural areas, was running a school and Commissioner had not doubted genuineness of aims and objects of assessee, application u/s. 12A could not be rejected merely on ground that secretary of society was getting lease rent for land given to society for running school or his wife who had requisite qualification was teaching in school and was being paid salary

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 10(23C)(iiiad) – Educational institution – Exemption u/s. 10(23C)(iiiad) – Assessee-trust was established predominantly with an object of providing education to all sections of society – Mere fact that it spent a meagre amount of its total income on some allied charitable activities such as providing food and clothing to relatives of poor students, would not stand in way of AO to deny benefit to it u/s. 10(23C)(iiiad)

    By K. B. Bhujle
    Advocate
    Reading Time 8 mins

    Section 10B – Export oriented undertaking – 10B(9)/(9A)) – Assessee firm was engaged in production and export of iron ore – It claimed deduction u/s. 10B – Assessing officer rejected assessee’s claim on ground that assessee’s sister concern got merged with assessee – assessee’s sister concern was also an EOU – Impugned order rejecting assessee’s claim was to be set aside

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Section 9 of the Act w.r.t. Article 12 of DTAA between India and Austria – Income – Deemed to accrue or arise in India (Royalty/Fees for technical services) – Assessee-company entered into a technical assistance agreement with a non-resident company in Austria for design of new 75CC, 3-valve cylinder head for moped application – Assessing Officer treated payment to Austrian company as royalty – Since engine had already been developed by assessee and scope of technical services agreement was only to design a new 3-valve cylinder head with a specified combustion system for considerable improvement of fuel efficiency, performance and meeting Indian emission standards and moreover all products, design of engines and vehicles were supplied by assessee, payment did not constitute royalty

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 4 – Income – Chargeable as (Compensation) – Compensation awarded under Motor Vehicles Act or Employees’ Compensation Act in lieu of death of a person or bodily injury suffered in a vehicular accident, is a damage and not an income and cannot be treated as taxable income

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 115JB and 254 Rectification of mistake – Tribunal accepting that assessee’s book profits to be computed after giving effect to deduction u/s. 54EC – AO passing order giving effect to directions issued by Tribunal – Notice of rectification issued thereafter on ground that deduction u/s. 54EC wrongly allowed – Not permissible Notice quashed

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Section 194L and 194LA – TDS – State Metropolitan Development Authority – Acquisition of land for projects paying sums to illegal squatters for their rehabilitation – Not a case of compulsory acquisition from owners of land for which compensation paid – No liability to deduct tax at source on payments to illegal squatters

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    40 Section 43A – Foreign exchange fluctuation – Where assessee constructed a residential house and rental income earned therefrom was offered to tax as income from house property and not as business income, provisions of section 43A would not apply to apparent gain made by assessee as a consequence of foreign exchange fluctuation in respect of lift imported from abroad

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    41 Section 4 – Income – Capital or revenue receipt – Real estate business – Seller of land not performing commitment under agreement to sell – Purpose of ultimate use of assessee’s land when acquired rendered irrelevant – Compensation received under arbitration award considered as capital receipt

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    42 Section 4 – Income – revenue or capital receipt – Where Government gave grant-in-aid to a company wholly-owned by Government, facing acute cash crunch, to keep company floating, even though large part of funds were applied by company for salary and provident funds, grant received was capital receipt

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    43 Sections 10(38), 45 and 271(1)(c) – Penalty – Concealment of income – Capital gain – Exemption – Assessee claiming exemption u/s. 10(38) with a note that it reserved its right to carry forward loss – Bona fide belief of assessee that loss not required to be considered u/s. 10(38) – Penalty rightly cancelled by Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    44 Sections 9(1)vii), Expln 2 and 194J – TDS – Fees for technical services – Transmission of electricity – Payment made only for facility to use and maintenance of transmission lines – Not technical services – Mere involvement of technology does not bring something within ambit of technical services – Provisions of section 194J not applicable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Disallowance u/s. 40(a)(ia) – Payments liable to TDS – Effect of insertion of second proviso to section 40(a)(ia) – Declaratory and curative and applicable retrospectively w.e.f. 01/04/2005 – Payee offering to tax sum received in its return – Disallowance not attracted

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    1. Section 2(28A) and 40 (a)(i) – Business expenditure – TDS – Disallowance u/s. 40(a)(i)

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    2 Section 68 – Cash credit (Shares, allotment of) – Where assessee allotted shares to a company in settlement of pre-existing liability of assessee to said company, since no cash was involved in transaction of said allotment of shares, conversion of these liabilities into share capital and share premium could not be treated as unexplained cash credits u/s. 68

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    3 Section 32 – Depreciation – Additional depreciation – Condition precedent – Manufacture of article – Assessee need not be principally engaged in manufacture – Assessee entitled to additional depreciation on plant and machinery used in manufacture of ready mix concrete

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    4 Section 32 – Depreciation – Rate of depreciation – Computer – Printer part of computer – entitled to depreciation at 60%

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    5 Sections 10AA and 144C – Draft assessment order – Section 144C – Power of AO – Additions not proposed in draft assessment order cannot be made by AO in final order – AO making disallowance of deduction u/s. 10AA in final order not proposed in draft order – Breach of provisions of section 144C – Not permissible

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    6 Section 263 – Revision – Powers of Commissioner u/s. 263 – Commissioner (Appeal) passed order in appeal – Assessment order merges in appellate order – Commissioner has no jurisdiction to set aside such order – Order passed by AO and Commissioner (Appeals) after due consideration – Commissioner cannot set aside such order

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    7 Section 263 – Revision – Validity – Merger of assessee-company with another entity – Assessee-company non-existant on date of issue of notice and order u/s. 263 – Notice and order void ab initio

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Sections 68, 69A and 254(1) – Appeal to Appellate Tribunal – Jurisdiction and power – Cannot go beyond question in dispute – Subject matter of appeal in regard to addition made u/s. 68 – Tribunal holding addition u/s. 68 unjustifiable – Tribunal cannot travel beyond issue raised in appeal and make addition u/s. 69A – Order vitiated

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 253 and 260 – A Appeal to High Court – Power of High Court to review – High Court has power to review its decision Appeal to Appellate Tribunal – Decision of Commissioner (Appeals) based on report on remand by AO – Tribunal not considering report – Decision of Tribunal erroneous – Decision of High Court upholding order of Tribunal – High Court can recall its order – Matter remanded to Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Section 10B – Export oriented undertaking (Date of commencement of production) – Deduction u/s. 10B – Where in order to determine admissibility of assessee’s claim u/s. 10B, date of commencement of manufacture or production could be ascertained from relevant documents such as certificate of registration by competent authority, mere wrong mentioning of said date in Form No. 56G filed in support of claim of deduction, could not be a ground to reopen assessment

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Section 80-IB(10) – Housing project – Deduction u/s. 80-IB(10) – TDS – Amendment w.e.f. 01/04/2010 barring deduction where units in same project sold to related persons – Prospective in nature – Flats sold to husband and wife exceeding prescribed area in 2008 – Assessee entitled to deduction

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Sections 147 and 148 – Reassessment – Validity of notice – No action taken on notice u/s. 148 dated 23/03/2015 for A. Y. 2008-09 – Another notice u/s. 148 issued on 18/01/2016 for A. Y. 2008-09 by new AO – Notice not mentioned that it was in continuation of earlier notice – Notice barred by limitation – No reasons given – Notices and consequent reassessment not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 222 and Rule 68B of Second Schedule – Recovery of tax – Where TRO had issued on assessee a notice dated 18/11/2004 for auction of its attached property and SC vide order dated 16/01/2001 had dismissed SLP of assessee filed against assessment order, period of three years enacted in Rule 68B(1) of Second Schedule to the Act would begin to run from 01/04/2001 and notice dated 18/11/2004 was, therefore, barred by limitation

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    47. Jayantilal Investments vs. ACIT; [2018] 96 taxmann.com 38 (Bom): Date of order: 4th July, 2018 A. Y.: 1988-89 Section 36(1)(iii) – Business expenditure – Interest on borrowed capital – Where assessee, engaged in construction business, purchased plot of land out of borrowed funds for implementation of a project, since plot of land was purchased in course of business of assessee, same formed part of its stock-in-trade, and, therefore, interest paid on borrowings for purchase of said land was to be allowed as revenue expenditure

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    48. CIT vs. Bhatia General Hospital; 405 ITR 24 (Bom): Date of order: 26th February, 2018: A. Y.: 2007-08 Sections 11, 32(1)(iii) and 37 – Charitable purpose – Hospital – Equipment – Equipment which had outlived its useful life – Depreciation – Government rules prohibiting sale as scrap – Additional depreciation allowable – Computation of income – On commercial principles

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    49. Kalanithi Maran vs. Union of India; 405 ITR 356 (Mad): Date of order: 28th March, 2018 Sections 2(35)(b) and 276B – Offences and prosecution – TDS – Failure to pay tax deducted at source to Revenue – Company – Principal officer – Non-executive chairman not involved in day-to-day affairs of company – Managing director admitting liability and entering into negotiations with Revenue – Prosecution of non-executive chairman – Not valid

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    50. Principal CIT vs. Geetaben Chandulal Prajapati; [2018] 96 taxmann.com 100 (Guj) : Date of order: 10th July, 2018: A. Y.: 2006-07 Section 271(1)(c) and 275(1A) – Penalty – Concealment of income – Where penalty proceeding initiated against assessee were dropped after considering reply submitted by assessee, Assessing Officer was not justified in initiating fresh penalty proceedings on same set of facts

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    51. Ashokbhai Jagubhai Kheni vs. Dy. CIT (Appeals); 405 ITR 179 (Guj); Date of order: 12th March, 2018: A. Ys.: 2011-12, 2013-14 and 2014-15 Section 220(6) and CBDT Circulars – Recovery of tax – Stay of recovery pending appeal – Circular by CBDT that 15% of disputed demand to be deposited for stay – Permits decrease or even increase in percentage of disputed tax demand to be deposited – Requirement reduced to 7.5% on further condition of security for remaining 7.5% to satisfaction of Assessing Authority

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    52. Banco Products (India) Ltd. vs. Dy. CIT; 405 ITR 318 (Guj): Date of order: 26th March, 2018: A. Y.: 2008-09 Section 35(2AB) – Scientific research expenditure – Weight deduction – Condition precedent for weighted deduction u/s. 35(2AB) – Date of approval not relevant – Application for approval in December 2006 and approval granted in October 2008 – Assessee entitled to weighted deduction in A. Y. 2008-09

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    53. CIT vs. Shark Roadways Pvt. Ltd.; 405 ITR 78 (All): Date of order: 1st May, 2017: A. Y.: 2008-09 Sections 40(a)(ia) and 194C – TDS – Payments to contractors – Payment of hire charges – No contract between assessee and parties of hired vehicles on freight basis for transportation on behalf of principal – Transporters not contractors or sub-contractors – No liability to deduct tax at source

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    54. Dimension Data Asia Pacific PTE Ltd. vs. Dy. CIT; [2018] 96 taxmann.com 182 (Bom): Date of order: 6th July, 2018: A. Y.: 2011-12 Section 144C r.w.s. 143(3) – Transfer pricing – Reference to DRP (Draft assessment order) – Where in case of foreign assessee, Assessing Officer passed final assessment order u/s. 144C(13), read with section 143(3) without passing a draft assessment order u/s. 144C(1), said order being violative of provisions of section 144C(1), deserved to be set aside

    By K. B. BHUJLE
    Advocate
    Reading Time 6 mins

    27 Assessment – Jurisdiction of AO – AO not having jurisdiction – Effect of transfer of case u/s. 127 – Waiver by assessee and assessee taking part in assessment proceedings – Waiver will not confer jurisdiction on AO – Order passed by AO not valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    28 Bad debts (Computation of) – U/s.36(1)(viia) read with rule 6ABA aggregate average advance made by rural branches of scheduled bank would be computed by taking amount of advances made by each rural branch as outstanding at end of last day of each month comprised in previous year which had to be aggregated separately

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    29 Cash credits – Burden of proof – Change of law – Assessee discharging onus by filing confirmation letters, affidavits, full addresses and PAN of creditors – Amendment requiring assessee to explain source of source – Not to be given retrospective effect – Cash credit not to be taxed

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Sections 194L, 194J and 260A – TDS – Acquisition of capital asset – Compensation payment (Encroached land) – Section 194L – Where land belonging to State was encroached upon, and such encroachment was removed by assessee, and encroaching squatters/hutment dwellers were rehabilitated, there was no question of land being acquired by assessee and, therefore, provisions of section 194L would not be applicable

    By K. B. BHUJLE
    Advocate
    Reading Time 6 mins

    30 Depreciation – Condition precedent – User of plant and machinery – Machinery utilised for trial runs – Depreciation allowable

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Section 194H – TDS – Commission – Definition – Manufacture and sale of woolen articles – Trade discounts allowed to agents who procured orders and sold goods on behalf of assessee – Not commission – Consistent trade practice followed by assessee – Concurrent finding by appellate authorities – No liability to deduct tax at source

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    8 Sections 179(1), 220, 222, 281 and Schedule II, rr 2, 16 – Recovery of tax – Attachment and sale of property – Private alienation to be void in certain cases – Condition precedent for declaring transfer void – Issuance of notice to defaulter – Failure by Department to bring on record service of notice under Rule 2 –Charge registered by Sub-Registrar six and a half years after sale deed registered in favour of purchaser – Order declaring transfer null and void and notice for auction of property set aside

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Section 37 (1) and 41 (1) – A. Business expenditure – Allowability of (Illegal payment) – Where assessee had purchased oil from Iraq and payments were made by an agent, there being no evidence to suggest that assessee had made any illegal commission payment to Oil Market Organisation of Iraqi Government as alleged in Volckar Committee Report, Tribunal’s order allowing payment for purchase of oil was to be upheld

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Business income or long-term capital gain – Income from shares and securities held for period beyond 12 months – Investments whether made from borrowed funds or own funds of assessee – No distinction made in circular issued by CBDT – Department bound by circular – Profit is long term capital gain

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    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 distribution system of State Government – Ancillary activity of credit society – Entitled to deduction

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 5 – Income – Accrual of income – Telecommunication service provider – Payments received on prepaid cards – Liability to be discharged at future date – To the extent of unutilised talk time payment did not accrue as income in year of sale – Unutilised amount is revenue receipt when talk time is actually used or in case of cards that lapsed on date when cards lapsed

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 144, 147 and 148 – Reassessment – Service of notice u/s. 148 – Notice sent to old address – Assessee’s returns for earlier years already on file and reflecting new address – Issue of notice at old address mechanically – Notice and order of reassessment and consequential attachment of bank accounts – Liable to be quashed

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 9, 147 and 148 of ITA 1961 and Article 11 of DTAA between India and Mauritius – Reassessment – Income – Deemed to accrue or arise in India (Interest) – Where Assessing Officer, during assessment had accepted claim of assessee that it was entitled to benefit of India Mauritius DTAA, assessment could not have been reopened on ground that assessee did not carry out bona fide banking activities in Mauritius

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Section 194C and 194-I – TDS – Works contract/rent – Assessee refining crude oil and selling petroleum products – Agreement with another company for transportation of goods – Agreement stipulating proper maintenance of trucks – Not conclusive – Payment covered by section 194C and not section 194-I

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    9 Section 43(5) – Speculative loss – Difference between speculation and hedging – Loss in hedging transaction – Deductible

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    10 Section 69C – Unexplained expenditure (Work-in-progress)

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Business – Adventure in nature of trade – Assessee holding immovable property from 1965 – Agreement for developing property in 1994, supplementary agreement in 1997 and memorandum of understanding in 2002 – Transaction not an adventure in nature of trade – Gains from sale of flats not assessable as business income

    By K. B. BHUJLE Advocate
    Reading Time 2 mins

    Co-operative society – Special deduction u/s. 80P – No deduction where banking business is carried on – No evidence of banking business – Mere inclusion of name originally and object in bye-laws of society not conclusive – Assessee entitled to special deduction u/s. 80P

    By K. B. BHUJLE Advocate
    Reading Time 3 mins

    Company – Recovery of tax from director – Notice to directors – Condition precedent – Furnishing of particulars to directors of steps taken to recover dues from company and failure thereof – Condition not satisfied – Order u/s. 179(1) set aside

    By K. B. BHUJLE Advocate
    Reading Time 3 mins

    Educational institution – Exemption u/s. 10(23C)(vi) – Where assessee society was set up with object of imparting education and it had entered into franchise agreements with satellite schools and also used gains arising out of these agreements in form of franchisee fees for furtherance of educational purposes, it fulfilled requirements to qualify for exemption u/s. 10(23C)(vi)

    By K. B. BHUJLE Advocate
    Reading Time 9 mins

    Export oriented undertaking (Manufacture) – Exemption u/s. 10B – Assessee firm was engaged in mining and export of iron ore – It outsourced work of processing of iron ore to another company which operated plant and machinery outside custom bonded area – Assessee’s claim for exemption u/s. 10B was rejected by AO – Tribunal took a view that mere processing of iron ore in a plant and machinery located outside customs bonded area would not disentitle assessee from claiming exemption u/s. 10B where iron ore was excavated from mining area belonging to an export oriented unit – Accordingly, Tribunal allowed assessee’s claim – No substantial question of law arose

    By K. B. BHUJLE Advocate
    Reading Time 4 mins

    Offences and prosecution – Principal Officer – Assessee was a Non-Executive Chairman of Board of Directors of company based in Delhi/NCR region – AO passed an order u/s. 2(35) with respect to TDS default of company treating assessee as Principal Officer of company and launched prosecution proceedings against the assessee u/s. 276B – Where there was no material to establish that assessee was in-charge of day-to-day affairs, management, and administration of his company, AO could not have named him as Principal Officer and accordingly he could not have been prosecuted u/s. 276B for TDS default committed by his company

    By K. B. BHUJLE Advocate
    Reading Time 6 mins

    Recovery of tax – Provisional attachment – Certain transactions to be void – Powers of TRO – Petitioner purchased a property belonging to a deceased person through his legal representative – Same was declared void as it was under attachment proceedings for recovery of tax dues of said deceased person – Petitioner contended that he was a bona fide purchaser of property for adequate consideration and was not aware of attachment of property for recovery of tax of its owner – TRO could not declare a transaction of transfer as null and void u/s. 281 and if department wanted to have transactions of transfer nullified u/s. 281, it must go to civil court under rule 11(6) of Second Schedule to have transfer declared void u/s. 281

    By K. B. BHUJLE Advocate
    Reading Time 8 mins

    Return of income – Delay of 1232 days in filing return – Condonation of delay – Assessee – NRI filed an application for condonation of delay of 1232 days in filing return on ground she was not in a position to file her returns on time due to severe financial crisis in United States of America and injuries sustained by her in an accident, enclosing a medical report in support of claim – Said application was rejected by CBDT on ground that medical certificate did not support case of assessee and that assessee had professional advisor available to her and, thus, required returns ought to have been filed within stipulated period – Though there was some lapse on part of assessee, that by itself would not be a factor to turn out plea for filing of return, when explanation offered was acceptable and genuine hardship was established – Delay to be condoned

    By K. B. BHUJLE Advocate
    Reading Time 4 mins

    38 Section 2(22)(e) – Deemed dividend (Loans and advances to shareholder) – Where transactions between shareholder and company were in nature of current account, provisions of section 2(22)(e) would not be applicable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    37 Section 80-IA – Appeal to Appellate Tribunal – Limitation – Order of revision and consequential order of assessment – Appeals from both orders – Tribunal considering appeal from order of assessment – Dismissal of appeal from order of revision on ground of limitation – Not valid Industrial undertaking – Special deduction u/s. 80-IA – Undertaking engaged in distribution of electricity – Computation of profits for purposes of deduction – Penalty recovered from suppliers for delay in execution of contracts, unclaimed balances of contractors, rebate from power generators and interest on fixed deposits for opening letter of credit to power grid corporation includible in profits – Miscellaneous recovery from employees, difference between written down value and book value of released assets, commission for collection of electricity duty and rental income not part of profit

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    45. CIT vs. Airlift (India) Pvt. Ltd.; 405 ITR 487 (Bom): Date of order: 8th June, 2018 Section 260A – Appeal to High Court – Limitation – Condonation of delay – Failure by Department to remove office objections despite extension of time being granted – Absence of any particular reason for delay – Reason of administrative difficulty – Delay cannot be condoned

    By K. B. BHUJLE
    Advocate
    Reading Time 1 mins

    31 Deduction u/s. 10A – Free trade zone – Effect of sales return – Sales return would result into reduction in profit qualifying for deduction u/s. 10A – AO has to allow corresponding reduction in total income also

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    32 Educational institution – Exemption u/s. 10(23C)(vi) – School run by assessee having only up to kindergarten class – Provision of Right to Education Act applicable to school imparting education from class 1 to class 8 – Provision not applicable to assesee – Assessee cannot be denied exemption for failure to comply with that Act

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    33 Exemption u/s. 10(23C)(iv) – Approval by prescribed authority – Approval granted on 01/03/2016 for A.Ys. 2006-07 to 2011-12 – Approval valid for A. Y. 2012-13 and subsequent years also

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    34 Export – Profits and gains from export oriented undertakings in special economic zones – Scope of section 10A – Meaning of “Profits and gains derived by an undertaking” – Interest on bank deposits and staff loans arise in the ordinary course of business – Entitled to exemption u/s. 10A

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    35 Income – capital or revenue receipt – Subsidy allowed by State Government on account of power consumption which was available only to new units and units which had undergone an expansion, was to be regarded as capital subsidy not liable to tax

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    36 Recovery of tax – Attachment of bank account and withdrawal of amount from bank during pendency of appeal – Action without due procedure – Stay of recovery proceedings granted pending appeal – Revenue directed to refund 85% of the amount recovered

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    46. CIT vs. ITD Cem India JV.; 405 ITR 533 (Bom): Date of order: 4th September, 2017 A. Y.: 2008-09 Section 40(a)(ia) – Business expenditure – Disallowance – Payments liable to TDS – Reimbursement of administrative expenses to joint venture partner – Genuineness of transaction established on verification – Finding of fact – Disallowance rightly deleted by Tribunal

    By K. B. BHUJLE
    Advocate
    Reading Time 1 mins

    Sections 133A, 119(2)(a), 234A, 234B and 234C – Waiver of interest u/s. 234A, 234B and 234C – Delay in furnishing return and in paying advance tax – Discretion of Chief Commissioner to waive interest – Return submitted voluntarily – Assessee genuinely believing that he had no taxable income – Interest to be waived

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Sections 160, 161, 162 and 163 – Representative assessee – Non-resident – Agent – Conditions precedent for treating person as agent of non-resident – Transfer of shares in foreign country by non-resident company – No evidence that assessee was party to transfer – Notice seeking to treat assessee as agent of non-resident – Not valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Section 132 – Search and seizure – Block assessment – Declaration by assessee – Effect of section 132(4) – Declaration after search has no evidentiary value – Additions cannot be made on basis of such declaration

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 92C and 144C – Transfer pricing – Computation of arm’s length price (Reasoned order) – Order passed by DRP u/s. 144C (5) must contain discussion of facts and independent findings on those facts by DRP – Mere extraction of rival contentions will not satisfy requirement of consideration

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Business expenditure – Deduction u/s. 35AD – Specified business – Hotel Business – Commencement of new business not disputed by Department and income offered to tax accepted – Certification of hotel as three-star category hotel in subsequent year – Time taken by competent authority for certification beyond control of assesse – Assessee not to be denied deduction u/s. 35AD on the ground that the certification was in the later year

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Charitable or religious trust – Denial of exemption – Section 13(2)(c) – In order to invoke provisions of section 13(2)(c), it is essential to prove that amount paid to person referred to in sub-section (3) of section 13 is in excess of what may be reasonably paid for services rendered

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Income Declaration Scheme 2016 – Determination of sum payable and payment of first instalment by assessee – Rejection of application pursuant to issue of notice for assessment – Tax already deposited under scheme to be adjusted by Department

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Loss – Capital or revenue loss – Investment in shares as stock-in-trade – Loss in sale of portion of shares – Transaction in course of business – Revenue in nature – Not capital loss

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Recovery of tax – Stay of demand when assessee in appeal before Commissioner (Appeals) – Discretion of AO to grant stay – CBDT Office Memorandum cannot oust jurisdiction of AO to grant stay – Prima facie case showing high pitched assessment and financial burden on assesse – Stay on condition of deposit of 20% of amount demanded – Not justified

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Settlement of cases – Construction business – Receipt of on money – Additional disclosure of undisclosed income for one assessment year during settlement proceedings – Does not amount to untrue disclosure for other assessment years under settlement proceedings – Commission accepting disclosures made by assessees and passing orders on their settlement applications – Order of Settlement Commission not erroneous

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    TDS – Payment to non-resident – Effect of amendment to section 195 by F. A. 2012 with retrospective effect from 01/04/1962 – No change in condition precedent for application of section 195 – Income arising to non-resident must be taxable in India

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Time limit for issuing notice u/s. 148 – Amendment to section 149 by Finance Act, 2012, which extended limitation for reopening assessment to sixteen years, could not be resorted for reopening proceedings concluded before amendment became effective

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 43D – Public financial institutions, special provisions in case of income of (Interest) – Where income on NPA was actually not credited but was shown as receivable in balance sheet of assessee co-operative bank, interest on NPA would be taxable in year when it would be actually received by assessee bank

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Sections 2(28A), 10(23G), 36(1)(viia)(c) and 36(1)(viii) – Exemption u/s. 10(23G) – Assessee providing long-term finance for infrastructure projects and facilities – Exemption of interest – Definition of “interest” – Borrowers liable to pay “liquidated damages” at 2.10% in case of default in redemption or payment of interest and other moneys on due dates, for period of default – Liquidated damages fall within purview of word “interest” – Assessee entitled to exemption

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Search and seizure – Assessment of third person – Section 153C of ITA, 1961 – Law applicable – Amendment to section 153C w.e.f. 1st June, 2015 – Amendment expands scope of section 153C and affects substantive rights – Amendment not retrospective – Starting point for action u/s 153C is search – Search prior to 1st June, 2015 – Section 153C as amended not applicable

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Section 244A(2) of ITA, 1961 – Interest on delayed refund – Where issue of refund order was not delayed for any period attributable to assessee, Tribunal was correct in allowing interest to assessee in terms of section 244A(1)(a) – Just because the assessee had raised a belated claim during the course of the assessment proceedings which resulted in delay in granting of refund, it couldn’t be said that refund had been delayed for the reasons attributable to the assessee and assessee wasn’t entitled to interest for the entire period from the first date of assessment year till the order giving effect to the appellate order was passed

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 115JB of ITA, 1961 – MAT (Banking Companies – Provisions of section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012 would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949

    By K.B.Bhujle
    Advocate
    Reading Time 8 mins

    Sections 147, 148,159 and 292B of ITA, 1961 – Reassessment – Valid notice – Notice issued in name of dead person – Effect of sections 159 and 292B – Objection to notice by legal representative – Notice not valid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 80-IA(2A) of ITA, 1961 – Telecommunication services – Deduction u/s. 80-IA(2A) – Scope – Payment by third parties for availing of telecommunication services of assessee – Late fees and reimbursement of cheque dishonour charges received from such third parties – Income eligible for deduction u/s. 80-IA(2A)

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Sections 37 and 43B of ITA 1961 – Business expenditure – Deduction only on actual payment – Nomination charges levied by State Government emanating from a contract of lease – Not statutory liability falling under “tax, duty, cess or fee” by whatever name called in section 43B – Provision for allowance on actual payment basis not applicable

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 10(23C)(iiiab) of ITA, 1961 – Educational institution – Exemption u/s. 10(23C)(iiiab) – Condition precedent – Assessee must be wholly or substantially financed by Government – Meaning of “substantially financed” – Subsequent amendment to effect that if grants constitute more than specified percentage of receipts, assessee will be deemed “substantially financed” by Government – Can be taken as indicative of Legislative intent – Assessee receiving grant from Government in excess of 50% of its total receipts – Assessee entitled to benefit of exemption for years even prior to amendment

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Section 80-IB(10) of ITA, 1961 – Housing project – Special deduction u/s. 80-IB(10) – No condition in section as it stood at relevant time restricting allotment of more than one unit to members of same family – Allottees later removing partitions and combining two flats into one – No breach of condition that each unit should not be of more than 1,000 sq. ft. – Assessee entitled to deduction

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Section 4 of ITA, 1961 – Income – Capital or revenue – Sale of shares upon open offer letter – Additional consideration paid in terms of letter of open offer due to delay in making offer and dispatch of letter of offer – Additional consideration part of share price of original transaction not penal interest for delayed payment – Additional consideration was capital receipt

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Sections 147 and 148 – Reassessment – Notice after four years – Validity – Transfer of assets to subsidiary company and subsequent transfer by subsidiary company to third party – Transaction disclosed and accepted during original assessment – Notice after four years on ground that transaction was not genuine – Notice not valid

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Sections 245 and 245D – Settlement Commission – Procedure on application u/s. 245C (Opportunity of hearing) – Section 245D(2C) does not contemplate affording an opportunity of hearing to Commissioner (DR) at time of considering application for settlement for admission and, at best, Commissioner (DR) may be heard to deal with any submissions made by assessee, if called upon by Settlement Commission; however, under no circumstances can Commissioner (DR) be permitted to raise objections against admission of application at threshold and to make submissions other than on basis of report submitted by Principal Commissioner – Since, in instant case, Settlement Commission had first heard objections raised by Commissioner (DR) against admission of application for settlement based on material other than report of Principal Commissioner and thereafter had afforded an opportunity of hearing to assessee to deal with objections raised by Commissioner (DR) and had thereafter proceeded to declare appl

    By K. B. Bhujle
    Advocate
    Reading Time 10 mins

    Section 194-IA and 205 – TDS – Bar against direct demand on assessee (Scope of) – Assessee sold property – Purchaser deducted TDS amount in terms of section 194-IA on sale consideration – Amount of TDS was not deposited with Revenue by purchaser – As provided u/s. 205, assessee could not be asked to pay same again – It was open to department to make coercive recovery of such unpaid tax from payer whose primary responsibility was to deposit same with government Revenue promptly because, if payer, after deducting tax, fails to deposit it in government Revenue, measures could always be initiated against such payers

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Section 40A(3) r.w.r. 6DD of ITR 1962 – Business expenditure – Disallowance u/s. 40A(3) – Payments in cash in excess of specified limit – Exceptions u/r. 6DD – Payment to producer of meat – Condition stipulated u/r. 6DD satisfied – Further condition provided in CBDT circular of certification by veterinary doctor cannot be imposed – Payment allowable as deduction

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Sections 2(15), 10(20), 11, 251 and 263 – Revision – Powers of Commissioner – No jurisdiction to consider matters considered by CIT(A) in appeal – Claim for exemption rejected by A.O. on ground that assessee is not a local authority u/s. 10(20) – CIT(A) granting exemption – Principle of merger – Commissioner has no jurisdiction to revise original assessment order on ground A.O. did not consider definition in section 2(15)

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Section 37 – Business expenditure – Capital or revenue – Test to be applied – Pre-operative expenditure of new line of business abandoned subsequently – Deductible revenue expenditure

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Section 37(1) and Rule 9A of ITR 1962 – Business expenditure – Where assessee was engaged in business of production and distribution of films, cost of prints as well as publicity and advertisements incurred after production as well as their certification by Censor Board, the same would not be governed by Rule 9A, they would be allowable as business expenditure u/s. 37(1)

    By K. B. BHUJLE
    Advocate
    Reading Time 6 mins

    Section 37(1) – Business expenditure – Compensation paid by assessee developer to allottees of flats for surrendering their rights was to be allowed as business expenditure

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Sections 2(47) and 45(4) – Capital gains – Where retiring partners were paid sums on reconstitution of assessee-partnership firm in proportion to their share in partnership business / asset, no transfer of assets having taken place, no capital gains would arise

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Section 119 – CBDT – Power to issue directions – Any directives by CBDT which give additional incentive for an order that Commissioner (Appeals) may pass having regard to its implication, necessarily transgresses on Commissioner’s exercise of discretionary quasi judicial powers. Interference or controlling of discretion of a statutory authority in exercise of powers from an outside agency or source, may even be superior authority, is wholly impermissible

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Section 80-IA – Deduction u/s. 80-IA – Industrial undertaking – Generation of power – Assessee owning three units and claiming deduction in respect of one (eligible) unit – Losses of earlier years of other two units cannot be notionally brought forward and set off against profits of eligible unit – Unit entitled to deduction u/s. 80-IA to be treated as an independent unitSection 80-IA – Deduction u/s. 80-IA – Industrial undertaking – Generation of power – Assessee owning three units and claiming deduction in respect of one (eligible) unit – Losses of earlier years of other two units cannot be notionally brought forward and set off against profits of eligible unit – Unit entitled to deduction u/s. 80-IA to be treated as an independent unit

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Revision – Section 264 of ITA, 1961 – Belated application – Merely because assessee filed application belatedly, revision application could not be rejected without considering cause of delay

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure – Assessment of third person – Sections 132, 132(4) and 153C of ITA, 1961 – Condition precedent – Amendment permitting notice where seized material pertained to assessee as against existing law that required Department to show that seized material belonged to assessee – Amendment applies prospectively – Where search took place prior to date of amendment, Department to prove seized documents belonged to assessee – Statement of search party containing information relating to assessee no document belonging to assessee – AO wrongly assumed jurisdiction u/s 153C

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Special Deduction u/s 80-IA – Infrastructure facility – Transferee or contractor approved and recognised by authority and undertaking development of infrastructure facility or operating or maintaining it eligible for deduction – Assessee maintaining and operating railway siding under agreement with principal contractor who had entered into agreement with Railways and recognised by Railways as transferee – Assessee entitled to benefit of special deduction

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Section 260A – Appeal to High Court – Power of High Court to condone delay in filing appeal – Delay in filing appeal by Revenue – General principles – No reasonable explanation for delay – Delay cannot be condoned

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Bank – Valuation of closing stock – Securities held to maturity – Constitute stock-in-trade – Valuation at lower of cost or market value – Proper – Classification in accordance with Reserve Bank of India guidelines – Not relevant for purposes of income chargeable to tax

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Section 68 – Cash credits – Capital gain or business income – Profits from sale of shares – Genuineness of purchase accepted by Department – Profits from sale cannot be treated as unexplained cash credits – Profit from sale of shares to be taxed as short/long term capital gains

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Sections 12AA, 147 and 148 – Charitable Trust – Cancellation of registration – Section 12AA amended in 2004 enabling cancellation of registration is not retrospective – Cancellation cannot be made with retrospective effect Reassessment – Notice u/s. 148 consequent to cancellation of registration – No allegation of fraud – Notice not valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Sections 69 and 147 – Reassessment – Where Assessing Officer issued a reopening notice on ground that assessee had made transactions of huge amount in national/multi commodity exchange but he had not filed his return of income and assessee filed an objection that he had earned no income out of trading in commodity exchange and he had actually suffered loss and, therefore, he had not filed return of income. Since, Assessing Officer had not looked into objections raised by assessee and proceeded ahead, impugned reassessment notice was unjustified

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 40A(2)(b) and 92BA – Specified domestic transactions – Determination of arm’s length price – Meaning of “specified domestic transactions” – Section 92BA applies to transactions between assessee and a person referred to in section 40A(2)(b) – Assessee having substantial interest in company with whom it has transactions – Beneficial ownership of shares does not include indirect shareholding – Amount paid to acquire asset – Not an expenditure covered by section 40A(2)(b)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Sections 69B, 132 and 153A of ITA 1961 – Search and seizure – Assessment – Undisclosed income – Burden of proof is on Revenue – No evidence found at search to suggest payment over and above consideration shown in registration deed – Addition solely on basis of photocopy of agreement between two other persons seized during search of other party – Not justified

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Sections 69, 132 and 158BC of ITA 1961 – Search and seizure – Block assessment – Undisclosed income – Search at premises of assessee’s father-in-law – Valuation of cost of construction of property called for pursuant to search – Addition to income of assessee as unexplained investment based on report of Departmental Valuer – Report available with Department prior to search of assessee’s premises – Addition unsustainable

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Sections 9(1)(vii)(b) and 195 of ITA 1961 – TDS – Income deemed to accrue or arise in India – Non-resident – TDS from payment to non-resident – Payment made to non-resident for agency services as global coordinator and lead manager to issue of global depository receipt – Services neither rendered nor utilised in India and income arising wholly outside India from commercial services rendered in course of carrying on business wholly outside India – Tax not deductible at source

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Capital gains – Exemption u/s 54EC of ITA, 1961 – Investment in notified bonds within time specified – Part of consideration for sale of shares placed in escrow account and released to assessee after end of litigation two years later – Amount taxable in year of receipt and invested in specified bonds in year of receipt – Investment within time specified and assessee entitled to exemption u/s 54EC

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Section 37 of ITA, 1961 – Prior period expenses – Assessment of income of prior period – Prior period expenses deductible – No need to demonstrate that expenses relate to income

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Charitable institution – Registration u/s 12AA of ITA, 1961 – Cancellation of registration – No finding that activities of charitable institution were not genuine or that they were not carried out in accordance with its objects – Mere resolution of governing body to benefit followers of a particular religion – Cancellation of registration not justified

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Charitable purpose – Exemption u/s 11 of ITA, 1961 – Assessee entitled to allocate domain names providing basic services of domain name registration charging annual subscription fees and connectivity charges – Activity in nature of general public utility – Fees charged towards membership and connectivity charges – Incidental to main objects of assessee – Assessee entitled to exemption

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Capital gains – Exemption u/s 54F of ITA, 1961 – Agreement to sell land in August, 2010 and earnest money received – Sale deed executed in July, 2012 – Purchase of residential house in April, 2010 – Assessee entitled to benefit u/s 54F

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Industrial undertaking – Deduction u/s 80-IB of ITA, 1961 – Condition precedent – Profit must be derived from industrial undertaking – Assessee manufacturing pig iron – Profit from sale of slag, a by-product in manufacture of pig iron – Profit entitled to deduction u/s 80-IB

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Refund – Interest on refund – Section 244A of ITA, 1961 – Amount seized from assessee in search proceedings shown as advance tax in return – Return accepted and assessment made – Assessee entitled to interest u/s 244A on such amount

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Refund of tax wrongly paid – Income-tax authorities – Scope of power u/s 119 of ITA, 1961 – Tax paid by mistake – Application for revision u/s 264 not maintainable – Income-tax authorities should act u/s 119

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Revision – Section 264 of ITA, 1961 – Delay in filing application – Condonation of delay – Assessee including non-taxable income in return – Assessee acting in time to correct return by filing revised return and rectification application – Revised return rejected on technical ground – Consequent delay in filing application for revision was to be condoned

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Sections 48, 54F, 19 and 143 of ITA, 1961 – Assessment – Duty of Assessing Officer – It is a sine qua non for the AO to consider claims of deduction / exemption made by the assessee and thereafter to return the said claims if the assessee is not entitled to the same by assigning reasons

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Sections 37 and 43B(g) of ITA, 1961 – Business expenditure – Deduction only on actual payment – Assessee paying licence fee to Railways for use of land – Railways enhancing licence fee and damages with retrospective effect and disputes arising – Assessee making provision for sum payable to Railways – Nature of fee not within description of ‘duty’, ‘cess’, or ‘fee’ payable under law at relevant time – Sum payable under contract – Deduction allowable

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Section 14A of ITA, 1961 r.w.r. 8D(2)(iii) of ITR, 1962 – Exempt income – Disallowance of expenditure relating to exempt income – Voluntary disallowance by assessee of expenditure incurred to earn exempt income – AO cannot disallow expenditure far in excess of what has been disallowed by assessee

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Sections 2(24) and 4 of ITA, 1961 – Income – Meaning of – Assessee collecting value-added tax on behalf of State Government – Excess over expenditure deposited in State Government Treasury – No income accrued to assessee

    By K.C. NARANG
    Chartered Accountant
    Reading Time 3 mins

    Section 5 of ITA, 1961 – Income – Accrual of income – Mercantile system of accounting – Bill raised for premature termination of contract and contracting company not accepting bill – Income did not accrue – Another bill of which small part received after four years – Theory of real income – Sum not taxable – Any claim of assessee by way of bad debts was to be adjusted

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Section 4 of ITA, 1961 – Income or capital – Assessee a Government Corporation wholly owned by State – Grant-in-aid received from State Government for disbursement of salaries and extension of flood relief – Funds meant to protect functioning of assessee – No separate business consideration between State Government and the assessee – Flood relief not constituting part of business of assessee – Grant-in-aid received is capital receipt – Not taxable

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Sections 132 and 133A of ITA, 1961 – Search and seizure – Survey converted into search – Preconditions not satisfied – Action illegal and invalid

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Sections 194, 194D and 194J of ITA, 1961 – TDS – Works contract or professional services – Outsourcing expenses – Services clerical in nature – Not technical or managerial services – Tax deductible u/s 194C and not u/s 194J TDS – Insurance business – Insurance agent’s commission – Service tax – Quantum of amount on which income-tax to be deducted – Tax deductible on net commission excluding service tax

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Appeal to High Court – Territorial jurisdiction – Sections 116, 120, 124, 127, 260A and 269 of ITA, 1961 – Territorial jurisdiction of High Court is not governed by seat of the AO – Appeal would lie to High Court having jurisdiction over place where Tribunal which passed order is situated

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Disallowance u/s 43B of ITA, 1961 – Deduction only on actual payment – Service tax – Liability to pay service tax into treasury arises only upon receipt of consideration by assessee – Service tax debited to profit and loss account – Cannot be disallowed

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure – Difference between setting up of business and starting commercial activities – Company formed to design, manufacture and sell commercial vehicles – Commencement of research and development and construction of factory – Business had been set up – Assessee entitled to deduction of operating expenses, financial expenses and depreciation

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Capital gains – Transfer – Sections 45(4) and 47 of ITA, 1961 – Conversion of firm to private limited company – Transaction not transfer giving rise to capital gains

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Settlement of cases – Sections 245C, 245D(2C) and 245D(4) of ITA, 1961 – Settlement Commission – Jurisdiction – Applications filed for settlement of cases for several assessment years allowed to be proceeded with – Order directing that application for years in which nil or no disclosure of additional income or loss was declared not to be proceeded with – Order giving retrospective effect on request of Department – Settlement Commission has no jurisdiction to pre-date its order

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Rectification of mistakes – Section 154 of ITA, 1961 – Section 154(1A) places an embargo on power of rectification of assessment order in cases where matter had been considered and decided in appeal or revision – However, there is no embargo on power of amendment if an appeal or revision is merely pending since such pending appeal / revision does not assume character of a subjudice matter

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Settlement of cases – Section 145D(1) of ITA, 1961 – Condition precedent – Pendency of assessment proceedings – Assessment proceedings pending till service of assessment order upon assessee

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Income or capital – Subsidies – Book profit – Computation – Sections 2(24) and 115JB of ITA, 1961 – Receipts and power subsidies granted as incentives by State Government under schemes for setting up units in specified backward areas in State – Capital in nature – Not income – Cannot be included for purpose of computation of book profit u/s 115JB

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 37(1) – Business expenditure – Allowability of (Consultancy charges) – Assessee made payments to one ‘S’, a consultant, and claimed deduction of same as business expenditure – AO, on the basis of a statement of ‘S’ recorded during search operations, held that ‘S’ had not rendered any service to assessee so as to receive such payments and disallowed expenditure – Appellate Authorities allowed payments made to ‘S’ holding that there was sufficient evidence justifying payments made to ‘S’ and AO, other than relying upon statement of ‘S’ recorded in search, had no independent material to make disallowance – Allowance of payments made to ‘S’ was justified

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Industrial undertaking – Special deduction u/s 80-IA of ITA, 1961 – Computation – Assessee having two manufacturing units – Deduction to be at 30% of profits of eligible business and not of total income

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    International transactions – Arm’s length price – Section 92B of ITA, 1961 – Acquisition of shares of 100% subsidiary at premium – Alleged shortfall between fair market price of shares and issue price – That assessee would sell shares at a loss in future thereby reducing tax liability, a mere surmise – Cannot be basis for taxation – Difference cannot be treated as income of assessee

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Settlement of cases – Sections 147, 148, 245C, 245D(4) and 245-I of ITA, 1961 – Order passed by Settlement Commission u/s 245D(4) – Notice for reassessment u/s 148 in respect of issues covered by such order – Not valid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Survey – Sections 133A, 147 and 148 of ITA, 1961 – Notice of reassessment based only on statement recorded during income-tax survey – No material to show escapement of income – Notice not valid

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment – Validity of notice – Sections 115A, 147 and 148 of ITA, 1961 – Non-filing of return in respect of alleged taxable income – Notice not automatic – Filing of return not an admission that notice is valid – Assessee exempted from filing return u/s 115A – Investment of shares in subsidiary did not give rise to taxable income – Notice not valid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure – Survey converted into – Sections 131, 132 and 133A of ITA, 1961 – Scope of power u/s 132 – Income-tax survey not showing concealment of income – Proceedings cannot be converted into search u/s 132

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Section 37 of ITA 1961 – Business loss –Embezzlement of cash by director of assessee – Recovery of amount or outcome of pending criminal prosecution against director before Magistrate Court – Not relevant – Deduction allowable

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Sections 2(47) and 45(4) of ITA 1961 – Capital gains – Firm – Retirement of partners – Consequential allotment of their shares in assets in firm – Not transfer of capital assets – Provisions of section 45(4) not attracted – No taxable capital gain arises

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 55A of ITA 1961 – Capital gain – Cost of acquisition – Reference to Valuation Officer – Refusal by AO to make reference to Valuation Officer not proper – Matter remanded to AO for reference to Valuation Officer

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Income – Accrual of income – Difference between accrual and receipt – Specified amount retained under contract to ensure there are no defects in execution of contract – Amount retained did not accrue to assessee Business loss – Bank guarantee for satisfactory execution of contract – Contract cancelled and bank guarantee encashed – Loss due to encashment of bank guarantee was deductible

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Section 37 of ITA, 1961 – General principles – Assessee carrying on iron ore business – Agreement with State Government to construct houses for poor people affected by floods – Amount spent on construction of house for purposes of commercial expediency – Amount deductible u/s 37

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Export – Deduction u/s 80HHC of ITA, 1961 – Computation of profits for purposes of section 80HHC – Interest on fixed deposit in bank – Bank had unilaterally converted part of export earnings to fixed deposit for added security on loan – Interest includible in business profits

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Penalty – Concealment of income – section 271(1)(c) of ITA, 1961 – Income-tax survey showing undisclosed income – Amount offered in survey and included in return – Return accepted – No concealment of income – Penalty cannot be imposed u/s 271(1)(c)

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Refund – Sections 237 and 143 of ITA, 1961 – Disability pension of retired army personnel – Exempt by CBDT Circular – Tax paid by mistake – Claim for refund – Non-adherence to technical procedures – Cannot be ground to deny entitlement to legitimate relief of armed forces – Department has to refund tax recovered with interest

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Section 37 and Insurance Act, 1938– Business expenditure – Disallowance – Payments prohibited by law – Effect of Explanation 1 to section 37 – Reinsurance payments to non-residents – Not prohibited by law – Deduction allowable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Business expenditure – Section 37(1) of ITA, 1961 – Where assessee company engaged in business of development of real estate had, in ordinary course of business, made certain advance for purchase of land to construct commercial complex but same was forfeited as assessee could not make payment of balance amount – Forfeiture of advance would be allowed as business expenditure

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Search and seizure – Assessment of third person – Section 153C of ITA, 1961 – Undisclosed income – Assessment based solely on statement of party against whom search conducted – A.O. not making any further inquiry or investigation on information received from Deputy Commissioner – No cogent material produced to fasten liability on assessee – Concurrent findings of fact by appellate authorities; A.Y. 2002-03

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Income – Accrual of (time of accrual of income) – Section 5 of ITA, 1961 – Where assessee sold a land during relevant assessment year and as per MOU part of sale consideration was payable by purchaser on completion of assessee’s obligation under MOU – Assessee having not met conditions of MOU during relevant year, such amount was not taxable in relevant assessment year

    By K. B. BHUJLE
    Advocate
    Reading Time 5 mins

    Income – Exemption u/s 10(24) of ITA, 1961 – Registered trade union – Amount received on settlement of dispute between company and its workers disbursed to workers – Amount not assessable in hands of trade union

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Income from undisclosed sources – Section 69 of ITA, 1961 – Addition on basis of statement made by partner of assessee u/s 108 of Customs Act, 1962 – No other corroborative evidence – Addition not justified

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Assessment – Notice u/s 143(2) of ITA, 1961 – Limitation – Defective return – Rectification of defects – Relates back to date of original return – Time limit for issue of notice u/s 143(2) – Not from date of rectification of defects but from date of return – Return filed on 17th September, 2016 and return rectified on 12th September, 2017 – Notice u/s 143(2) issued on 10th August, 2018 – Barred by limitation; A.Y. 2016-17

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Assessment – Notice u/s 143(2) of ITA, 1961 – Limitation – Notice calling for rectification of defects in return u/s 139(9) – Rectification within time allowed in notice – Not a case of revised return but of corrected return which relates back to date of original return – Limitation for notice u/s 143(2) runs from date of original return, not date of rectified return; A.Y. 2016-17

    By K.B.Bhujle
    Advocate
    Reading Time 5 mins

    Deemed income – Section 41(1)(a) of ITA, 1961 – Remission or cessation of liability – Condition precedent – Assessee, a co-operative society, obtaining loan from National Dairy Development Board for which state government stood guarantee on payment of commission – Commission claimed by assessee as revenue expenditure in earlier assessment years – State government writing off liability and allowing it to be treated as capital grant to be used only for capital and rehabilitation purposes – Assessee continues to remain liable to repay those amounts – No remission or cessation of liability u/s 41(1)(a) – Cannot be treated as deemed income u/s 41(1)(a); A.Y. 2004-05

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Industrial undertaking – Special deduction u/s 80-IA(4) – Industrial undertaking engaged in production of power – Meaning of ‘power’ in section 80-IA(4) – Power would include steam; A.Y. 2011-12

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Principal Officer (condition precedent) – Section 2(35) of ITA, 1961 – Where neither service of notice nor hearing of petitioner before treating petitioner as a Principal Officer was involved, and connection of petitioner with management and administration of company was also not established, A.O. could not have named petitioner as Principal Officer

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Appellate Tribunal – Powers of (scope of order) – Section 254 r/w/s/ 144 of ITA, 1961 – Where remand made by Tribunal to A.O. was a complete and wholesale remand for framing a fresh assessment, A.O. could not deny to evaluate fresh claim raised by assessee during remand assessment proceedings

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Assessment – Notice u/s 143(2) of ITA, 1961 – Limitation – Date of filing of original return u/s 139(1) has to be considered for purpose of computing period of limitation under sub-section (2) of section 143 and not date on which defects actually came to be removed u/s 139(9)

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Business expenditure – Disallowance u/s 40(a)(ia) of ITA, 1961 – Payments liable to deduction of tax at source – Charges paid by assessee to banks for providing credit card processing services – Bank not rendering services in nature of agency – Charges paid to bank not in nature of commission within meaning of section 194H – Disallowance u/s 40(a)(ia) not warranted

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Unexplained investment – Sections 50C and 69 of ITA, 1961 – Sale of immovable property – Difference between stamp value and value shown in sale deed – Effect of section 50C – Presumption that stamp value is real one – Section 50C enacts a legal fiction – Section 50C cannot be applied to make addition u/s 69

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Penalty – Concealment of income – Search and seizure – Immunity from penalty – Effect of section 271AAA of ITA, 1961 – Assessee admitting undisclosed income during search proceedings and explaining source – No inquiry regarding manner in which income was earned – Immunity cannot be denied because of absence of such explanation

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment – Sections 147 and 148 of ITA, 1961 – Validity of notice u/s 148 – Conditions precedent for notice – Amount assessed in block assessment – Addition of amount deleted by Commissioner (Appeals) – Notice to reassess same amount not valid

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Refund – Withholding of refund – Sections 143(2) and 241A of ITA, 1961 – Discretion of A.O. – Scope of section 241A – A.O. must apply his mind before withholding refund – Mere issue of notice for scrutiny assessment for a later assessment year not a ground for withholding refund

    By K.B.Bhujle
    Advocate
    Reading Time 5 mins

    Settlement of cases – Section 245C of ITA, 1961 – Black Money Act, 2015 – Jurisdiction of Settlement Commission – Undisclosed income of non-resident Indians – Charge under Black Money Act only from A.Y. 2016-17 – Pending reassessment proceedings order of Settlement Commission for A.Y. 2004-05 to 2015-16 – Order of Settlement Commission is valid

    By K.B.Bhujle
    Advocate
    Reading Time 8 mins

    Reassessment – Sections 124(3), 142(1), 143(3), 147, 148 of ITA, 161 – Notice u/s 148 – Assessment proceedings pursuant to notice u/s 142(1) pending and time for completion of assessment not having lapsed – Issue of notice u/s 148 not permissible – That assessee had not objected to jurisdiction of A.O. not relevant; A.Ys. 2011-12

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Revision – Section 263 of ITA, 1961 – Diversion of income by overriding title – Interpretation of Will – Testator’s direction to executor of Will to sell property and pay balance to assessee after payment to trusts and expenses – Expenses and payments to trusts stood diverted before they reached assessee – Order of A.O. after due inquiry accepting assessee’s offer to tax amount of sale consideration – Revision erroneous; A.Y. 2012-13

    By K.B.Bhujle
    Advocate
    Reading Time 7 mins

    Business expenditure – Disallowance of expenditure relating to exempted income – Section 14A of ITA, 1961 – Disallowance cannot exceed exempt income earned – Tribunal restricting disallowance to extent offered by assessee – Proper

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Charitable purpose (objects of general public utility) – Section 2(15) r.w.s. 12A of ITA, 1961 – Where assessee association was engaged in primary aim and objective to organise and arrange all licensed third party administrators (TPAs) to be members of trust for mutual betterment of TPA business, merely because certain benefits accrued to TPA members and certain objects of trust were for advancement of business of TPA, it would not ipso facto render trust to be non-charitable

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Income – Accounting – Section 145 of ITA, 1961 – Rejection of accounts and estimate of income – Discretion of A.O. must be exercised in a judicious manner

    By K. B. BHUJLE
    Advocate
    Reading Time 5 mins

    Search and seizure – Block assessment – Sections 132, 158BC, 292CC of ITA, 1961 – Validity of search must be established before block assessment – Computation of income should be based on undisclosed income discovered during search; B.P. 1991-92 to 1998-99

    By K.B.Bhujle
    Advocate
    Reading Time 5 mins

    Income – Business income – Section 41 of ITA, 1961 – Remission or cessation of trading liability – Condition precedent for application of section 41 – Assessee must have obtained benefit in respect of liability – Mere change of name in books of accounts not sufficient – Interest liability of State Government undertaking on government loans converted by order of State Government into equity share capital – No cessation of liability – Section 41 not applicable

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Recovery of tax – Company in liquidation – Recovery from director – Section 179 of ITA, 1961 – Where A.O. issued a notice u/s 179 against assessee director of a company seeking to recover tax dues of the company, since such notice was totally silent regarding fact that tax dues could not be recovered from company and, further, there was no whisper of any steps being taken against company for recovery of outstanding amount, impugned notice u/s 179 against director was to be set aside

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Revision – Section 264 of ITA, 1961 – Application for revision – Powers of Commissioner – Powers u/s 264 are very wide – Mistake in computation of income and revised return barred by limitation – Commissioner finding that mistake was inadvertent and claim for deduction bona fide – Order rejecting application for revision is not valid Income-tax – General principles – Effect of Article 265 of the Constitution of India – No tax collection except by authority of law

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Settlement of cases – Section 245D of ITA, 1961 – Proceedings for settlement are not adjudicatory proceedings – Assessee disputing liability but offering to pay additional tax – No non-disclosure of full and true facts – Order of Settlement Commission accepting offer of assessee is valid

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Charitable purpose – Section 2(15) r/w sub-sections 11, 12 and 13 of ITA, 1961 – Where India Habitat Centre, inter alia set up with primary aim and objective to promote habitat concept, was registered as a charitable trust, principle of mutuality for computation of its income was not required to be gone into as income was to be computed as per sections 11, 12 and 13; A.Y.: 2012-13

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Charitable or religious trust – Registration procedure (Deemed registration) – Sections 12AA and 13 of ITA, 1961 – Where Commissioner (Exemption) did not decide application u/s 12AA within six months from date on which matter was remitted by Tribunal, registration u/s 12AA(2) would be deemed to be granted to assessee society; A.Ys.: 2010-11 to 2014-15

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment – Sections 147, 148 and 151 of ITA, 1961 – Where A.O. issued reassessment notice on basis of sanction granted by Chief Commissioner – Since Chief Commissioner was not specified officer u/s 151(2) to grant such sanction, impugned notice was to be quashed

    By K. B. BHUJLE
    Advocate
    Reading Time 3 mins

    Recovery of tax – Stay of demand pending first appeal – Section 220(6) of ITA, 1961 and CBDT Circular No. 530 dated 6th March, 1989 – The Circular stating that a stay of demand be granted if there are conflicting views of High Court can be extended to conflicting views of different Benches of Tribunal as well

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Return of income – Filing of, in electronic form (set-off and carry-forward of losses) – Section 139D r.w.s. 72 of ITA, 1961 and Rule 12 of ITR, 1962 – Procedure of filing electronic return as per section 139D r.w. Rule 12 cannot bar assessee from making claim which he was entitled to – Assessee was directed to make representation before CBDT where he was not able to reflect set-off available in terms of section 72 in prescribed return of income in electronic form

    By K. B. BHUJLE
    Advocate
    Reading Time 7 mins

    Revision – Business loss – Allowable (as share trading) – Section 28(i) r.w.s. 263 of ITA, 1961 – Assessee company, engaged in business of financing and trading in shares – During assessment, A.O. before accepting assessee’s claim of operational loss in share trading, verified demat accounts, sale, purchase and closing stocks of assessee company and inquired about said loss – Show cause notice u/s 263 for revising assessment could not be issued on the basis that said accounts were to be examined

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Search and seizure (presumption u/s 132[4A]) – Section 132(4A) of ITA, 1961 – No addition could be made on account of undisclosed income only on basis of presumptions u/s 132(4A) without recording any findings as to how loose sheets found during search were linked to assessee – In absence of corroborative evidence, Tribunal was not justified in reversing finding of CIT(A)

    By K. B. BHUJLE
    Advocate
    Reading Time 4 mins

    Appeal to Appellate Tribunal – Duty of Tribunal to decide appeal on merits – Rule 24 of ITAT Rules, 1963 Rectification of mistakes – Section 254 of ITA, 1961 – Order of Tribunal dismissing appeal ex parte for non-prosecution – Rejection of application for recall on ground of limitation – Not justified – Assessee granted liberty to apply for recall of order; A.Y. 2006-07

    By K.B.Bhujle
    Advocate
    Reading Time 5 mins

    Business expenditure – Section 37 of ITA, 1961 – General principles – Donations made by company under corporate social responsibility – Deductible u/s 37; A.Y. 2010-11

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Disallowance u/s 40(a)(ia) of ITA, 1961 – Amounts not deductible – Payments liable to deduction of tax at source – Failure to deduct tax at source – Law applicable – Effect of amendment of section 40(a)(ia) with effect from 1st April, 2013 providing for cases where recipient has declared income in question and paid tax thereon – Amendment retrospective – Non-deduction of tax at source not causing loss to Revenue – Disallowance not applicable; A.Y. 2005-06

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Deduction u/s 80-IB(10) of ITA, 1961 – Housing projects – Scope of section 80-IB(10) – Not necessary that developer should be owner of land – Joint venture agreement showing assessee was developer – Assessee entitled to special deduction u/s 80-IB(10); A.Y. 2010-11

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Exemption u/s 10(17A) of ITA, 1961 – Award for meritorious service in public interest – Scope of section 10(17A) – Approval of State Government or Central Government – Formal approval not mandatory – Approval may be implied; A.Y. 2010-11

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Loss – Set-off of – Sections 72(2), 72A and 263 of ITA, 1961 and sections 18 and 32(2) of SICA, 1985 – Amalgamation of companies – Provision for carry forward by amalgamated company of accumulated loss and unabsorbed depreciation of amalgamating company – Sick industrial company – Sanction of scheme by Board for Industrial and Financial Reconstruction implies that requirements of section 72(2) satisfied; A.Y. 2004-05

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Search and seizure – Assessment u/s 153A of ITA, 1961 – Scope of section 153A – Assessee can raise new claims for deduction in return filed u/s 153A; A.Y. 2008-09

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Capital gains – Exemption u/s 54 of ITA, 1961 – Scope – Additional cost of construction incurred within stipulated time though not deposited in capital gains account – Entitled to deduction

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Charitable purpose – Meaning of – Sections 2(15) and 11 of ITA, 1961 – Preservation of environment is an object of general public utility – Polluting industries setting up company for prevention of pollution – Object not to earn profit – Fact that members of company would benefit is not relevant – Company entitled to exemption u/s 11

    By K.B.Bhujle
    Advocate
    Reading Time 5 mins

    Exemption u/s 10(10AA) of ITA, 1961 – Leave salary (government employees) – Government employees enjoy protection and privileges under Constitution and other laws which are not available to other employees and government employees form a distinct class; they are governed by different terms and conditions of employment – Consequently, retired employees of PSUs and nationalised bank cannot be treated as government employees and, thus, they are not entitled to get full tax exemption on leave encashment after retirement / superannuation u/s 10(10AA)

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Income Declaration Scheme, 2016 – Scope of – Amount paid as advance tax can be adjusted towards amount due under Scheme

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment – Sections 147 and 148 of ITA, 1961 – Notice after four years – Failure to disclose material facts necessary for assessment – No duty to disclose investments – Notice for failure to disclose investment – Not valid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Deemed income – Section 41(1) of ITA, 1961 – Section 41(1) will not apply to waiver of loan as waiver of loan does not amount to cessation of trading liability; A.Y.: 2003-04

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure – Obsolescence allowance – Sections 36 and 145A of ITA, 1961 – Assessee following particular accounting policy from year to year consistent with provisions of section 145A – Concurrent finding of fact by appellate authorities that stock had been rendered obsolete – Loss allowable

    By K. B. BHUJLE
    Advocate
    Reading Time 2 mins

    Revision – TDS – Non-resident – Shipping business – Section 263 and section 172, r/w sections 40(a)(ia), 194C and 195 of ITA, 1961 – Where assessee had paid export freight to a shipping agent of non-resident ship-owner or charter without deduction of tax at source, provisions of section 172 would be applicable and provisions of section 194C or section 195 which provide for deduction of tax at source shall not be applicable; A.Y.: 2014-15

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Section 37 of ITA, 1961 – General principles – Difference between ascertained and contingent liability – Public sector undertaking – Provision for revision of pay by government committee – Liability not contingent – Provision deductible u/s 37 Income – Accrual of income – Principle of real income – Public sector undertaking – Amounts due as fees – Amounts included in accounts in accordance with directions of Comptroller and Auditor-General – Amounts had not accrued – Not assessable; A.Y.: 2007-08

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Allowability of (prior period expenses) – Section 37 of ITA, 1961 – Assessee had prior period income and prior period expenses – Assessee set off the two and offered only net amount of expenses for disallowance – A.O. disallowed the claim – Tribunal allowed the claim – No substantial question of law arose from Tribunal’s order; A.Y.: 2004-05

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Cash credits (Bogus purchases) – Section 68 of ITA, 1961 – Assessee had declared certain purchases to be made during year and A.O. added entire quantum of purchases to income of assessee on plea that purchases were bogus purchases – Tribunal held that only reasonable profit at rate of 5% on purchases should be added back to income of assessee – Tribunal was justified in its view; A.Y.: 2010-11

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Charitable purpose – Sections 2(15) and 12AA of ITA, 1961 – Registration – Cancellation of registration – Condition precedent – The assessee is hit by proviso to section 2(15) is not a ground for cancellation of registration

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Sections 147 and 148 of ITA, 1961 – Condition precedent for notice – Tangible material to show escapement of income from taxation – Agricultural income disclosed in return and accepted – Subsequent advisory by IT Department that claims of agricultural income should be investigated – Notice based solely on advisory – Not valid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure – Sections 68, 132, 153A and 153C of ITA, 1961 – Assessment of third person – Jurisdiction of AO – Addition made u/s 68 not based on material seized during search – Not sustainable

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Search and seizure – Sections 132, 143(2) and 158BC of ITA, 1961 – Block assessment u/s 158BC – Issue and service of notice u/s 143(2) is mandatory – Non-issuance of notice – Assessment vitiated

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    i) Business expenditure – Disallowance – Sections 14A and 36(1)(iii) of ITA, 1961 – Interest on borrowed capital – Finding that investment from interest-free funds available with assessee – Presumption that advances made out of interest-free funds available with assessee – Deletion of addition made u/s 14A justified (ii) Unexplained expenditure – Section 69C of ITA, 1961 – Suspicion that certain purchases were bogus based on information from sales tax authority – Neither independent inquiry conducted by A.O. nor due opportunity given to assessee – Deletion of addition by appellate authorities justified; A.Y. 2010-11

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Deduction u/s 42(1)(a) of ITA, 1961 – Exploration and extraction of oil – Conditions precedent for deduction – Expenditure should be infructuous or abortive exploration expenses, and area should be surrendered prior to commencement of commercial production – Meaning of expression ‘surrender’ – Does not always connote voluntary surrender – Assessee entering into production sharing contract with Government of India and requesting for extension at end of contract period – Government refusing extension – Assessee entitled to deduction u/s 42(1)(a); A.Y. 2008-09

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Capital gains – Exemption u/s 54 of ITA, 1961 – Sale of residential house and purchase or construction of new residential house within stipulated time – Construction of new residential house need not begin after sale of original house; A.Y. 2012-13

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Transfer of bonus shares – Bonus shares in respect of shares held as stock-in-trade – No presumption that bonus shares constituted stock-in-trade – Tribunal justified in treating bonus shares as investments; A.Ys. 2006-07 to 2009-10

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Deemed income – Section 41(1) of ITA, 1961 – Remission or cessation of trading liability – Condition precedent for application of section 41(1) – Deduction must have been claimed for the liability – Gains on repurchase of debenture bonds – Not assessable u/s 41(1)

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Fringe benefits tax – Charge of tax – Section 115WA of ITA, 1961 – Condition precedent – Relationship of employer and employee – Free samples distributed to doctors by pharmaceutical company – Not fringe benefit – Amount spent not liable to fringe benefits tax; A.Y. 2006-07

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Income – Accrual of income – Mercantile system of accounting – Business of distribution of electricity to consumers – Surcharge levied on delayed payment of bills – Assessee liable to tax on receipt of such surcharge; A.Y. 2005-06

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Offences and prosecution – Sections 271(1)(c), 276C(2), 278B(3) of ITA, 1961 and Section 391 of Cr.P.C., 1973 – Wilful default in payment of penalty for concealment of income – Conviction of managing director and executive director of assessee by judicial magistrate – Appeal – Evidence – Documents to prove there was no wilful default left out to be marked due to inefficiency and inadvertence – Interest of justice – Appellate court has power to allow documents to be let in as additional evidence; A.Y. 2012-13

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Settlement of cases – Sections 245C(1) and 245D(4) of ITA, 1961 – Powers and duties of Settlement Commission – Application for settlement – Duty of Commission either to reject or proceed with application filed by assessee – Settlement Commission relegating assessee to A.O. – Not proper; A.Ys. 2008-09 to 2014-15

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Settlement of cases – Chapter XIX-A of ITA, 1961 – Powers of Settlement Commission – Application for settlement of case – Settlement Commission cannot consider merits of case at that stage; A.Ys. 2015-16 to 2018-19

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Assessment: (i) Effect of electronic proceedings – Possibility of erroneous assessment if transactions and statement of account of assessee not properly understood – A.O. to call for assessee’s explanation in writing to conclude that cash deposits made by assessee post-demonetisation of currency was unusual; (ii) Unexplained money – Sections 69A and 115BBE of ITA, 1961 – Chit company – Tax on income included u/s 69A – Monthly subscriptions / dues – Cash deposits of collection made post-demonetisation of currency by Government – Cash deposits during period in question not in variance with same period during preceding year – Addition of amount as unexplained money – Provisions of section 115BBE cannot be invoked

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Charitable institution – Exemption – Sections 2(15) and 11 of ITA, 1961 – Denial of exemption – Activity for profit – Effect of proviso to section 2(15) – Concurrent finding of appellate authorities that the assessee was charitable institution – Event organised to raise money – Amount earned entitled to exemption

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Income – Business income or income from house property – Sections 22 and 28 of ITA, 1961 – Company formed with object of developing commercial complexes – Setting up of commercial complex and rendering of services to occupants – Income earned assessable as business income

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Income – Unexplained money – Section 69A of ITA, 1961 – Condition precedent for application of section 69A – There should be evidence that assessee was the owner of the money – Assessee acting as financial broker – Material on record showing amounts passing through his hands – No evidence that amounts belonged to him – Amounts not assessable in his hands u/s 69A

    By K.B.Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment – Notice u/s 148 of ITA, 1961 – Validity – Amalgamation of companies – Notice issued against transferor-company – Amalgamating entity ceases to have its own existence and not amenable to reassessment proceedings – Notice and subsequent proceedings unsustainable

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Notice u/s 148 of ITA, 1961 – Validity – Notice issued in name of dead person – Objection to notice by legal heir and representative – Department intimated about death of assessee in reply to summons issued u/s 131(1A) – Legal heir not submitting to jurisdiction of A.O. in response to notice of reassessment u/s 148 – Provisions of section 292A not attracted – Notice and proceedings invalid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Notice u/s 148 of ITA, 1961 – Validity – Officer recording reasons and issuing notice must be the jurisdictional A.O. – Reasons recorded by jurisdictional A.O. but notice issued by officer who did not have jurisdiction over assessee – Defect not curable u/s 292B – Notice and consequential proceedings and order invalid

    By K.B.Bhujle
    Advocate
    Reading Time 3 mins

    Special deduction u/s 80-IA of ITA, 1961 – Telecommunications services – Computation of profits u/s 80-IA(1) – Change in shareholding of company – Effect of section 79 – Losses which have lapsed cannot be taken into account for purposes of section 80-IA

    By K.B.Bhujle
    Advocate
    Reading Time 2 mins

    Advance tax – Interest for default in payment of advance tax – Sections 132, 132B, 234B and 234C – Computation of interest – Assessee paying four instalments of advance tax prior to search and seizure and communication sent to adjust advance tax against cash seized during search – Date of communication to be taken as date of payment of advance tax

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Capital gains or business income – Sections 4 and 45 – Non-banking financial institution – Conversion of shares and securities held as stock-in-trade into investment – Sale of shares – No provision at time of transaction for treating income from sale of shares as business income – Income could not be taxed as business income

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Cash credits – Section 68 – Assessee entry provider to customers making deposits in cash in lieu of cheques for lower amounts – Cash deposits accounted for in assessment orders of beneficiaries – Restriction of addition to difference between amounts deposited and cheques issued only as commission income as disclosed by assessee – Provisions of section 68 not attracted

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Non-resident – Taxability in India – Article 5(1) of DTAA between Mauritius and India – Meaning of ‘permanent establishment’ – Company in Mauritius engaged in telecasting sports events – Agreement with Indian company for exhibition of telecasts in India – Finding that agreement was on principal-to-principal basis – Indian company did not constitute permanent establishment of foreign company – Income earned not assessable in India

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Recovery of tax – Section 179 – Attachment and sale of property – Properties settled on trust for grandchildren by ‘S’ – Recovery proceedings against son of ‘S’ u/s 179 – Properties settled on trust cannot be attached

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Securities Transaction Tax Act, 2004 – Stock exchange – Duty only to ensure tax collected, determined in accordance with Act and Rules and that amount collected deposited with Central Government – Stock exchange cannot collect securities transaction tax beyond client code – Addition to income of stock exchange on the ground that higher securities transaction tax ought to have been collected – Not justified

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Settlement Commission – Section 245C – Settlement of cases – Condition precedent – Full and true disclosure of undisclosed income – Income offered in application for settlement – Additional income offered during proceedings before Settlement Commission – No new source of income – Offer in order to avoid controversy – Acceptance of offer and passing of order by Settlement Commission – Justified

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Capital gains – Exemption u/s 54(1) – Sale of capital asset and acquisition of ‘a residential house’ – Meaning of ‘a residential house’ in section 54(1) – Includes the plural – Purchase of two residential properties – Assessee entitled to benefit of exemption – Amendment substituting ‘a’ by ‘one’ – Applies prospectively

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Assessability – Slump sale – Section 2(42C) – Assets transferred to subsidiary company in accordance with scheme u/s 394 of the Companies Act – Assessee allotted shares – Scheme approved by High Court – No slump sale for purposes of capital gains tax

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Company – Book profits – Capital gains – Sections 45, 48, 115JB – Computation of book profits u/s 115JB – Scope of section 115JB – Indexed cost of acquisition to be taken into account in calculating capital gains

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Offences and prosecution – Wilful attempt to evade tax – Sections 132, 153A, 276C(2), 276CC – Ingredients of offence – Failure to furnish returns and pay self-assessment tax as required in notice – Delayed payment of tax pursuant to coercive steps cannot be construed as an attempt to evade tax – Only act closely connected with intended crime can be construed as an act in attempt of intended offence – Presumption would not establish ingredients of offence – Prosecution quashed

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Offences and prosecution – Wilful attempt to evade tax – Section 276C(2) – Delay in payment of tax – Admission of liability in return and subsequent payment of tax – Criminal proceedings quashed

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Reassessment – Death of assessee – Validity of notice of reassessment – Sections 147, 148, 159, 292BB – Notice issued to deceased person is not valid – Not a defect curable by section 292BB – Representative assessee – Legal representative – Scope of section 159 – No legal requirement that legal representatives should report death of assessee to income-tax department

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Revision – Condition precedent – Sections 54F, 263 – Assessment order should be erroneous and prejudicial to Revenue – Capital gains – Exemption u/s 54F – Assessee purchasing three units in same building out of consideration received on account of joint development – A.O. allowing exemption taking one of plausible views based on inquiry of claim and law prevalent – Revision to withdraw exemption – Tribunal holding Commissioner failed to record finding that order of assessment erroneous and prejudicial to Revenue – Tribunal order not erroneous

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Settlement of cases – Section 245D – Powers of Settlement Commission – Difference between sub-sections (2C) and (4) of section 245D – Procedure under sub-section (2C) summary – Issues raised in application for settlement, requiring adjudication – Application cannot be rejected under sub-section (2C) of section 245D

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Business expenditure – Service charges paid to employees in terms of agreement entered into under Industrial Disputes Act – Evidence of payment furnished – Amount deductible

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Computation of capital gains – Cost of acquisition – Section 115AC – Conversion of foreign currency convertible bonds into equity shares – Subsequent sale of such shares – Cost of acquisition of shares to be calculated in terms of Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Capital gains – Sections 45 and 50C – Computation – Law applicable – Amendment of section 50C w.e.f. 1st April, 2017 – Amendment retrospective

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Deduction of tax at source – Section 190 – Liability to deduct tax at source only if there is income – Reimbursement of expenses – No income arises – Tax not deductible at source

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Depreciation – Section 32 – Rate of depreciation – Assessee running a hotel – Additional floor space index granted – Not an intangible right – Consideration for additional floor space index payable in instalments – One instalment paid and entire amount debited in accounts – Assessee entitled to depreciation on entire amount at rate applicable to buildings

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Dividend – Deemed dividend – Section 2(22)(e) – Sum shown as unsecured loan obtained by assessee firm from company in which one partner shareholder – Nature of transaction – Deferred liability – Assessee not shareholder of lender company – Loan not assessable as deemed dividend in hands of assessee

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Export – Exemption u/s 10A – Effect of section 10A and Notification No. S.O. 890(e) of CBDT – Assessee carrying on back-office work and preparation of applications for patent in USA – Assessee entitled to exemption u/s 10A

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Non-resident – Income deemed to accrue or arise in India – Section 9(1)(vii) – Fees for technical services – Effect of Explanation 2 to section 9(1)(vii) – Agreement for export of garments – Non-resident company inspecting garments, ensuring quality and export within stipulated time – No technical services performed by non-resident – Income received by non-resident not taxable in India

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Scientific research – Special deduction u/s 80-IB(8A) – Jurisdiction to examine nature of research – Prescribed authority under Act alone has power to examine nature of scientific research and determine whether assessee is entitled to special deduction u/s 80-IB(8A) – A.O. has no power to determine questions

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Appeal to High Court – Territorial jurisdiction – Section 260A of ITA, 1961 and Article 226 of Constitution of India – Company located in Karnataka and assessed in Karnataka – Appeal to Appellate Tribunal in Bombay – Appeal from order of Tribunal – Bombay High Court had no jurisdiction to consider appeal

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Section 37(1) – Capital or revenue expenditure – Payment made by assessee under agreement to an entity for additional infrastructure for augmenting continuous supply of electricity – No asset acquired – Expenditure revenue in nature and allowable

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS – Sections 197 and 264 and Rule 18AA of IT Rules, 1962 – Certificate for Nil deduction or deduction at lower rate – Application by assessee for certificate for Nil withholding rate – Issuance of certificate at higher rate than Nil rate without recording reasons – Copy of order supported by reasons to be furnished to assessee – Matter remanded to Dy. Commissioner (TDS)

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Writ – Article 226 of Constitution of India and sub-sections 10(10C)(viii), 89(1), 154, 246A – Existence of alternative remedy not a bar to issue of writ where proceedings are without jurisdiction – Amounts received under voluntary retirement scheme – Denial of claim for deduction u/s 10(10C)(viii) and relief u/s 89(1) on basis of letter issued by CBDT – Decision of court quashing letter of Board – Order of denying relief – Proceedings without jurisdiction – Assessee entitled to relief

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Company – Book profits – Computation – Amount disallowed u/s 14A cannot be included

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Appeal to ITAT – Sections 253, 254 and 254(2) of ITA, 1961 – Ex parte order – Application for recall of order – Limitation – Assessee not served with notice of hearing before Tribunal though change of address intimated by assessee in Form 35 – Rejection of application for recall of order on ground of bar of limitation – Order unsustainable – Ex parte order in appeal and order rejecting application u/s 254(2) quashed and set aside – Matter remanded to Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Section 37 – Assessee company taking over business of another company – Scheme for voluntary retirement of employees of such company – Amount paid under scheme was for purposes of business – Deductible expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure – Disallowance u/s 40(a)(i) – Depreciation – Scope of section 40(a)(i) – Depreciation is not an expenditure and is not covered by section 40(a)(i)

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Exempt income – Disallowance u/s 14A – Disallowance of expenditure relating to exempt income – Scope of section 14A and rule 8D – Disallowance cannot exceed non-taxable income

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Housing project – Special deduction u/s 80-IB(10) – Condition regarding extent of built-up area – Some flats conforming to condition – Proportionate deduction can be granted

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Income from other sources – Section 56(2)(vii) – Property received without consideration or for consideration less than its fair market value – Scope of section 56(2)(vii) – Bonus shares – Fair market value of bonus shares not normally assessable as income from other sources

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Non-resident – Taxability in India – Royalty – Consideration received for sale of software products under contract with customers in India – Assessee opting to be governed by provisions of DTAA – Meaning of royalty in agreement not amended to correspond with amended definition in Act – Receipts not royalty – Not liable to tax – Section 9(1)(vi), Explanation 4 – Articles 3(2), 13 of DTAA between India and UK

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Offences and prosecution – Sections 276C, 277 and 278 – Wilful attempt to evade tax – False verification in return – Abetment of false returns – Condition precedent for application of sections 276C and 277 – Incriminating material or evidence of wilful attempt to evade tax must emanate from assessee – Evidence unearthed during search and survey operations of third persons – No evidence of connection between such material and assessee – Mere denial of allegation will not amount to incriminating evidence – Abetment denotes instigation to file false return – Complaint filed by Director of Income-tax – Not justified – Prosecution not valid

    By K. B. Bhujle
    Advocate
    Reading Time 8 mins

    Appeal to Appellate Tribunal – Appeal to Commissioner (A) – Powers of Commissioner (A) – Commissioner (A) can call for and examine fresh material – Power of Tribunal to remand matter – Power must be exercised judiciously – A.O. rejecting claim for deduction – Commissioner (A) considering fresh documents and allowing deduction – Tribunal not justified in remanding matter to A.O.

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Assessment – Limitation – Computation of period of limitation – Exclusion of time taken to comply with direction of Court – Meaning of ‘direction’ in section 153(3) – Court remitting matter to A.O. asking him to give assessee opportunity to be heard – Not a direction within meaning of section 153(3) – No exclusion of any time in computing limitation

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure – Clearing and forwarding business – Payment of speed money to port labourers through gang leaders to expedite completion of work – Acceptance of books of accounts and payments supported by documentary evidence – Payment of speed money accepted as trade practice – Restriction of disallowance on the ground vouchers for cash payments were self-made – Unjustified

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Export – Exemption u/s 10B – Scope – Meaning of ‘computer software’ – Engineering and design included in computer software – Assessee engaged in export of customised electronic data relating to engineering and design – Entitled to exemption u/s 10B

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Penalty – Concealment of income or furnishing of inaccurate particulars – Method of accounting – Claim of deduction in return filed in response to notice u/s 153A in accordance with change in accounting method and prevailing law – New claim made because of change in accounting policy – Not a case of concealment of income or furnishing of inaccurate particulars – Findings of fact – Tribunal justified in upholding order of Commissioner (Appeals) that penalty was not imposable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Recovery of tax – Set-off of refund – Stay of demand – Pending appeal against assessment order for A.Y. 2013-14 – Set-off of demand of A.Y. 2013-14 against refund of A.Ys. 2014-15 to 2016-17 – Effect of circulars, instructions and guidelines issued by CBDT – Excess amount recovered over and above according to such circulars, instructions and guidelines to be refunded with interest – A.O. restrained from recovering balance tax due till disposal of pending appeal

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Special deduction u/s 80JJAA – Employment of new employees – Return of income – Delay in filing revised return claiming benefit u/s 80JJAA – Submission of audit report along with return – Substantive benefit cannot be denied on ground of procedural formality – Assessee entitled to benefit u/s 80JJAA

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Writ – Notice u/s 148 – Writ petition against notice – Court holding notice invalid – Directions could not be issued once reassessment held to be without jurisdiction

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Direct Tax Vivad se Vishwas Act – Scope of – Meaning of disputed tax – Difference between disputed tax and disputed income – Appeal against levy of tax pending – Declaration filed under Act cannot be rejected on ground that assessee had offered an amount for taxation

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Direct Tax Vivad se Vishwas Act, 2020 – Condition precedent for making declaration – Application should be pending on 31st January, 2020 from order dismissed ‘in limine’ – Appeal to Appellate Tribunal – Appeal dismissed based on mistake on 22nd June, 2018 – Tribunal rectifying order and passing fresh order restoring appeal on 11th May, 2020 – Order passed by Tribunal on 22nd June, 2018 was ‘in limine’ – Appeal pending on 31st January, 2020

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Exemption u/s 10B – Export of computer software – Assessee omitting to claim exemption in return – Rectification of mistake – Revision – Rejection of rectification application and revision petition on ground of delay in filing revised return – Unjustified – Assessee entitled to benefit

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    HUF – Partition – Scope of section 171 – Section 171 applicable only where Hindu Family is already assessed as HUF – Deceased father of assessees not assessed as karta of HUF when alive – Inherited property shared under orally recorded memorandum by legal heirs – Proportionate consideration out of sale thereof declared in returns filed by legal heirs in individual capacity and exemption u/s 54F allowed by A.O. – Reassessment to tax capital gains in hands of karta – Unsustainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    International transactions – Draft assessment order – Procedure to be followed – Mandatory – Tribunal in appeal from final assessment order remanding matter to Assistant Commissioner / TPO – A.O. straightaway passing final order – Not valid – A.O. bound to have passed draft order first – Order quashed and matter remanded

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Recovery of tax – Attachment of property – Transfer void against the Revenue – Death of seller before executing sale of house property under agreement – Supreme Court directing seller’s heirs to execute sale – Attachment of property for recovery of income tax due from firms in which heirs were partners for periods subsequent to sale agreement – TRO cannot declare transfer void – Non-release of registered sale deed by sub-registrar – Not justified

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    TDS – Credit for tax deducted at source – Effect of section 199 – Assessee acting as collection agent for television network – Subscription charges collected from cable operators and paid to television network – Amounts routed through assessee’s accounts – Assessee entitled to credit for tax deducted at source on such amounts

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Appeal to Appellate Tribunal – Rectification of mistake – Application for rectification – Limitation – Starting date for limitation is actual date of receipt of order of Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Appeal to Appellate Tribunal – Rectification of mistakes: – (a) Power of Tribunal to rectify mistake – Error must be apparent from record – Tribunal allowing rectification application filed by Department on sole ground of contradiction in its earlier orders and assessee had not filed rectification petition in subsequent case – No error apparent on face of record – Tribunal wrongly allowed rectification application filed by Department; (b) Levy of penalty u/s 271(1)(c)(i)(a) – Failure by Tribunal to consider applicability of Explanation to section 271(1) to cases u/s 271(1)(c)(i)(b) – Not ground for rectification

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Depreciation – Condition precedent – User of machinery – Windmill generating a small amount of electricity – Entitled to depreciation

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Non-resident – Income deemed to accrue or arise in India – Commission paid outside India for obtaining orders outside India – Amount could not be deemed to accrue or arise in India

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Offences and prosecution: – (a) Wilful attempt to evade tax – False verification – Delayed payment of tax does not amount to tax evasion – Misstatement must be deliberate – Burden of proof on Revenue to prove that misstatement was deliberately made to evade tax – Assessee forced to upload return mentioning tax had been paid because of defect in software system set up by Income-tax Department – No offence committed u/s 276C or 277; (b) Company – Liability of directors – All directors cannot be proceeded against automatically – Specific allegation against specific directors necessary; and (c) Cognizance of offences – Accused outside jurisdiction of magistrate – Effect of section 204 of CrPC

    By K. B. Bhujle
    Advocate
    Reading Time 8 mins

    Penalty – Concealment of income – Notice – Essentials of notice – Notice must clearly specify charges against assessee – Notice in printed form without deleting inapplicable portions – Not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure – Condition precedent – Reasonable belief that assets in possession of person would not be disclosed – Application of mind to facts – Cash seized by police and handed over to Income-tax Authorities – Subsequent issue of warrant of authorisation – Seizure and retention of cash – Invalid

    By K. B. Bhujle
    Advocate
    Reading Time 6 mins

    Appeal to Appellate Tribunal – Rectification of mistake u/s 254(2) – Powers of Tribunal – Jurisdiction limited to correcting ‘error apparent on face of record’ – Tribunal cannot review its earlier order or rectify error of law or re-appreciate facts – Assessee has remedy of appeal to High Court

    By K. B. Bhujle
    Advocate
    Reading Time 6 mins

    Section 244A – Refunds – Interest on – Where assessee, a contractor, followed project completion method of accounting and during A.Y.s. 2003-04 to 2005-06 it had received certain payments after deduction of tax at source and in the return of income filed for A.Y. 2005-06 it had disclosed payments received during three A.Y.s., 2003-04 to 2005-06 and AO passed assessment order and granted refund to assessee, on such refund, interest in terms of section 244A would be payable from respective assessment years

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Appeal to Commissioner (Appeals) – Powers of Commissioner (Appeals) – Sections 246 and 251 of ITA, 1961 – Commissioner (Appeals) has power to consider claim not raised in return or revised return

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    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 justified – Appeal should have been decided on merits

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure – Deduction u/s 37 – Company – Discount on employees stock option plan – Deductible

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Exempt income – Disallowance u/s 14A – Disallowance of expenditure incurred to earn exempt income – No evidence of such expenditure – Failure by A.O. to record dissatisfaction – No disallowance could be made u/s 14A

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Housing project – Special deduction u/s 80-IB(10) – Principle of proportionality – Projects comprising eligible and ineligible units – Assessee can be given special deduction proportionate to units fulfilling conditions laid down in section 80-IB(10)

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Loss – Set-off – Deduction u/s 10B – Scope of sections 10B and 70 – Assessee having three industrial units two of which export-oriented – Assessee not claiming deduction u/s 10B – Deduction cannot be thrust on it – Assessee entitled to set off losses from export-oriented units against profits of domestic tariff area unit

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment – Validity – Sections 147 and 148 – Failure to furnish reasons recorded by A.O. – Furnishing of reasons while matter pending before Tribunal to cure default in first instance – Order of Tribunal remanding matter and subsequent assessment and demand notice set aside

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business income – Scope of section 28(iv) – Amalgamation of companies – Excess of net consideration over value of companies taken over – Not assessable as income

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure – Year in which expenditure is deductible – Business – Difference between setting up and commencement of business – Incorporation as company, opening of bank account, training of employees and lease agreement in accounting year relevant to A.Y. 2012-13 – Licence for business obtained in February, 2012 – Assessee entitled to deduction of expenditure incurred for business in A.Y. 2012-13

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Deduction of tax at source – Condition precedent – Mere entries in accounts – No accrual of income and no liability to deduct tax at source

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Direct Tax Vivad se Vishwas Act, 2020 – Scope of – Act deals with disputed tax – Application for revision u/s 264 relating to tax demand – Applicant eligible to make declaration under Direct Tax Vivad se Vishwas Act

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Revision – Application for revision – Conditions precedent – No appeal filed against assessment order and expiry of time limit for filing appeal – Application for revision valid

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Appeal to Appellate Tribunal – Powers of Tribunal – Tribunal cannot transfer case from Bench falling within jurisdiction of a particular High Court to Bench under jurisdiction of different High Court Appeal to High Court – Writ – Competency of appeal – Competency of writ petition – Meaning of ‘every order’ of section 260A – Order must relate to subject matter of appeal – Order transferring case – Appeal not maintainable against order – Writ petition maintainable

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Assessment – Faceless assessment – Writ – Request by assessee for personal hearing – Orders passed and consequential notices of demand and penalty without affording personal hearing – No information on whether steps enumerated in provision taken – Proceedings under assessment order and subsequent notices stayed while notice on writ petition issued

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Assessment – Faceless assessment – Variation in income to assessee’s prejudice – Personal hearing not given before passing assessment order and consequential notices though requested – Assessment order and subsequent notices of demand and penalty set aside

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Charitable purpose – Exemption u/s 11 – Conditional exemption where trust is carrying on business – Meaning of ‘business’ – Trust running residential college – Maintenance of hostel in accordance with statutory requirement – Maintenance of hostel did not amount to business – Trust entitled to exemption

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Direct Tax Vivad Se Vishwas Act, 2020 – Resolution of disputes – Sum payable by declarant – Difference between appeal by assessee and that by Revenue – Lower rate of deposit of disputed tax where appeal is preferred by Revenue – Appeal to Tribunal by Revenue – Tribunal remanding matter to A.O. – Appeal from order by assessee before High Court – High Court restoring Revenue’s appeal to Tribunal – Appeal was by Revenue – Assessee entitled to lower rate of deposit of disputed tax

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Exemption u/s 10(10C) – Amount received under early retirement option scheme of bank – Exemption not claimed in return but later in representation to Principal Commissioner on basis of Supreme Court ruling in case of another employee – That exemption not claimed in return of income not material – Assessee entitled to benefit of exemption

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Housing project – Special deduction u/s 80-IB(10) – Open terrace of building not to be included for computation of built-up area – Time limit for completion of project – Date of approval of building plan and not date of lay-out – Completion certificate issued by local panchayat would satisfy requirement of section – Assessee entitled to deduction

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Penalty – Penalty u/s 271AAB in search cases – Income-tax survey – Survey of assessee firm pursuant to search and seizure of another group – No assessment u/s 153A – Where search u/s 132 has not been conducted penalty cannot be levied u/s 271AAB

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Refund – Withholding of refund – Condition precedent – A.O. must apply his mind before withholding refund – Reasons for withholding must be recorded in writing and approval of Commissioner or Principal Commissioner obtained – Discretion to withhold refund must be exercised in judicious manner – Withholding of refund without recording reasons – Not sustainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Assessment – Draft assessment order – Objections – Powers of DRP – DRP must consider merits of objections – Objections cannot be rejected for mere non-appearance of party at time of hearing

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Assessment – International transactions – Section 144C mandatory – Assessment order passed without following procedure laid down in section 144C – Not a procedural irregularity – Section 292B not applicable – Order not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Assessment – Duty of A.O. to consider normal and special provisions relating to assessee – Company – Computation of book profits – A.O. must take into account provisions of section 115JB

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Capital gains – Long-term or short-term capital asset – Period of holding – No distinction between unlisted and listed shares for classifying as short-term capital asset

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Income Declaration Scheme – Failure to pay full amount of tax according to declaration – Declaration would be rendered void and non est – Part of tax already paid under scheme cannot be forfeited by Revenue authorities – Such amount must be returned to assessee

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Interest on excess refund – Law applicable – Effect of amendment of section 234D by F.A. 2012 – Section 234D applies to regular assessment – Meaning of regular assessment – Regular assessment refers to first order of assessment u/s 143, u/s 147 or u/s 153A – Order of assessment u/s 143(3) on 31st March, 2006 and order of reassessment passed on 26th December, 2008 – Section 234D not applicable – Interest could not be levied u/s 234D

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Search and seizure – Assessment in search cases – Validity – Assessment completed on date of search – No incriminating material found during search – Invocation of section 153A not valid – Assessment order and consequent demand notice set aside

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Search and seizure – Assessment of third person – Income-tax survey – Assessment based on documents seized during survey at assessee’s premises – No incriminating material found against assessee during search of third parties – Absence of satisfactory note by A.O. that any seized document belonged to assessee – Search warrant not issued against assessee – Assessment and consequent demand notice were unsustainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Benami transactions – Prohibition – Act not applicable to companies – Action under Act should be taken within reasonable period

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Business income – Meaning of business – Lease rent whether business income – Tests for determination of question – Assessee-company incurring losses – Scheme sanctioned by BIFR to help assessee – Scheme providing for lease of entire production unit of assessee – Lease rent constituted business income

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Educational institution – Exemption u/s 10(23C) – Scope of s. 10(23C) – Benefit granted with reference to educational activity – Society deriving income from running educational institution having other income – Separate accounting for such other income – Income of society could not be aggregated for purposes of s. 10(23C)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment – Notice u/s 148 – Validity – Effect of insertion of s. 148A by F.A. 2021 – Taxation and other laws (relaxation of certain provisions) Act, 2020 enabling certain actions of Department in view of pandemic – Notification of Finance Ministry under enabling Act – Notification could not save reassessment proceedings under unamended s. 148 instituted after 1st April, 2021 – Notices issued in pursuance of such reassessment proceedings – Not valid

    By K. B. Bhujle
    Advocate
    Reading Time 8 mins

    Business expenditure – Disallowance u/s 40(a)(ia) – Payments liable to deduction of tax at source – Royalty: (i) Amendment to definition in 2012 with retrospective effect from 1976 – Assessee could not be expected to foresee future amendment at time of payment – Disallowance not called for; (ii) Disallowance attracted only for royalty as defined in Explanation 2 to section 9 – Channel placement fee of Rs. 7.18 crores to cable operators – Not royalty – Explanation 6 cannot be invoked to disallow payment

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Limitation – Order of TPO – Mode of computing limitation

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Computation – Deeming provision in section 50C – Applicable only when there is actual transfer of land – Assessee acquiring right in land under agreement to purchase land – Sale of land to third party with consent of assessee – Section 50C not applicable

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Charitable purpose – Registration of trust – Loss of all records in respect of registration due to floods in 1978 – Exemption granted in assessments up to A.Y. 2012-13 – Absence of documents cannot be ground to presume registration never granted and to deny exemption – Other contemporaneous records to be scrutinised to ascertain issuance of registration certificate

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Deemed business income u/s 41(1)(a) – Remission or cessation of liability – Scope of section 41(1)(a) – Amount obtained mentioned in provision refers to actual amount obtained – Royalty payment claimed as expenditure in A.Y. 1990-91 – Tax deducted at source on such payment and interest paid to treasury – Royalty amount written back in accounts in A.Y. 1995-96 – Tax deducted at source and interest not refunded – Such amounts not includible u/s 41(1)(a)

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Deemed income u/s 56(2)(viib) – Company – Receipt of consideration for issue of shares in excess of their fair market value – Determination of fair market value – General principles – Assessee valuing shares following prescribed method – No evidence that method was erroneous – Addition based on estimate by A.O. – Not justified

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Income – Income or capital – Receipt from sale of carbon credits – Capital receipt – Amount not assessable merely because of erroneous claim for deduction u/s 80-IA

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Limitation – Assessment u/s 144C – Section 144C does not exclude operation of section 153 – Notice by DRP four years after direction by Tribunal – Barred by limitation

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Penalty – Mistake in notice not to affect validity – Scope of section 292B – Mistake in specifying assessment year for which penalty was levied – Mistake could not be corrected u/s 292B

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Appeal to Appellate Tribunal – Section 254 of ITA, 1961 and Rule 24 of ITAT Rules, 1963 – (i) Application for recall of order – Tribunal dismissing appeal for non-prosecution – Duty of Tribunal to decide appeal on merits; (ii) Application for recall of order – Limitation – Amendment in law – First application for restoration of appeal dismissed for non-prosecution within period of limitation – Tribunal dismissing second application invoking amendment to section 254(2) – Erroneous

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Appeal to Appellate Tribunal – Powers of Tribunal – Sections 253 and 254 and Rule 24 – No power to dismiss appeal on ground of non-prosecution – Duty to dispose of appeal on merits – Appeals restored before Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Appeal to Appellate Tribunal – Powers of Tribunal – Sections 253 and 254 and Rule 24 – No power to dismiss appeal on ground of non-prosecution – Duty to dispose of appeal on merits – Tribunal to restore appeal and afford opportunity of hearing to both parties

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Appeal to High Court – Sections 92CA and 260A – Powers to disturb findings of fact recorded by Tribunal – Only upon specific question being raised as to their being perverse – Transfer pricing – Exclusion of comparables and depreciation on goodwill – High Court cannot go into facts

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Appeal to High Court – Court quashing order and remanding matter to Tribunal – Effect – Search and seizure – Appeal arising out of block assessment – Assessee entitled to raise question of limitation in remand proceedings – Tribunal refusing to adjudicate issue of limitation holding it was not subject matter of remand – Not sustainable – Matter remanded to Tribunal

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Deduction u/s 80-IA – Electricity undertaking – Expenditure on renovation and modernisation of existing lines – Condition precedent for deduction u/s 80-IA(4) – Work of renovation need not be completed – Expenditure need not be capitalised in accounts – Expenditure need not result in increase in value of assets – Assessee undertaking renovation and modernisation of existing lines more than 50% of book value of assets as on 1st April, 2004 – Assessee entitled to deduction u/s 80-IA(4)

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    New industrial undertaking in free trade zone – Export-oriented undertaking – Exemption under sections 10A and 10B – Shifting of undertaking to another place with approval of authorities – Not a case of splitting up or reconstruction of business – Assessee entitled to exemption

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Settlement of cases – Sections 245D, 245F and 245H – Powers of Settlement Commission – Application for settlement of case following search operations and notice u/s 153A – Order of penalty thereafter as consequence of search – Assessment and penalty part of same proceedings – Order of penalty not valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    TDS – Commission – Scope of section 194H – Transactions between banks for benefit of credit card holders – Transactions on principal-to-principal basis – Section 194H not applicable

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS – Payments to contractors – Section 194C – Assessee, Department of State Government – Government directing assessee to appoint agency for construction of college buildings providing percentage of project cost for each building as service charges – Payments to agencies for construction of college buildings – Appellate authorities on facts holding that assessee not liable to deduct tax – Concurrent findings based on facts not shown to be perverse – Order need not be interfered with

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Capital gains – Sections 2(14), (42A), (47) and 45 – (i) Capital asset – Stock option is a capital asset – Gains on exercising option – Capital gains; (ii) Salary – Stock option given to consultant – No relationship of employer and employee – Gains on exercising stock option – Assessable as capital gains

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Disallowance of expenditure relating to exempt income – Section 14A r/w/r 8D of ITR, 1962 – Condition precedent for disallowance – Proximate relationship between expenditure and exempt income – Onus to establish such proximity on Department – A.O. must give a clear finding with reference to the assessee’s accounts how expenditure related to exempt income

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Export – Exemption u/s 10A – (i) Conditions precedent for claiming exemption u/s 10A – Separate accounts need not be maintained – Undertaking starting manufacture on or after 1st April, 1995 must have 75% of sales attributed to export; (ii) Sub-contractors giving software support to assessee on basis of foreign inward remittance – Claim by sub-contractors would not affect assessee’s claim u/s 10A

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Export – Exemption u/s 10A – Effect of section 10A and notification of CBDT issued u/s 10A – Assessee providing human resources services – Entitled to deduction u/s 10A

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Housing project – Special deduction – Sections 80-IB(10) and 80-IB(10)(c) – Eligibility for deduction – Condition precedent – Single approval from local authority for development and construction of residential units more than and less than 1,500 sq. ft. in area – Development permission which includes residential units more than 1,500 sq. ft. irrelevant for deciding eligibility for deduction – Assessee entitled to deduction

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Income from undisclosed sources – Bogus purchases – A.O. disallowing entire purchases – Estimation by Commissioner (Appeals) of profit element embedded in purchases at 17.5% affirmed by Tribunal based on facts – Justified

    By K. B. Bhujle
    Advocate
    Reading Time 0 mins

    Business expenditure – Section 37(1) of ITA, 1961 – Where assessee company, engaged in business of construction and sale of residential and commercial building complexes, sold a building which was under construction at time of sale and incurred expenditure for completing its construction during financial year subsequent to sale of building, such expenditure was liable for deduction u/s 37(1)

    By K.B.Bhujle, Advocate
    Reading Time 4 mins

    Reassessment – Notice u/s 148 – Query raised with regard to a particular issue during regular assessment implies A.O. has applied his mind – Reassessment on change of opinion – Impermissible

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Search and seizure – Assessment of third person – Absence of any incriminating documents or evidence against assessee discovered during course of search – Jurisdiction to assess third person could not be assumed

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Vivad se Vishwas Scheme – Declaration – Condition precedent – Appeal should be pending on specified date – Application for condonation of delay in filing appeal filed before specified date and pending before Commissioner (Appeals) – Communication from Commissioner (Appeals) of NFAC asking assessee to furnish ground-wise submissions in appeal – Implies delay condoned – Order of rejection set aside

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Book profits — Company — Provision for bad and doubtful debts — Corresponding amount reduced from loans and advances on assets side of balance sheet and at end of year loans and advances shown net of provision for bad debts — Provision not to be added in computation of book profits

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Perquisite — Exceptions — Treatment of prescribed ailment in approved hospital — Application for approval filed by hospital before outbreak of Covid-19 pandemic — Renewal denied on ground that State Government Authority had revoked approval granted to assessee for treating Covid-19 patients — Order of Principal CIT rejecting application unsustainable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment — Notice after four years — Condition precedent — Notice issued on basis of information received subsequent to search and seizure of another party — Nexus between undisclosed loan activity of searched party and assessee not established — Notice and consequential assessment order quashed and set aside

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment — Notice after four years — Condition precedent — Notice not specifying failure to disclose any material facts truly and fully by assessee — Notice and subsequent order invalid

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment — Notice u/s 148 — Validity — Assessment not finalised in pursuance of return of income — Notice u/s 148 issued before issuing notice u/s 143(2) for assessment u/s 143(3) — Impermissible

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS — Commission to insurance agent — Scope of S. 194D — Arrangement for foreign travel of agents — Expenses paid directly to service providers — Tax not deductible at source on payments to service providers

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS — Commission — Expenses incurred on doctors by assessee, a pharmaceutical company — Doctors not legally bound to prescribe medicines suggested by assessee — No principal-agent relationship — Payments cannot be construed as commission — No liability to deduct tax at source

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    TDS — Credit for — Assessee an airline pilot and employee of airline company — Company deducting tax at source but not paying it into government account — Assessee cannot be denied credit for tax deducted at source

    By K. B. Bhujle
    Advocate
    Reading Time 1 mins

    Assessment — Faceless assessment — Grant of personal hearing where there is variation of income and requested by assessee — Failure to grant personal hearing requested by assessee on passing of draft assessment order — Assessment order and consequential demand and penalty notices set aside — Matter remanded to AO to grant personal hearing through video conferencing

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Business expenditure — Capital or revenue expenditure — Tests — Ware-house business — Expenditure incurred to raise floor level of existing godown to avoid damage to goods and to retain customers — No new asset created — Expenditure incurred for carrying on and conducting business and forming integral part of profit-earning process — Deductible revenue expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Method of accounting — Assessee a builder and developer and not construction contractor — AS 7 applicable only in case of contractors — Assessee adopting completed contract method for A.Y. 2006-07 — No income offered in subsequent A.Y. 2007-08 — Result revenue neutral

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Penalty — Concealment of income — Search proceedings and income-tax survey — Subsequent addition to income returned — Returns accepted — No concealment of income — Penalty could not be levied

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment — (i) Notice u/s 148 — Conditions precedent — New tangible material to show that income has escaped assessment and reason to believe — Notice on ground that assessee did not offer to tax interest and bonus received on surrender of life insurance policy before maturity — Original assessment without scrutiny not relevant — Reopening of assessment unsustainable; (ii) Exemption — Receipt of interest and bonus on surrender of life insurance policy before maturity — Conditions stipulated u/s 10(10D) — Department to prima facie establish which condition was not fulfilled by assessee — Assessee not receiving from insurer under contract of annuity plan — Provision of s. 80CCC(2) not applicable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment — Notice — Sanction of prescribed authority — To be obtained prior to issue of notice — Approval granted after issue of notice — No valid explanation by cogent material that physical approval was granted before issuance of notice — Approval saying merely “yes, I am satisfied” — Non-application of mind on part of specified authority — Notice not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Recovery of tax — Provisional attachment u/s 281B — Condition precedent for attachment — Authority must form opinion on basis of tangible material that it is necessary to do so for protecting interest of government revenue and that assessee not likely to fulfil demand if raised — Order merely stating likelihood of huge liability being raised and necessary to provisionally attach fixed deposit of assessee — Cryptic, unreasoned, non-speaking and laconic — Specific assertion by assessee that it owned immovable property of substantial value — Apprehension that assessee might not make payment unfounded and without any basis — Orders liable to be quashed

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Revision — (i) Powers of Commissioner — Reassessment — Order of AO dropping reassessment proceedings after issuance of notice and considering assessee’s objections — Order of AO not administrative order — No jurisdiction in Commissioner to examine correctness of decision taken by AO; (ii) Export — Exemption — Disqualification where shareholding of assessee changes — Documents showing shareholding pattern in assessee continued to be same and share transfers were without beneficial interest — AO dropping reopening proceedings — Finding that shares transferred only to comply with legal requirements and beneficial ownership never transferred — Revision not sustainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure — Capital or revenue expenditure — Capital work-in-progress written off — Salary and professional fees expenditure incurred in respect of projects abandoned to conserve cash flow — Revenue expenditure

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure — Disallowance — Expenses prohibited in law — CBDT Circular No. 5 dated 1st August, 2012 disallowing expenses in providing free gifts or facilities to medical practitioners by pharmaceutical and allied health sector industry — Circular not applicable retrospectively — Expenses deductible for earlier years

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose — Exemption u/s 11:- (i) Charitable institution engaged in imparting education — Effect of proviso to s. 2(15) and CBDT circular No. 11 of 2008 [1] — Surplus income generated by educational activities — Would not affect entitlement to exemption u/s 11; (ii) Effect of s. 13 — Disqualification for exemption — Charitable institution running educational institution — Alleged excess of remuneration to employees — Revenue has no power to interfere — Exemption could not be denied

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income — Income or capital — Investment of funds before commencement of operation in fixed deposits and mutual funds as per directive of Government — Income generated to be utilised for purposes of business of company — Income not revenue receipt

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Non-resident — Income deemed to accrue or arise in India — Royalty — Meaning of “royalty” — Transfer authorising transferee to use licensed software — No transfer of copyright — Amount received cannot be termed royalty

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Reassessment — Notice u/s 148 after four years — Condition precedent — Failure by assessee to disclose material facts necessary for assessment — Notice not stating which fact had not been disclosed — Mere statement that there had been failure to disclose material facts is not sufficient — All documents and details submitted by assessee during original assessment and examined by TPO and original order passed by AO thereafter — No failure on part of assessee to disclose material facts fully and truly — Notice and reassessment on change of opinion — Impermissible

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Return of income — Revised return — Delay in filing revised return since sanction from National Company Law Board for demerger was received after expiry of time limit for filing revised return — Rejection of revised return not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Settlement of cases — Interest u/s 220(2) — Order of Commissioner (Appeals) directing AO to withdraw investment allowance granted u/s 32A set aside by Tribunal — Order passed by Settlement Commission reducing interest u/s 220(2) — Need not be interfered with

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Chit fund: (i) Method of accounting — Change in method of accounting from mercantile system of accounting to completed contract method — Profits accounted for chit discount on completed contract method — Result revenue neutral — Assessee’s method of computing justified; (ii) Business expenditure — Advertisement expenditure — Expenses incurred not on particular series of chit alone but for promotion and running of business — Allowable as revenue expenditure in year in which expenses incurred

    By K. B. Bhujle
    Advocate
    Reading Time 7 mins

    Industrial undertaking — Special deduction u/s 80-IA — Rule of consistency — Assessee carrying out operation and maintenance of multi-purpose berth in port — Deduction granted by appellate authorities on facts in first assessment year and order attaining finality — Deduction could not be disallowed for subsequent assessment years when there was no change in circumstances — Letter issued and agreement with port authorities would satisfy requirement

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Offences and prosecution — Willful evasion of tax — Self assessment — Default in payment of tax on time — Assessee paying tax demand in instalments — No mala fide intention to evade tax — Willful attempt cannot be inferred merely on failure to pay tax on time — Prosecution quashed

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment — Notice u/s 148 — Validity — Law applicable — Effect of amendments to sections 147 to 151 by Finance Act, 2021 — Notice of reassessment under unamended law after 01/04/2021 — Not valid

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Reassessment — Notice u/s 148 — Validity: (i) New provisions inserted w.e.f 1st April, 2021 prescribing conditions for issue of notice for reassessment after that date — Provisions apply to all notices issued after that date for earlier periods — Notices for periods prior to 1st April, 2021 issued without compliance with conditions prescribed under new provision — Notices not valid; (ii) Limitation — Change of law — Explanations to notifications having effect of extending time limits prescribed under Act — Not valid; Notices quashed

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    Revision — Limitation — Original assessment u/s 143(3) on 28/12/2006 and reassessment on 30/12/2011 — Order of revision u/s 163 on 26/03/2014 in respect of issue concluded in original assessment — Barred by limitation

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Business expenditure — Meaning of expression “wholly and exclusively” in s. 37 — No compelling reason for incurring particular expenditure — Expenditure benefitting third person — Finding by Tribunal that expenditure had been incurred for purposes of business — Expenditure deductible

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Income Declaration Scheme, 2016 — Adjustment of advance tax towards tax, surcharge and penalty on income declared — No reason to distinguish between tax deducted at source and advance tax for purpose of credit — Assessee entitled to credit of advance tax paid pertaining to assessment years for which declaration filed — Principal Commissioner to issue certificate as required by rule 4(5) of Income Declaration Scheme Rules, 2016

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Period of limitation — Legislative powers — Delegated legislation — CBDT — Reassessment — Notice u/s 148 — Limitation — Extension of period of limitation to period beyond 31-3-2021 — Explanations by notifications traversing beyond parent Act — Extension of period of limitation through notifications not valid — Notices issued barred by limitation

    By K. B. Bhujle
    Advocate
    Reading Time 10 mins

    Reassessment — Notice u/s 148:— (i) Duty of AO — Consideration of assessee’s objections to reopening of assessment is not mechanical ritual but quasi-judicial function — Order disposing of objections should deal with each objection and give proper reasons for conclusions — AO is bound to provide documents requested by assessee — Matter remanded to AO; (i) Recording of reasons — Reasons recorded furnished to assessee containing omission and was not actual reasons submitted to competent authority for approval — Matter remanded to AO with directions

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Recovery of tax:— (i) Provisional attachment of property — Effect of s. 281B — Power of provisional attachment must not be exercised in an arbitrary manner — Revenue must prove that an order of provisional attachment was justified — Recovery proceedings against assignee of partner’s share in firm — Provisional attachment of property of firm — Not valid; (ii) Firm — Assignment of share of partner to third person — Difference between assignment of share and formation of sub-partnership — Recovery proceedings against assignee — Provisional attachment of property of firm — Not valid

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Revision — Powers of Commissioner u/s 263 — Declaration under Income Declaration Scheme, 2016 — Declaration accepted and consequent assessment — Such assessment cannot be set aside in proceedings u/s 263

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Revision — Powers of Commissioner u/s 264 — Commissioner can give relief to an assessee who has committed mistake

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Charitable purposes — Charitable trust — Exemption under section 11 — Meaning of education in section 2(15) — Dissemination of knowledge through museum or science parks constitutes education — Company formed by Government of India for establishing museum and science parks — Company setting up a museum for Reserve Bank of India and Municipal Corporation — Not activities for profit — Company entitled to exemption under section 11

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Charitable purpose — Exemption — Disqualification where property of assessee made available for benefit of specified persons for inadequate consideration — Valuation of rent — Property of assessee let on rent in lieu of corpus donations — Burden to prove inadequacy of rent is on Department — Finding by Tribunal that rent received by assessee exceeded valuation adopted by Municipal Corporation for purpose of levying house tax — Deletion of addition by Tribunal not perverse

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Offences and prosecution — Condition precedent for prosecution — Wilful attempt to evade tax — Prosecution for failure to file the return of income — Payment of tax with interest by assessee acknowledged by Deputy Commissioner — No willful evasion of tax — Prosecution quashed

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Reassessment — Notice — Limitation — Effect of sections 149, 282 and 282A — Date of issue of notice — Date when digitally signed notice is entered in computer

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Reassessment — Notice — Limitation — Exception where reassessment to give effect to order of Tribunal — Assessment not made for giving effect to any appellate order — No finding or recording of reason that income has escaped assessment on account of failure of assessee to disclose truly and fully all material facts — Notice and order rejecting objections unsustainable

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    Revision — Limitation — Assessee filing and pursuing appeal mistakenly under section 248 resulting in delay in filing revision petition — Revision petition in time if the period spent in prosecuting appeal excluded — Matter remanded to Commissioner

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    TDS — Certificate for non-deduction — Non-resident — DTAA —Lease of aircraft under agreement entered into in year 2016 — Assessee granted certificate for nil withholding tax for five years on the basis of agreement — Direction to withhold tax at 10 per cent On the basis of survey in case of group company for F.Y. 2021-22 — Unsustainable

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Assessment — Draft assessment order — Procedure u/s 144B — Mandatory — Failure to issue draft assessment order — Final assessment order not valid

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    (A) Capital gains — Full value of consideration — Deductions — Consideration on sale of shares including sum held in escrow account offered to tax — Assessee receiving reduced sum from escrow account after completion of assessment — Whole amount credited in book not taxable as capital gains — Only actual amount received taxable — Assessee entitled to refund of excess tax paid
    (B) Revision — Powers of Commissioner — Application by assessee for revision of order — Power of Principal Commissioner not restricted to allowing relief only up to returned income — Recomputation of income can be directed irrespective of whether recomputation results in income less than returned income — S. 240 not applicable to assessee

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Charitable purpose — Exemption u/s 11 — Voluntary contributions towards corpus fund used for purchase of land — Allowable as application of income to charitable purpose

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Death of assessee — Notice of reassessment — Condition precedent for reassessment — Valid notice — Notice of reassessment issued in the name of a person who had died — Objection to notice by legal representative — Mistake in notice not curable by s. 292B — Notice not valid

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment — Charitable purpose — Registration — Effect — Law applicable — Effect of amendment of s. 12A — Charitable institution entitled to exemption for assessment years prior to registration — Reassessment proceedings cannot be initiated on ground of non-registration

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    TDS — Payment to non-resident — Assessee not person responsible for making payment to non-resident — No obligation to deduct tax at source

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital gains — Transfer — Law applicable — Effect of amendment of Transfer of Property Act in 2001 — Agreement for sale of property which is not registered — No transfer of property within meaning of s. 2(47) of Income-tax Act — No liability to pay capital gains tax

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income from other sources — Deductions — Scope of s. 57(iii) — Not necessary that expenses should have resulted in income — Sufficient if nexus is established between expenses and income

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Offences and prosecution — Wilful attempt to evade tax — Presumption of culpable mental state u/s 278E — Self-assessment return filed — Delay in paying tax — Tax and interest thereon paid before complaint filed — Prosecution malicious and invalid

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment — Notice u/s 148 — Limitation — Law applicable — Constitutional validity of provisions — Effect of enactment of s. 148A with effect from 01/04/2021 — Notifications extending time limit for notices u/s 148 up to 30/06/2021 — Notifications not valid — Notice u/s 148 issued on 30/06/2021 — Not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Survey — Impounding of documents — Retention of such documents — Effect of s. 131 — Retention beyond fifteen days only after approval of higher authority named in provision — Decision should be communicated to assessee

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    TDS — Compensation received on acquisition of land for public project under an agreement — Provisions of s. 96 of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 providing that no income-tax or duty shall be levied on any award or agreement made under Act except u/s 46 — Assessee not specific person u/s 46 — Compensation received by assessee not liable to deduction of tax at source — Deductor to file correction statement of tax deducted — Department to process statement — Tax deducted at source to be refunded accordingly

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Transfer of case — Notice — Both assessee and firm wherein assessee was partner assessed in Mumbai — Pending of case before additional chief metropolitan magistrate in Bengaluru could not be reason for transfer of assessee’s assessment from Mumbai — Order transferring case quashed and set aside

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    CBDT — Condonation of delay — Delay in filing application before Board — Circular dated 9th June, 2015 prescribing limitation period of six years — Cannot have retrospective effect on pending application filed prior to date of issue of circular — Order rejecting application on basis of circular set aside — Matter remanded to Board

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    International transactions — Reference to TPO — (A) Limitation — Reference made to TPO beyond period of limitation — All further proceedings in furtherance of reference bad in law (B) Jurisdiction — Reference made to TPO beyond period of limitation — Participation of assessee in proceedings not a bar to challenging jurisdiction (C) Writ — Maintainability — Reference to TPO — Limitation — Question of limitation is legal plea and can be raised at any stage — Existence of alternate remedy not bar — Writ will issue

    By K. B. Bhujle, Advocate
    Reading Time 10 mins

    Offences and prosecution — Wilful attempt to evade tax — Application for compounding of offences — Limitation — Show-cause notice issued for rejection of compounding of offences on ground of bar of limitation relying on circular issued by CBDT — Circular cannot override statutory provision — Authority to consider assessee’s application

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment — Notice u/s 148 — Limitation — Doctrine of substantial compliance —Mere signing of notice is not sufficient — Date of issue would be date on which notice was served on assessee — Notice dated 31st March, 2018 served on assessee through e-mail on 18th April, 2018 for A.Y. 2011-12 — Notice barred by limitation — Order and notice set aside

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice u/s 148 — Limitation — Law applicable — Effect of amendments with effect from 1st April, 2021 and CBDT Circular dated 11th May, 2022

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — (A) Notice after four years — Condition precedent — Notice based on information during survey of third party that assessee beneficiary of contract with surveyed party — Reasons recorded for reopening assessment not mentioning information withheld by assessee or any new material found by assessing authority — Assessee disclosing all material facts fully and truly — Reasons cannot be improved upon or supplemented — Notice and order rejecting objections of assessee set aside

    (B) Principles of natural justice — Failure to provide assessee copies of judgments relied upon by AO — Violation of principles of natural justice — Notice and order rejecting objections of assessee set aside

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Advance tax — Interest — Income earned from abroad — Settlement of case — Levy of interest by Settlement Commission on shortfall of advance tax due on income earned abroad by assessee on which tax not deducted — Assessee not liable to pay interest

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Bad debt — Writing off — Condition precedent — Assessee must arrive at bona fide decision that the debt not recoverable — Legal action taken by assessee in winding up proceedings against debtor lessee company — Assessee’s decision to write off debt in view of amended section 36(1)(vii) — Commercial expediency — Allowable — Change in method of accounting by assessee irrelevant

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure — Compensation — Capital or revenue expenditure — Assessee owner of hotel managed by third party under agreement — Compensation paid towards termination of agreement to receive back possession of building and furniture and fixtures — Expenditure arising out of business — No acquisition of new capital asset — Allowable revenue expenditure

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business expenditure — Disallowance u/s 40(a) (ia) — Deduction of tax at source — Remuneration paid to the director of the assessee — Shortfall in tax deducted at source — No disallowance can be made — Proper course of action is to invoke section 201

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose — Exemption u/s 11 — Rule of consistency — Exemption consistently granted in earlier assessment years — Concurrent findings by appellate authorities that no change in activities of assessee and no activity carried out with profit motive — Supervision or monitoring of activities by donor not sufficient to hold that any profit motive is involved — Grant of benefit of exemption by tribunal proper

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Housing project — Special deduction u/s 80-IB(10) — Projects comprising eligible and ineligible units — Assessee can be given special deduction proportionate to units fulfilling conditions laid down in section 80-IB(10)

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Notice u/s 148 — Validity — Law applicable — effect of sections 148A and 149 — Notice after three years — No evidence that income which had escaped assessment exceeded Rs. 50 lakhs — Notice not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Refund — Interest on refund — Interest paid by the assessee u/s 234D(2) and section 220(2) — Reduction in income on recomputation — Interest claimed by assessee does not tantamount to “interest on interest” — Substantive right of assessee and obligation of department to grant interest.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    (A) Appeal to High Court — Powers of High Court — Has power to consider question of jurisdiction even if not raised before Tribunal.
    (B) Penalty u/s 271(1)(c) — Concealment of income or furnishing inaccurate particulars thereof — Notice — Validity — Notice must clearly specify nature of offence — Notice which is vague is not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    (A) Double taxation avoidance — Deduction of tax at source — Effect of section 90 — Provisions of DTAA applicable wherever more beneficial to assessee — Contract between Indian company and American company — Provisions of DTAA more beneficial for purposes of deduction of tax at source — Provisions of DTAA applicable — Definition in DTAA of technical services more beneficial to assessee — Tax not deductible at source as payment to American company by way of reimbursement of employees of American company seconded to it.
    (B) Deduction of tax at source — Certificate for deduction at lower rate or nil deduction — Difference between sections 195 and 197 — Application u/s 195 to be made by person making payment.

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Estimate of income — Accounting — Rejection of accounts — Estimate should be fair — Local knowledge and circumstances of assessee should be taken into consideration — Modification of estimate of AO by Tribunal based on material on record — Justified — No question of law arose.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Exemption u/s 10(10AA) — Encashed earned leave by employees — Scope of section 10(10AA) — Complete exemption for employees of Central Government or State Government — Meaning of Government employee — Tamil Nadu Agricultural University — Completely funded by State Government and under its complete control — Retired employees of Tamil Nadu Agricultural University — Entitled to complete exemption in respect of encashed earned leave.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Housing project — Special deduction — Whether assessee owner or developer — Approvals granted in name of assessee and taxes related to land paid by assessee — Tribunal granting special deduction on analysis of facts and applying correct principles to facts — Proper.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Jurisdiction — Condition precedent — Approval of prescribed authority — Recording satisfaction with signature of prescribed authority mandatory — Prescribed authority’s digitally signed approval obtained after issue of notice without recording of satisfaction — AO had no jurisdiction at point of time of issue of notice — Notice without jurisdiction and invalid — Notice and subsequent reassessment proceedings quashed.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice — Death of assessee brought to knowledge of the assessing authorities — Reassessment proceedings and passing of assessment order against deceased assessee without issuing notice to legal heir of assessee — Notice and consequent assessment order invalid and unsustainable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure — Release of seized assets — Unexplained investment — Gold jewellery seized from third party — Findings of fact recorded by Commissioner (Appeals) that purchase of gold by assessee duly substantiated by evidence and finding attaining finality — Seized gold to be released to assessee.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Business expenditure — Disallowance u/s 40(a) (ia) — Payments liable to deduction of tax at source — Scope of section 40 — Amount paid to non-resident for technical services — Amount not debited to profit and loss account and not claimed as deduction in computing business income — Amount could not be disallowed.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Export — Loss — Set off — Scope of section 10B — Section 10B provides for deduction and not exemption — Loss sustained in unit covered by section 10B can be set off against other business income.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Income — Computation of income — Disallowance of expenditure incurred on exempt income — Amendment providing for disallowance even if assessee has not earned exempt income — Amendment not retrospective — Not applicable for A.Y.: 2013-14 — Tribunal deleting disallowance on ground assessee had not earned exempt income — Proper.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Notice u/s 148 — Validity — Condition precedent for notice — Notice should be issued by the AO who has jurisdiction over assessee.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice — Change of law — New procedure — Show-cause notice — Mandatory condition — Foundational allegation in respect of share transactions missing in show-cause notice — Cannot be incorporated by issuing supplementary notice

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Powers of AO — Power to assess other income not mentioned in notice of reassessment — Power can be exercised only if notice is valid — Notice found to be invalid on basis of reasons given in it — Other income cannot be assessed on basis of invalid notice.

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    Search and seizure — Assessment of undisclosed income — Meaning of “books of account” — Loose sheets and diaries do not constitute books of account — Assessment based only on evidence available in loose sheets and diaries — Not valid.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure — Assessment of undisclosed income — Notice u/s 153A should be based on material seized u/s 132 or documents requisitioned u/s 132A.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Appeal to Commissioner (Appeals) — Limitation — Appeal should be heard within reasonable time.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Business expenditure — Broken period interest paid for purchase of securities held as stock-in-trade — Deductible expense.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Business expenditure — Capital or revenue expenditure — Corporate social responsibility expenditure — Amendment providing for disallowance of — Not retrospective — Expenditure in discharge of assessee’s obligation as mandated by law — Utilisation of funds by recipient irrelevant — Corporate social responsibility expenditure incurred by assessee for earlier years allowable.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Deduction of tax at source — Recovery of demand — Bar against direct demand on assessee — Employer deducted tax at source from assessee’s salary but not paid into Government account — Assessee cannot be denied credit for tax deducted at source — Assessee is entitled to refund with interest of amount if any adjusted towards demand.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Reassessment — Notice under section 148 — Limitation — Law applicable — Effect of amendments made by Finance Act, 2021 — Notice bared by limitation under unamended provisions — Notice issued on 30th June, 2021 to reopen assessment for A.Y. 2014–15 — Not valid.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Validity — Proper procedure to be followed — Reasons for notice and satisfaction note for approval not furnished to assessee — Documents relied on for issue of notice not furnished to assessee — Order of reassessment Not Valid.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 4 mins

    Recovery of tax — Stay of demand — Factors to be considered — Assessee having strong prima facie case — Assessment at a high-pitched rate — Demand causing undue financial hardship to the assessee — Stay ordered.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Search and Seizure — Assessment in search cases — Undisclosed Income — Penalty — Change of Law — New Provision specially dealing with penalty in search cases — No incriminating document seized during search — Penalty could be imposed only under section 271AAB and not under section 271(1)(c).

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Assessment — International transactions — Proceedings under section 144C mandatory — Draft assessment order proposing variations to returned income must be submitted to DRP — Order of remand — Order passed on remand must also be submitted to DRP — Failure to do so is an incurable defect

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Business expenditure — Deduction only on actual payment — Electricity duty — Assessee, a licensee following mercantile system of accounting — Merely an agency to collect electricity duty from consumers and to pay it to State Government — Provisions of section 43B not applicable

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Capital or revenue receipt — Interest — Interest earned from fixed deposits of unutilised foreign external commercial borrowing loans during period of construction — Interest received was capital receipt

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Charitable purpose — Exemption under section 11 — Effect of s13 — Transactions between trustee and related party — Diversion of income of charitable institution must be proven for application of s.13 — No evidence of diversion of funds — Exemption could not be denied to the charitable institution

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Income — Income deemed to accrue or arise in India — Fees for technical services — Technical services do not include construction, assembly and design — Contract for design, manufacture and supply of passengers rolling stock including training of personnel — Dominant purpose of contract was supply of passenger rolling stock — Training of personnel ancillary — Amount received under contract could not be deemed to accrue or arise in India:

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Rectification of mistake — Mistake apparent from record — Set-off of loss — Opinion of audit party on manner of set-off of loss — Opinion on a point of law — Not a mistake apparent from record — No reassessment proceedings could also have been permissible — Rectification order set aside

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice under section 148 — Limitation — Notice for A. Y. 2013-14 sent by e-mail and received by the assessee on 1st April, 2021 — Notice issued beyond time limit — Not valid

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice after four years — Condition precedent — Failure on part of the assessee to disclose fully and truly — Assessee disclosing all material facts in response to notices — Reasons recorded not specifying material that the assessee had failed to disclose — Notice issued on erroneous factual basis — Mere reproduction of statutory provisions do not suffice — Notice and order rejecting assessee’s objections quashed and set aside

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income — Capital or revenue receipt — Race club — Membership fees received from members — Capital receipt

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Business deduction — Loss — Loss on forward contracts for foreign exchange — Transactions to hedge against risk of foreign exchange fluctuations falling within exceptions of proviso (a) to section 43(5) — Loss not speculative and to be allowed

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Income — Accrual of income — Time of accrual — Retention money — Payment contingent on satisfactory completion of contract — Accrued only after obligations under contract were fulfilled — Cannot be taxed in year of receipt

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Infrastructure facility — Special deduction under section 80-IA(4)(iii) of ITA 1961 — Construction of technology park — Finding recorded by the Tribunal in earlier assessment years that the assessee had not leased more than 50 per cent of area to single lessee — Notification to be issued by CBDT is only a formality once approval is granted by Government — Order of Tribunal deleting disallowance need not be interfered with

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Refund — Tax deposited by the assessee in compliance with order of Tribunal — Fresh assessment not made and becoming time-barred — Assessee entitled to refund of amount with statutory interest deducting admitted tax liability

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Notice under section 148 — Service of notice without signature of AO digitally or manually — Notice invalid — Consequent proceedings without jurisdiction — Notices and order issued beyond period of three years after relevant assessment year — Show-cause notice and order for issue of notice and notice for reassessment quashed and set aside

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    (A) Salary — Difference between salary and professional income — Factors to be considered whether particular income constituted salary — Remuneration of doctors working in hospital — Contracts between hospital and doctors should be considered — Contracts showing relationship between hospital and doctors not of master and servant — Remuneration not taxable as salary

    By K. B. Bhujle, Advocate
    Reading Time 8 mins

    Search and seizure — Assessment in search cases — Condition precedent — Prior approval of prescribed authority in respect of each assessment year — Sanction of prescribed authority for various assessees granted on single day — AO passing draft assessment order and final assessment order on same day of approval — Approval illegal and non est

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Charitable purpose — Registration — Cancellation of registration — Condition precedent for cancellation — Registration granted after considering genuineness of the institution — Cancellation of registration on same provisions in trust deed — Not valid.

    By K. B. Bhujle, Advocate
    Reading Time 6 mins

    Corporate social responsibility expenditure — Business expenditure — Amendment providing for disallowance of such expenditure — Circular issued by the CBDT stating amendment to have effect from A. Y. 2015-16 onwards — Binding on the Department — Corporate social responsibility expenditure for earlier years allowable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest under section 220(2) — Original assessment order set aside and matter remanded — Fresh assessment order — Interest payable from such fresh assessment order.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Offences and prosecution — Willful attempt to evade tax — Failure to produce accounts and documents — Concealment of income — Failure to disclose foreign account opened in year 1991 when the assessee was 55 years of age — Admission regarding foreign bank account after investigation by the department and issue of notices and levy of penalty — Assessee cannot take the benefit of circular recommending no prosecution where the assessee is aged 70 years or more at time of offence — Prosecution justified.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Penalty — Levy of penalty — Limitation — Limitation starts from date of assessment when the AO initiates penalty proceedings and not from date of sanction for penalty proceedings.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Notice after four years — Notice should clearly specify material not disclosed by the assessee — Expenditure on account of advertisement and sales promotion allowed by the AO after applying his mind to details furnished by the assessee — No failure on part of the assessee to disclose all material facts truly and fully — Notice under section 148 on the ground that in A. Y. 2015-16, the same has been treated as capital expenditure — Notice unsustainable.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    Reassessment — Notice — Validity — Transactions not disclosed in initial notice under section 148A(b) considered in order under section 148A(d) for issue of notice of reassessment — Department cannot travel beyond initial notice — Order under section 148A(d) and consequent notice under section 148 set aside.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Search and seizure — Assessment in search cases — Cash credit — Assessment completed on the date of search — No incriminating document against the assessee found during the search — Long-term capital gains added as unexplained cash based on statement of the Managing Director of searched entity recorded under section 132(4) — Addition unsustainable.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Interest under section 201(1A) – TDS – Interest for delay in remitting tax deducted at source – No liability for interest if tax is not deductible at source.

    By K. B. Bhujle, Advocate
    Reading Time 3 mins

    International transactions — Draft assessment order — Limitation — Effect of sections 153 and 144 — Issue of directions by Commissioner has no effect on limitation — Direction of Commissioner does not extend limitation.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Reassessment — Notice under section 148 — Jurisdiction — Notice issued by officer who had no jurisdiction over the assessee — Notice defective and invalid — Notice and order rejecting objections of the assessee set aside.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — Notice — Initial notice issued in the name of deceased assessee — Invalid — Notice and order under section 148A(d) set aside

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Reassessment — DTAA — Effect of section 90 — Tax residency certificate granted by another country — Binding on income-tax authorities in India — Amount not assessable in India under DTAA — Notice of reassessment in respect of such income — Not valid.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    Search and seizure — Block assessment — Undisclosed income — Appeal to CIT (Appeals) — Failure to furnish all material in department’s possession to assessee except documents relied upon — Directions issued to CIT (Appeals).

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Assessment pursuant to revision order – Appeal to the Appellate Tribunal – Pending appeal before the Appellate Tribunal against the revision order, AO issued notice for assessment pursuant to revision order – Assessee directed to co-operate with AO – But demand, if any, to be kept in abeyance till the disposal of appeal by the Tribunal.

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Offences and prosecution – Compounding of offences – No limitation laid down under section 279 – Power of CBDT to issue directions to Income-tax authorities for proper compounding of offences – CBDT has no power to lay down time limit – Guidelines of CBDT prescribing limitation – Not valid.

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 6 mins

    Reassessment – Notice after four years – Sanction of prescribed authority – Limitation – Extension of time limit under provisions of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 applicable only in situations arising out of amendment by Finance Act, 2021 – Sanction not obtained from appropriate authority – Notices quashed:

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Reassessment — Notice under section 148 — Sanction of prescribed authority — One of two reasons recorded already considered by Principal Commissioner in revision and proceedings dropped accepting assessee’s explanation — Sanction for notice under section 148 given without application of mind — Notice not valid: Sections 147, 148, 151 and 263 of ITA 1961: A. Y. 2012-13:

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Reassessment – Notice – Limitation – Effect of Amendment to Sections 147 to 151 by Finance Act, 2021 and Taxation and Other Laws (Relaxation and amendment of Certain provisions) Act, 2020 and notification issued under it – CBDT Instruction No. 1 of 2022 could not override provisions of law or decision of Supreme Court – Order passed under section 148A(d) and notice issued under section 148 on 26.07.2022 for A. Ys. 2013-14 and 2014-15 – Barred by limitation:

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Reassessment – Law applicable – Effect of amendment to sections 147 to 151 by Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 – Credit Instruction No. 1 of 2022 has no binding force.

    By K. B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 9 mins

    Assessment — Validity — Amalgamation of companies — Fact of amalgamation intimated to Income-tax authorities — Notice and order of assessment in the name of company which had ceased to exist — Not valid.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Income — Capital or revenue receipt — Interest — Funds received for project from capital subsidy, debt and equity — Funds placed with banks during period of construction of project — Interest earned thereon capital in nature.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Industrial undertaking — Special deduction under section 80-IB — Condition precedent — Manufacture of article — Making of poultry feed amounts to manufacture — Assessee entitled to special deduction under section 80-IB.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Offences and prosecution — Sanction for prosecution — Failure to deposit tax deducted at source — Failure due to inadvertence of assessee’s official — Assessee depositing tax deducted at source with interest though after delay — Effect of Circular issued by CBDT — Prosecution orders quashed.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Search and seizure — Assessment in search cases — Effect of insertion of section 153D by Finance Act, 2007 — CBDT circular dated 12th March, 2008 and Manual of Office Procedure laying down the condition of approval of draft order of Commissioner — Circular and Manual binding on Income-tax authorities — Approval granted without application of mind — Order of assessment — Not valid.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Search and Seizure — Assessment of third person — Income-tax survey — Statement of assessee during survey not conclusive evidence — Author of diary based on which addition made had expired on date of search and entries not used in case of person against whom search conducted — Addition as unexplained investment in assessee’s case — Erroneous and unsustainable.

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Search and seizure — Assessment in search cases — General principles — No incriminating material found during search — Assessment completed on date of search — No additions can be made in assessment pursuant to search

    By K.B.Bhujle | Ritu Punjabi
    Advocates
    Reading Time 1 mins

    Business expenditure — Difference between contingent and ascertained expenditure — Capital or revenue expenditure — Premium payment on redemption of shares which has been quantified is revenue expenditure.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Capital gains — Computation of capital gains — Effect of section 50C — Stamp value deemed to be full value of consideration for transfer of immovable property — Object of provision to prevent unaccounted cash transfers of capital assets — Not applicable in case of compulsory acquisition of land and buildings.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Collection of tax at source — Scope of section 206C — Income from forest produce — Meaning of “forest produce” — Assessee working on sawn timber purchased from third person — Assessee not liable to collect tax at source.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Educational institution — Exemption under section 10(23C)(vi) — Scope of section 10(23C)(vi) — Condition precedent for exemption — Institution should exist solely for purposes of education — Receipts and expenses outside India not covered — American trust established in India solely for educational purposes with permission granted by the Central Government — Trust in India supported by the organisation set up in USA — American organisation incurring expenses in support of Indian trust and repatriating amounts to it — Amounts received utilised for purposes of education in India — Assessee entitled to exemption under section 10(23C)(vi).

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Reassessment — New procedure — Condition precedent for notice of reassessment — Assessee must be furnished material on the basis of which initial notice was issued.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Search and seizure — Assessment of third person — Condition precedent — Satisfaction note by AO of searched person — Limitation where no satisfaction is recorded will be taken as year of search.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    TDS — Payments to non-residents — Failure to deduct tax at source — Order deeming payer to be “assessee-in-default” — Limitation for order — No statutory period of limitation — General principle that in absence of statutory provisions, orders must be passed within reasonable time — Writ — Power of High Court under article 226 to fix reasonable period of limitation — Limitation prescribed for deduction of tax at source on payments to residents applicable to payments to non-residents.

    By K B Bhujle | Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Interest on refund — Additional Interest — Law applicable — Delay in granting refund pursuant to order of Tribunal as affirmed by the Court — Assessee is entitled to refund with interest and additional interest — Compensation awarded if process not completed within the prescribed period.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Notice — Charitable purpose — Registration — Law applicable — Effect of amendment of section 12A Charitable institution entitled to an exemption for assessment years prior to registration — Reassessment proceedings for earlier years cannot be initiated on account of non-registration.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Notice u/s. 148 — Limitation — Law applicable — Effect of amendments by Finance Act, 2021 — Notice barred by limitation under un-amended provisions — Notice issued on 30th July, 2022 to reopen assessments for A.Y. 2013-14 and A.Y. 2014-15 — Not valid.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Condition precedent — Service of valid notice — Notice sent to secondary email id though active primary email id given in the last return — No proper service of notice — Notice and subsequent proceedings and order set aside.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Recovery of tax — Private Company — Recovery from the director — Non-recovery not shown to be attributable to neglect, misfeasance or breach of duty on the part of the assessee — Tax is not recoverable from Director.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Recovery of tax — Interest for failure to pay tax — Waiver of interest — Effect of 220(2A) — Advance tax paid in time but mistakenly in the name and PAN of minor son — Amount credited to assessee’s account — Assessee co-operating in inquiry relating to assessment and recovery proceedings — Assessee entitled to complete waiver of interest.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Recovery of tax — Stay of demand — Application for stay pleading financial hardship — Plea should be considered and speaking order passed thereon.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Revision — Powers of Commissioner — Bonafide mistake by assessee including exempt income in the computation of income — Time for filing revised return barred — No restriction on the power of Commissioner to grant relief — Orders rejecting applications of the assessee for revision unsustainable — Matter remanded to Commissioner for reconsideration.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Section 37 of the Act and Rule 9A of IT Rules, 1962 – Business expenditure – capital or revenue expenditure – Expenditure incurred on account of abandoned teleserial – Revenue expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 37 of the Act and Rule 9A of IT Rules, 1962 – Business expenditure – capital or revenue expenditure – Expenditure incurred on account of abandoned teleserial – Revenue expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 2 mins

    Appeal to Appellate Tribunal — Ex-parte order — Powers of Tribunal — Tribunal has the power to set aside ex-parte order — Matter remanded to the Tribunal to decide the appeal on merits.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 4 mins

    Appeal to Appellate Tribunal — Scope of proceedings — Appeal by the assessee against order affirming disallowance in part — No cross objections filed by Department — Tribunal remanding of matter in entirety — Prejudicial to the assessee — Tribunal directed to limit its adjudication to issues raised by assessees.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Document Identification Number (DIN) — Orders from AO — Communication of — Validity — Circular of Board mandating DIN for communications — Circular binding on AO — Order passed in violation of Circular — Not a defect curable u/s. 292B — Communication of such orders not valid.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 4 mins

    Income — Assessability — Meaning of “Income” — Institution established by State Government to regulate the registration of nurses and maintain standards of professionalism — One-time grant in aid received by the institution to strengthen it — Not assessable as income.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Notice — New procedure — Initial notice — Assessee’s explanation on the ground set down in initial notice accepted — Order for the issue of notice based on new ground — Order invalid — Writ — No question of remanding the matter to AO for passing speaking order — Order u/s. 148A(d) and direction of Court (Single Judge) remanding matter to AO set aside.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 3 mins

    Reassessment — Notice after three years — Limitation — Capital gains — Order for issue of notice without considering reply filed by assessee to initial notice —Words “income chargeable to tax” found in section 149 must be read in terms of “income” as arising out of “capital gains” as provided u/s. 48 in the assessee’s case — Notice barred by limitation — Order and notice set aside.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 5 mins

    Recovery of tax — High-pitched assessment — Stay of recovery — Appeals not disposed of for a long time — Assessee is entitled to stay of recovery proceedings.

    By K B Bhujle, Ritu Punjabi
    Advocates
    Reading Time 2 mins

    Business expenditure — Accrued or contingent liability — Provision for future expenses based on turnover — Amount set apart to meet future liabilities — Expenses in-built in the contract — Provision not contingent — Allowable deduction

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Computation of Capital Gains — Deduction of expenses wholly and exclusively in connection with transfer of capital asset — Transfer of shares – Amount paid for professional advice in accordance with articles of association of company – Deductible

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Offences and Prosecution — Wilful failure to file return — S. 276CC requires mens rea — Belated return and payment of tax and interest based on return accepted — Protective assessment set aside — No imposition of penalty — Prosecution not valid

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Notice — Res judicata — General principles — Consistency in decision making — Same decision-making authority rendering two decisions inconsistent with each other for different assessment years facts and circumstances being similar — Order and notice set aside

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Reassessment — Notice u/s. 148 — Reason to believe that income has escaped assessment — Entity with which assessee had sale transaction not established to be shell entity — No enquiry conducted by AO pursuant to the receipt of information from investigation wing — Non-application of mind on part of AO — Notice and order rejecting assessee’s objections set aside

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Notice — Validity — Notice based on information from Deputy Director in respect of investigation of the firm from which two of assessee’s directors retired alleging that assessee had received bogus accommodation entries in form of imports — Investigation report on which reliance placed by Department not provided to the assessee — Notice vague and not clear — Order for the issue of notice and order of reassessment set aside — Matter remanded

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Recovery of tax — Stay of recovery proceedings — Discretion of Income-tax authorities — Discretion to be exercised in a judicious manner

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Advance tax — Interest u/s. 234B — Advance tax paid in three years proportionately for transaction spread over three years — Transaction ultimately held to be entirely taxable in the first year itself — Assessee is allowed to adjust the advance tax paid in subsequent two assessment years while computing interest liability u/s. 234B.

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Appeal to High Court — Deduction of tax at source — Payment to non-resident — Fees for technical services — Agreement entered into by assessee with USA company for testing and certification of diamonds — Execution of work by laboratory in Hong Kong and payment made in its name as instructed by USA company — Payment to non-resident entity which had no permanent establishment in India — No technical knowledge made available to assessee — Assessee not liable to deduct tax — No question of law arose.

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Assessment u/s. 144C — Limitation — Order passed on remand by the Tribunal — Section 144C does not exclude section 153 — Final assessment order barred by limitation — Return of income filed by the assessee to be accepted

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 7 mins

    Capital Gains — Computation of — Deduction u/s. 48 — Determination of actual amount deductible — Tax payable by seller agreed to be reimbursed by the assessee seller — Is an allowable deduction in proportion to assessee’s share

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Capital gains — Capital loss — Capital asset — Leasehold rights in land is a capital asset — Lease of land granted by State Government with permission to build thereon or sub-lease it — Compensation on subsequent cancellation of lease — Loss sustained was a capital loss

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Insurance Business — Computation of profits — Effect of S. 44

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Offences and prosecution — Money laundering — Issue of tax determination certificate in Form 15CB without ascertaining the genuineness of documents — Not an offence

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Search and seizure — Assessment in search cases — Additions to be confined to incriminating material found during the course of search — Not erroneous

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 1 mins

    Commissioner(Appeals) — Power of remand — Scope of s. 251(1)(a) — Commissioner(Appeals) can confirm, reduce, enhance or annul assessment — Finding of Commissioner(Appeals) that AO not justified in making addition and positive direction to delete additions — Order of remand for fresh assessment after further enquiry — Commissioner(Appeals) has no power to remand the matter for fresh assessment after further enquiry — Order of the Tribunal upholding the order of the Commissioner(Appeals) despite noting specific ground by the assessee regarding the powers exceeded by the Commissioner(Appeals) — Order of remand not tenable in law

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Deduction of tax at source — Interest on compensation awarded by Motor Accidents Claims Tribunal — Effect of sub-section (3) of section 194A — Interest assessable only if it exceeds ₹ 50,000 in a financial year

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Income — Diversion of income by overriding title — State Government undertaking entrusted with Government funds with strict instructions regarding its usage — Income of undertaking diverted to State Government by overriding title — No income accrued to undertaking

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Reassessment – Notice – Sanction of competent authority :- (a) New procedure – Extension of time limits by 2020 Act – Effect of Supreme Court decision in UOI vs. Ashish Agarwal (2022) 444 ITR 1 (SC) – Notices for reassessment issued after 31st March, 2021 u/s. 148 converted into notice deemed to be issued u/s. 148A(b) – Notices do not relate back to original date – Sanction of specified authority to be obtained in accordance with law existing when sanction obtained; (b) Jurisdictional requirement – Notice for A.Y. 2016-17 issued after April 2021 – More than three years elapsing – Approval to be obtained from Principal Chief Commissioner – Approval taken of Principal Commissioner – Notice issued without sanction of correct authority invalid – CBDT instructions for issue of re-assessment notice between 1st April, 2020 and 30th June, 2021 not applicable – Order and notice quashed

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 9 mins

    Reassessment — Notice after three years — Validity — New procedure — Income chargeable to tax — Gross receipt of sale consideration not income chargeable to tax — Notice issued treating gross receipt on export transaction as asset which had escaped assessment — Not sustainable

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Refund of tax deducted at source — Payment to non-resident after deducting withholding tax — Refund to the person who made payment and has borne withholding tax — Amount wrongly deducted to be refunded if the person receiving payment not claimed credit therefor — Payee not claiming credit — Assessee deductor to be refunded the amount with interest

    By
    Reading Time 5 mins

    Refund — Assessment — Limitation — Change in law — Remand by Tribunal — AO failing to give effect to remand order of Tribunal within prescribed time — Assessment barred by limitation — Refund in terms of declared income to be granted with interest

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Fees for technical services — Make available — Meaning of — Recipient of services should apply technology — Services offered to Indian affiliates — Tribunal holding services to Indian affiliates not fees for technical services as make available test not fulfilled — Agreement between assessee and its affiliate effective for long period — Recipient of services unable to provide same service without recourse to service provider — Not fees for technical services: DTAA between India and Singapore s. 12(4)(b).

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Offences and prosecution — Failure to deposit tax deducted at source before due date — Sanction for prosecution — Reasonable cause — Tax deducted at source — Delay to deposit tax deducted at source due to prevalence of pandemic — Assessee depositing tax deducted at source in phased manner with interest though after due date — Reasonable cause for failure — Prosecution orders set aside.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Offences and Prosecution — Wilful attempt to evade payment of tax — Self assessment tax shown in the return of income but paid late — Penalty levied for delayed payment of tax — Criminal intent of assessee essential — Nothing on record to show deliberate and wilful default of evasion of tax — Complaint and summoning order quashed.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Reassessment — Notice for reassessment after 1st April, 2021 — All relevant information provided by assessee prior to original assessment order — AO has no power to review his own order — Query raised by AO answered and accepted during original assessment — Reopening of assessment on mere change of opinion not permissible.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — New procedure — Information that income has escaped assessment — Objection from Comptroller and Auditor General required —Internal audit objection cannot form the basis of reassessment — Reassessment based on change of opinion — Reassessment is impermissible in law.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Initial notice — Order u/s. 148A(d) for issue of notice — Notice u/s. 148 — Validity — Notice based on information from insight portal that assessee had purchased property — Assessee disclosing all details including bank statement in response to notice u/s. 142(1) and duly examined by AO in original assessment — Notices and order for issue of notice set aside.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Reassessment — Notice — New procedure — Effect of decision of Supreme Court in Ashish Agarwal — Liberty available to matters at notice stage — Liberty granted by High Court in assessee’s petition against notice under unamended provision prior to Supreme Court decision — AO issuing second notice but allowing proceedings to lapse — Department cannot proceed for third time invoking liberty granted by Supreme Court — Notices and proceedings quashed.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Recovery of tax — Stay of demand pending appeal before CIT(A) — Discretion must be exercised in judicious manner — AO not bound by Departmental instructions.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Rectification of mistake — Mistake apparent from record — Exemption — Income received by non-resident for service rendered on foreign ship outside India — Not taxable in India even if credited to bank in India — Assessee mistakenly declaring in return salary received for services rendered outside India — Rejection of application for rectification — Failure to apply circular issued by CBDT — Error apparent on face of record — Orders refusing to rectify mistake set aside — Assessee entitled to exemption u/s. 10(6)(viii) — Matter remanded to AO. Appeal to Appellate Tribunal — Rectification of mistake — Failure to apply judicial precedents and circular issued by CBDT — Error apparent on face of record — Tribunal has jurisdiction to rectify.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Assessment — Effect of self-assessment — Tax paid on self-assessment entitled to refund and interest on refund.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Block assessment — Procedure — Notice u/s 143(2) — Condition precedent for block assessment — Failure to issue notice u/s 143(2) — Not a curable defect u/s 292BB.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Income from other sources — Shares received at price higher than market value — Determination of fair market value — Change in prescribed formula with effect from 1st April 2018 — Formula that prevails during relevant A.Y. 2014–15 applicable — Application of amended formula as on date of assessment order by AO — Not sustainable.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Reassessment — Notice after three years — Limitation — Change in law — Effect of decision of Supreme Court in Ashish Agarwal — Conditions prescribed under amended provisions of section 149(1)(d) for extended period of limitation — Notices issued beyond limitation period stipulated under amended provisions of section 149(1)(a) not satisfying prescribed conditions — Barred by limitation. Reassessment — Notice after three years — Limitation — CBDT Instructions dated 11th May, 2022 — Validity — Instruction vague about “original date when such notices were to be issued” — Instruction to the extent it propounded “travel back in time” theory unsustainable.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 10 mins

    Rent — TDS — Agreement with State Government for development — External Development Charges (EDC) paid under Agreement with State Government — Not in the nature of rent — No tax deductible on such charges.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Revision — Writ — Powers of Commissioner — Commissioner cannot consider application where appeal lies or is pending — Prohibition does not apply where writ petition has been filed.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Revision — Powers of Commissioner — Special deduction — Claim to deduction u/s 80-IA not made in return of income and assessment order passed — Principal Commissioner or Commissioner competent to consider claim for deduction — Matter remanded.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Transfer of case — Transfer from one AO to another subordinate to different higher authority — Condition precedent — Agreement between two higher authorities — Assessee should be given adequate opportunity to be heard — Mere speculation that assessee was connected to group of companies against whom search proceedings undertaken and that cases had to be centralized — Order of transfer not valid.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Assessment — Jurisdiction — CBDT Instructions — Binding on authorities — Time prescribed by CBDT — Burden of proof — Burden on authority assuming jurisdiction to establish that instructions satisfied in letter and spirit — Notice issued u/s. 143(2) not in terms of instructions of CBDT — Notice and assessment without jurisdiction.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Assessment — Limitation — Special audit — Appointment of special auditor extending end date for framing assessment order — Special auditor seeking extension of time for submission of report — AO forwarding request letter with recommendation to Commissioner — Commissioner granting extension of time — Discretion to extend time frame solely with AO — Discretionary power vested in AO not delegable, cannot be exercised by Commissioner.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Income from other sources — Consideration received for shares in excess of fair market value — Condition precedent — Transfer of shares — Allotment of new rights shares on proportionate basis — Provision not applicable — Renunciation of rights shares by wife and father in favour of assessee — Exemption for transactions from relatives — Provision not attracted — Renunciation of rights shares by third party in favour of assessee — Third party not related to assessee — Disproportionate allocation of shares — Section 56(2)(vii)(c) applicable — Determination of fair market value of additional shares — Computation on basis of previous year’s balance sheet approved in annual general meeting — Right computation.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Offences and prosecution — Wilful attempt to evade tax — Effect of order in penalty proceedings — Tribunal considering facts and holding that there was no concealment of income — Prosecution could not continue.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Revision — Powers of Commissioner — Power to consider assessment record — Meaning of record — Record includes all material including results of search proceedings — Order of revision without considering results of search proceedings — Not valid.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Search and seizure — Unexplained money — Burden of proof — Share capital — Investments in share capital through banking channels — Addition made based on unproven and untested statements recorded during searches — Onus to prove investments bogus not discharged — Deletion of addition.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Search and seizure — Assessment of undisclosed income of person searched and third person — Difference between sections 153A and 153C — Conditions more stringent u/s 153C:

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 6 mins

    Search and Seizure — Inordinate delay in return of seized cash — Assessee is entitled to interest on amount returned — Inordinate delay in returning amounts due to the assessee not justified.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Decision of High Court binding on Income-tax Authorities — Order of assessment ignoring direction of High Court — Not valid

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Charitable purpose — Registration of trust — Appeal to appellate tribunal — Power of Tribunal to grant registration: Charitable purpose — Registration of trust — Factors to be considered by Commissioner — Objects of trust and genuineness of activities of trust — Whether trust entitled to exemption on facts to be considered by Assessing Officer:

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Re-assessment — Faceless assessment — Validity — Condition precedent for faceless assessment — Adequate opportunity should be provided to assessee to be heard:

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Assessment — Company — Dissolution — No corporate existence continues — Company not in existence at the time of passing assessment order — No provision to assess dissolved company — Order against non- existent entity null and void:

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 6 mins

    Non-resident — Income deemed to accrue or arise in India — Situs of share or interest transferred outside India deemed to be located in India by corelating it with underlying assets in India — Insertion of Explanations 6 and 7 to section 9(1)(i) — Prospective or retrospective — Explanations 6 and 7 have to be read along with Explanation 5 which operates from 1st April, 1962 — Explanations 6 and 7 clarificatory and curative — To be given retrospective effect — Deeming provision attracted only where share or interest does not exceed percentage specified or transferor did not exercise right of management and control in company whose share and interest transferred:

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Assessment — Limited scrutiny — Jurisdiction of AO — CBDT instruction — Conditions mandatory — AO cannot traverse beyond issues in limited scrutiny — Inquiries on new issue without complying with mandatory conditions not permissible.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Collection of tax at source — Scope of S. 206C — Sale of liquor and scrap — Meaning of scrap — Company owned by State Government having monopoly over sale of liquor in state — Licence granted to bar owners for sale of liquor and collection of empty liquor bottles — Empty liquor bottles not scrap within meaning of S. 206C — Assessee not taxable on income from sale of empty liquor bottles.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 6 mins

    Deduction of tax at source — Failure by payer to deposit tax deducted — No recovery towards tax deducted at source can be made from assessee — Recovery proceedings can only be initiated against deductor — Assessee entitled to refund.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Notice — Service of notice — Method and manner of service of notice under statutory provisions — Charitable purpose — Registration — Notice by Commissioner (Exemptions) — Notice and reminders not sent to assessee’s e-mail address or otherwise but only reflected on e-portal of Department — Assessee not able to file reply — Violation of principles of natural justice — Notice set aside.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins

    Penalty — Concealment of income — Immunity from penalty — Effect of ss. 270A and 270AA — Application for immunity — Assessee must be given opportunity to be heard — Amount surrendered voluntarily by assessee — Assessee entitled to immunity from penalty.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Reassessment — Initial notice — Order for issue of notice — Notice — Investments by foreign companies in shares of their own Indian subsidiaries — Transactions are capital account transactions — No proof of transactions being consequence of round tripping — AO treating investments as escapement of income chargeable to tax — In contravention of CBDT circular — Investment in shares capital account transaction not income — Notices and orders set aside.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Search and seizure — Assessment in search cases — Special deduction — Return processed and no notice issued for enquiry — No incriminating material found during search — Special deduction cannot be disallowed on basis of statement recorded subsequent to search.

    By K B Bhujle | Ritu Punjabi, Advocates
    Reading Time 2 mins

    Accrual of income — Meaning of accrual — Time of accrual — Assessee terminating lease following dispute — Assessee not accepting lease rent — Matter before Small Causes Court — Small Causes Court allowing lessor to deposit lease rent in Court specifying that deposit was allowed without prejudice to rights of contestants — Matter still pending in Small Causes Court — Lease rent did not accrue to the Assessee.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 7 mins

    Offences and prosecution — Failure to file returns in time — Relief from prosecution — Effect of proviso to s. 276CC — Prepaid taxes resulting in NIL liability — Prosecution u/s. 276CC not valid.

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

    Offences and prosecution — Compounding of offences — Application for — Limitation — Application can be filed either before or subsequent to launching of prosecution — Circular issued by CBDT stipulating limitation period of 12 months — Contrary to legislative intent of provision — Application for compounding rejected as barred by limitation period prescribed in circular issued by CBDT — Not sustainable — Relevant clause of Circular struck down — Matter remitted to decide application on the merits.

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

    Reassessment — Notice — Sanction of Authority — Application of mind to material on basis of which reopening of assessment sought for by AO — Discrepancy in quantum of escapement of income in order in initial notice and order for issue of notice — Not noticed by concerned Sanctioning Authorities — Non-application of mind in passing sanction order — Orders and consequent notice set aside.

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

    Return of income — Delay in filing revised return — Condonation of delay — Power to condone — Meaning of “genuine hardship” — Power vested in authority to be judiciously exercised — Compensation received on compulsory land acquisition inadvertently declared as income — Payment of tax more than liability is “genuine hardship” — Department to enable assessee to file revised return of income.

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

    Revision — Rectification of mistake — Time limit — Computation of long-term capital gains — Sale of flat inherited by the assessee and three others — Omission of claim of deduction of indexed renovation expenses in return of income — Rejection of application for rectification and revision on grounds that new claim not raised earlier — Revision Application within one year from the date of rectification order — AO accepting indexed renovation expenses in case of co-owner — Amount accepted in co-owner’s case to be accepted as correct and allowance to be made while computing long-term capital gain.

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

    Revision — Powers of Commissioner — Commissioner (Appeals) holding amounts included in fringe benefits tax return not chargeable to fringe benefits tax — Revision application for refund of fringe benefits tax — Revision application rejected on grounds of delay — Commissioner conferred with power to condone delay to do substantial justice — Commissioner (appeals) taking long time to dispose of appeal — Commissioner ought to have condoned delay — Order rejecting revision application quashed — Direction to condone delay and consider revision application on merits and pass reasoned order.

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

    Writ — Competency to file writ petition — Chartered Accountant authorised to represent assessee in income-tax matters — Chartered Accountant could file writ against order of assessment.

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

    Business expenditure — Capital or revenue expenditure — Software development expenses — Product abandoned on becoming obsolete due to development in technology — No enduring benefit accrued to the Assessee — Expenditure incurred revenue in nature and allowable

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

    Charitable purpose — Exemption — Denial of exemption by AO on grounds that assessee did not furnish proper information to Charity Commissioner, that there was shortfall in provision for indigent patients fund, that assessee had generated huge profits, that hospital did not serve poor and underprivileged class, and assessee paid remuneration to two trustees — Grant of exemption by appellate authorities on finding that orders for earlier assessment years not set aside in any manner or over-ruled by court — No infirmity in order of Tribunal granting exemption

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

    Non-resident — Double taxation avoidance — Income deemed to accrue or arise in India — Royalty — Meaning of — Difference between transfer of copyright and right to copyrighted article — Provision of customer relationship management services by resident of Singapore — Fees received not royalty within meaning of Act — Not also taxable in India under DTAA between Singapore and India.

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

    Reassessment — Change of law — Jurisdiction — Notice issued under existing law and reassessment order passed and becoming final — Issue of notice u/s. 148A pursuant to subsequent direction of Supreme Court in UOI vs. Ashish Agarwal — Without jurisdiction and therefore quashed

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

    Reassessment — Notice — Limitation — New procedure — Extension of period of limitation by 2020 Act — Supreme Court ruling in UOI vs. Ashish Agarwal [2022] 444 ITR1 (SC) — Effect — Notice for reassessment u/s. 148 after 31st March, 2021 for A.Y. 2015–16 — Extension of period not applicable where limitation had already expired — Notice does not relate back to original date — 2020 Act would not extend limitation

    By Keshav Bhujle and Ritu Punjabi, Advocates
    Reading Time 12 mins

    Reassessment — New procedure — Notice — Reason to believe — Necessity of live link between belief and material available — Information from “insight” portal that assessee had transacted with mutual fund found to be involved in scam — No nexus between belief and material — AO not clear whether assessee had claimed loss or dividend in mutual fund — Non-application of mind — Notices and order set aside.

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

    Reassessment — Notice after three years — Limitation — Extension of limitation period under 2020 Act — Notice for A.Y. 2016–17 issued after April 2021 — Alleged escapement of income less than R50 lakhs — Notice barred by limitation

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

    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

    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.

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

    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.

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

    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.

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

    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.

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

    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.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 6 mins

    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.

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

    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.

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

    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.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 1 mins

    Assessment — Amalgamation of Companies — Law applicable — Effect of insertion of section 170A with effect from 1st April, 2022 — Assessment to be on the basis of modified return filed by successor to business.

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

    Depreciation — Actual cost — Tangible and intangible assets in case of succession — Depreciation claim on revalued assets or WDV — Depreciation claimed by the erstwhile firm on WDV and by the successor Assessee on price revalued by the Government Approved Valuer — Payment made by the Assessee to predecessor at actual cost of assets — Successor Assessee entitled to claim depreciation for subsequent year on the basis of actual cost paid — Order of the Tribunal holding the Assessee eligible to claim depreciation on revalued price of assets is not erroneous.

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

    Penalty — Notice — Validity — Condition precedent — Effect of s. 270A — Difference between under-reporting and misreporting of income — Failure to specify whether notice for levy of penalty for under-reporting or misreporting of income — Notices and levy of penalty invalid and unsustainable.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Reassessment — Notice — New procedure — Mandatory condition u/s. 148A(c) — Disposal of assessee’s objections to initial notice u/s. 148A(b) — Non-consideration of assessee’s objections before passing order u/s. 148A(d) for issue of notice — Inquiry proceedings and order and notice quashed and set aside.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Reassessment — Initial notice and order — Notice — Validity — Non-resident — Receipt of licence fee from Indian payer on grant of live transmitting right of match under agreement — Agreement bifurcating licence fee between live feed and recorded content — Receipt not liable to tax in India — Notices and order quashed.

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

    Reassessment — Notice — Statutory condition — Failure to furnish approval of designated authority to assessee along with reasons recorded — Notice and order disposing of assessee’s objections set aside.

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

    Reassessment — New procedure — Initial notice and order for issue of notice — Issue of notice after three years — Monetary limit — Assessee’s receipt of sale consideration as co-owner less than threshold limit of ₹50 lakhs — Initial notice and order quashed.

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

    Settlement of cases — Application for settlement — Validity — Conditions precedent for application — Additional conditions imposed by CBDT through circular not valid — Circulars cannot override provisions of Act.

    By Keshav Bhujle | Ritu Punjabi, Advocates
    Reading Time 3 mins
  • In The High Courts: Part B-Unreported Decisions

    Export profit: Deduction u/s.80HHC of Income-tax Act: A.Ys. 1995-96, 1997-98, 1998-99 and 2000-01: Exclusion of mineral oil: Calcined petroleum coke derived from crude petroleum is not mineral oil: Assessee is entitled to deduction.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    Section 48 – Capital gain – Full value of consideration – computation of capital gain only refers to full value of consideration received – no occasion to substitute the same :

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Section 14A – Shares held as stock in trade – Disallowance cannot be made :

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Exemptions – On sale of Agricultural land – Sections 54 B & 54 F:

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    The Commissioner of Income-Tax-3 vs. M/s. Parrys (Eastern) Pvt Ltd [Income Tax Appeal No. 2220 OF 2013; dt 18/2/2016 (Bombay High court )]

    By Ajay R Singh
    Adovcate
    Reading Time 3 mins

    Director of Income Tax(IT)-I vs. M/s Credit Lyonnais [Income Tax Appeal No.2120 of 2013 dt 22/2/2016; Bombay High Court.]

    By Ajay R Singh
    Adovcate
    Reading Time 8 mins

    The Commissioner of Income Tax I, Pune vs. Gera Developments Private Limited, Pune. [INCOME TAX APPEAL NO. 2171 OF 2013 dt 29/2/2016 Bombay High court.]

    By Ajay R Singh
    Adovcate
    Reading Time 6 mins

    16. Business set up – when the business is established and is ready to commence the business – there may be an interval between the setting up of the business and the commencement – Section 3 of the Act

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    17. TDS – The liability to deduct tax at source arose – when the amount payable stood credited in the books of Assessee – Even in respect of services received earlier : There can be no estoppel against the statute

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    18. Transfer Pricing – Once comparable companies have been found functionally non comparable – then the same should be excluded – the same cannot be include merely on the basis of assessee’s inclusion in the transfer pricing study report – There cannot be estoppel against correct procedure of law and principles solely on account of acquiescence or mistake of the assessee

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    1.Reopening of assessment – No tangible material before the AO for assuming the jurisdiction u/s. 147- Reopening notice was bad in law: Section 148

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    2. Sale of shares – capital gain vs Business Income- consistency – own funds – considering the volume and frequency of purchase / sale of shares – held not a trader: Section 45

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    3. Book profit – Accounts prepared and certified in accordance with the provisions of the Companies Act – has to be accepted – cannot be altered – Section 115JB Explanation .

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    13. Rectification – Retrospective Amendment u/s. 115JB – Rectification made by the A.O on the issue in the order passed u/s. 143(3) r.w.s. 254 of the Act- Such mistake, if any, was in the order originally passed by the A.O. u/s. 143(3) of the Act – Not permissible: u/s. 154 of the Act

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    14. Reopening of assessment – No reason to believe that the income chargeable to tax has escaped assessment – reopening notice was bad in law. Section 148

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    15. Tribunal jurisdiction u/s. 254(2) of the Act – Once a matter is disposed off by the Tribunal it would be functus officio – It can only exercise limited jurisdiction to rectify its order – No clarification can be sought

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    6. Penalty – CIT(A) could not have imposed penalty on a new ground which was not the basis for initiation of penalty – penalty could be only on the ground on which it was initiated – Not liable for penalty : u/s. 271(1)(c)

    By AJAY R. SINGH Advocate
    Reading Time 5 mins

    7. Reopening of assessment – the reasons for reopening must be based on some material – the material used by the AO for forming his opinion must have some bearing or nexus with escapement of income – If not, the reopening notice would be clearly without jurisdiction: Section 148.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins

    8. Interpretation – SUBLATO FUNDAMENTO CEDIT OPUS – Once the foundation is removed, the superstructure falls.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    9. Genuineness of trust – a breach/contravention of the Bombay Public Trust Act, 1950-would not result in the trust being disqualified from being approved u/s. 80G.

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    7 Assessee entitled to raise claims not made in ROI before appellate authorities – which not made in ROI Expenses incurred for issuance of FCCBs is revenue in nature – even if the FCCB are convertible into equity at a later date

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    8 Charitable Purpose – The activity of sale of milk being incidental to its Panjrapole activity – does not amount to carrying on of any business activity – it is not in contravention to the proviso to section 2(15) of the Act

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    9 Brought forward business losses – can be set off against the gains arising from any business or profession – though chargeable to tax under any other head of income : Set off of brought forward unabsorbed depreciation against the short term capital gain

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    4.. Service of notice u/s. 143(2) – not served at correct address – the Assessment Order will not be saved by Section 292BB of the Act – Section 27 of the General Clauses Act

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    5. Section 50C is part of Chapter IV-E of the Act – only for purpose of computing the income chargeable under the head ‘Capital gains’ – Cannot be applied in determining income under Chapter IV-D of the Act under the head ‘Profits and gains of business or profession.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    6. Jurisdiction to initiate proceedings u/s. 153C of the Act – the seized document must belong to the assessee is a jurisdictional issue – non satisfaction thereof – would make the entire proceedings taken there under null and void.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    10. Business expenditure – Service tax – The Assessee was obliged under the law to pay service tax to the Government and paid when such payment is not forthcoming from the client/customer – Allowable : Section 37 of the Act

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    11. TDS – ‘Work’ – include all work carried right from planning the schedule to post production processes, which would make the programme fit for telecasting – Thus, the payments made for dubbing as well as print processing were held to be fall within the ambit of section 194C.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    12. Penalty – Year of taxability of income – u/s.271 (1) (c)

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    5 Expenses or payments not deductible-Section 40A(3) -the payment is made to producer of meat in cash in excess of Rs.20,000/– Circular issued by the CBDT cannot impose additional condition to the Act and / or Rules adverse to an assessee – No disallowance can be made

    By K. B. Bhujle
    Advocate
    Reading Time 5 mins

    6 Business Expenses – Section 37 – loss/ liability arising on account of fluctuation in rate of exchange in case of loans utilised for working capital of the business – allowable as an expenditure

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    7 Unexplained expenditure – Section 69C – payment made to parties – the assessee filed details of all parties with their PAN numbers, TDS deducted, details of the bank – assessee could not be held responsible for the parties not appearing in person – No disallowance

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    8 Method of accounting – Section 145(3) – AO cannot reject the accounts on the basis that the goods are sold at the prices lower than the market price or purchase price – the law does not oblige/compel a trader to make or maximise its profits

    By K. B. Bhujle
    Advocate
    Reading Time 4 mins

    1 Section 45 – Capital Gain – assessee not engaged in the business of dealing in land – the profit arising on its sale is assessable as Capital gain only

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    2 Section 153A – Search and seizure – Assessment would be limited to the incriminating evidence found during the search

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    3 Section 263 – Revision – two possible views – the issue is debatable –Revision is not permissible

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    2 Section 271D – Penalty – Accepting/ repaying loans/ advances via journal entries contravenes section 269SS & 269T – Penalty cannot be levied if the transactions are bona fide, genuine & reasonable cause u/s. 273B

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    8. Advance received for exports – shown in the accounts as a liability for a period of more than 10 years – no addition of the amount shown as a liability u/s. 41(1)

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    9. TDS – Payments made for hiring of cranes – the crane owner responsible for day-to-day maintenance and operating costs – liable for TDS u/s. 194C of the Act – not u/s. 194I of the Act.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    10. Capital Gain – purchase and sale of shares and mutual funds – Whether chargeable to tax under the head ‘capital gains’ or as business income

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    3 Income in respect of sale of flats – accrued when possession of the flat was given – not when allotment letter was issued.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    4 Section 4 – Charge of income-tax – Interest on advance – if the income does not result at all – then the same cannot be taxed – even though an entry is made in the books of account about such a hypothetical income – which has not been materialised.

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    7. Revision – Difference of view – it is not open to CIT to revise it – Further CIT has considered wrong facts – revision not permissible : Section 263

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    8. Depreciation – trial production – even if final production is not started – as the expenses incurred thereafter will have to be treated as incurred in the course of business and on the same basis the depreciation is admissible.: Section 32

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    1 Section 147 – Reassessment – After the expiry of four years – No failure by assessee to truly and fully disclose all material facts – reopening is bad in law

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    4 Cessation of liability – waiver of loans availed by assessee from DEG, Germany – in nature of capital liability – hence, the provision of section 41(1) was not applicable.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    5 TDS – Section 194C or 194J – subtitling and standard fee paid for basic broadcasting of a channel at any frequency

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    6 Business expenditure – Mark to market loss – Loss suffered in foreign exchange transactions entered into for hedging business transactions – cannot be disallowed as being “notional” or “speculative” in nature: Section 37(1)

    By Ajay R. Singh
    Advocate
    Reading Time 2 mins

    Mutual benefit company – Principle of mutuality – Income from sale of shares and the occupancy rights – cannot be assessed in the hands of the assessee – Land continues to be owned by the assessee – No transfer of any FSI attached to the land – Tax under the head ‘capital gain’ in the hands of the shareholder not company:

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    CIT- 15 vs. Sanjay Manohar Vazirani. [ Income tax Appeal no 2442 of 2013 dated- 07/06/2016 (Bombay High Court)]. Affirmed [Sanjay Manohar Vazirani vs. Commissioner of Income Tax 15 . [ITA No. 5178/MUM/2012 ; Bench – E ; dated 30/01/2013 ; A Y: 2009- 2010. Mum. ITAT ]

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    The CIT: 21 vs. Parleshwar Coop. Housing Society Ltd. [Income tax Appeal no 1569 of 2007 dt -08/06/2016 (Bombay High Court)]. Affirmed decision in[Shree Parleshwar Co-Op. Housing vs. ITO, Ward 21(2)(4); AY- 1998-99 to 2000-2001 (2006 8 SOT 668 Mum)]

    By Ajay R. Singh Advocate
    Reading Time 5 mins

    DIT (E) vs. M/s. Khar Gymkhana Income tax Appeal no -2349 of 2013 dt : 6/06/2016 (Bombay High Court).[Affirmed M/s Khar Gymkhana vs. DIT (E) ; ITA No. 373/Mum/2012 Bench: A ; dt 10/7/2013 ;(A Y: 2009-10 )]

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Palkhi Investments & Trading Co. P. Ltd., Mumbai .. vs. The Income Tax Officer, Mumbai [INCOME TAX APPEAL NO.50 OF 2014; dt 9/6/2016 (Bombay High Court )] Affirmed [Palkhi Investments & Trading Co. Pvt Ltd vs. ITO CIR 9(2)(4) (ITA No.2623/Mum/2011 AY-2005-06; 24- 07-2013)]

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    The CIT 11 vs. M/s. Goodwill Theatres Pvt.Ltd [Income tax Appeal no- 2356 of 2013 dt – 6/06/2016 (Bombay High Court)].[Affirmed The CIT 11 vs. M/s. Goodwill Theatres Pvt.Ltd) ; ITA No. 8185/Mum/2011 Bench G ; dt 19/6/2013 (A Y: 2008-09 )]

    By Ajay R. Singh Advocate
    Reading Time 3 mins

    1.Commissioner of Income tax- 3 vs. SICOM LTD. [ Income tax Appeal no 137 of 2014 dt : 08/08/2016 (Bombay High Court)].

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    2.CIT -16 vs. Sadanand B. Sule. [ Income tax Appeal no 300 of 2014,: 02/08/2016 (Bombay High Court)]. [Affirmed DCIT 16(2) vs. Sadanand B. Sule,. [ITA No. 831/MUM/2009, ; Bench : E ; dated : 07/08/2013 ; A Y: 2005- 2006, Mum. ITAT ]

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    3.Commissioner of Income Tax-4 vs. M/s. J.M. Financial Securities Pvt. Ltd. [ Income tax Appeal no 235 of 2014 dt : 27/07/2016 (Bombay High Court)].

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Service tax – no deduction claimed on account of service tax which is payable to the Government – Section 43B of the Act would have no application – Section 145A(a)(ii) deals with goods and not services- Section 43B rws 145A(a)(ii) of the Act.

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Penalty- When amount received from affiliated companies was not chargeable to tax – interpretation placed upon the DTAA – Not liable: Section 271(1)(c)

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Res – judicata – Not apply in tax matter – Each assessment year gives rise to a separate cause of action: Capital Gain or business income – Sale of Shares

    By Ajay R. Singh Advocate
    Reading Time 6 mins

    Deduction u/s. 10A- Export turnover – Allowable Expenditure- telecommunication and insurance expenses have been incurred in local currency in India and not with regard to providing software services outside India: Explanation (2) to Section 10A

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Estimate – on money – It is a settled principle of statistics that principle of averaging provides results of reliable nature – Such average minimizes the errors and brings out reasonable and reliable results.:

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Condonation of delay – Appeal filed in wrong jurisdiction – An unintentional lapse on the part of the litigant – Liable to be condoned :

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Section 153A: Assessment – Search- Approval to the assessment order granted by the Addl. CIT in a casual and mechanical manner and without application of mind renders the assessment order void. [Section 153D].

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 68: Cash credits – Bogus loan – The proviso to section 68 inserted with effect from 01.04.2013, does not have retrospective effect – If the AO regards the loan as bogus, he has to assess the lender but cannot assess as unexplained cash credit

    By AJAY R. SINGH Advocate
    Reading Time 4 mins

    Section 147 : Reassessment – Reopening on basis of same set of facts – change of opinion – power not to correct mistakes – reassessment was held to be invalid [Section 148 ]

    By AJAY R. SINGH Advocate
    Reading Time 5 mins

    Section 43A : Foreign exchange fluctuation : on loan liability being notional as no actual payment was made – section 43A of the Act as amended w.e.f. 1st April, 2003 – would not require any adjustment in the cost of the fixed assets.

    By AJAY R. SINGH Advocate
    Reading Time 4 mins

    Section 254 (2) : Appellate Tribunal – Rectification of mistakes – Issue is debatable in view of contradictory judgements–order cannot be rectified

    By AJAY R. SINGH Advocate
    Reading Time 6 mins

    13. Jaison S. Panakkal vs. Pr. CIT. [ W.P no. 1122 of 2018, Dated : 26th April, 2018 (Bombay High Court)]. Section 179(1): Liability of director – Private company – show cause notice issued u/s. 179(1) did not indicate or give any particulars in respect of steps taken by department to recover tax dues from defaulting private company – Order set aside.

    By AJAY R. SINGH Advocate
    Reading Time 2 mins

    14. CIT vs. Shankardas B. Pahajani [ITA No. 1432 of 2007 Dated : 24th April, 2018 (Bombay High Court)]. [Affirmed DCIT vs. Shankardas B. Pahajani [dated 13/09/2004 ; AY 1994-95 , Mum. ITAT] Section 147 : Reassessment – Audit objection- Reopening on basis of same set of facts available at time of original assessment – change of opinion – reassessment was held to be invalid

    By AJAY R. SINGH Advocate
    Reading Time 3 mins

    15. CIT(Exemption) vs. Indian Institute of Banking and Finance. [ITA No. 1368 of 2015 Dated: 28th March, 2018 (Bombay High Court)]. [ Affirmed ACIT vs. Indian Institute of Banking and Finance, dated 11/02/2015 ; Mum. ITAT ] Section 11 : Educational Institution – purpose of development of banking personnel for/in the banking industry – by holding courses and also disbursing knowledge by lectures, discussions, books, correspondence with public bodies and individuals or otherwise etc – Trust entitle to exemption.[Section 2(15)]

    By AJAY R. SINGH Advocate
    Reading Time 4 mins

    Section 147 : Reassessment – Beyond period of 4 years –Findings in case of another assessee – No failure to disclose material facts – Reassessment was held to be not valid. [Sections 80IB(10) ,148]

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 45: Capital gains –Business income- Investment in shares- A company can have two portfolio – investor and a trader at the same time- Investment was held to be assessable as short term capital gains. [Section 28i)]

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    16. The Pr. CIT-9 vs. Agilisys IT Services India P. Ltd [ Income tax Appeal no 1361 of 2015, Dated: 12thJune, 2018 (Bombay High Court)]. [ITO V Agilisys IT Services India P. Ltd; dated 29/04/2015 ; ITA. No 2226/Mum/2011, AY 2003-04 Bench: K , Mum. ITAT ] Section 143(3) r.w.s 263 : Once the CIT(A) by its order had accepted the fact that the assessment order had gone beyond a scope of directions of the CIT u/s. 263 of the Act – there was no occasion for him to touch upon the merits of the issue

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    17. The Pr. CIT-6 vs. I-Ven Interactive Ltd [ Income tax Appeal no 94 of 2016, Dated: 27th June, 2018 (Bombay High Court)]. [ACIT-10(1) vs. I-Ven Interactive Ltd; dated 19/01/2015 ; ITA. No 1712/Mum/2011, AY: 2006-07 Mum. ITAT ] Section 143(2) : Assessment–Notice–Notice served on the old address- Assessment was held to be void [Section 292BB]

    By AJAY R. SINGH
    Advocate
    Reading Time 3 mins

    Section 263 : Commissioner- Revision – Book profit – only power vested upon the Revenue authorities is the power of examining whether the books of accounts are certified by the authorities under the Companies Act – Revision was not valid. [Section 115JB]

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 37(1) : Business expenditure–Capital or revenue-Non-compete fee –Allowable as revenue expenditure

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 92C: Transfer pricing – Notional interest on Redemption of preference shares money paid to Associated enterprises- transfer pricing adjustments by re-characterising was held to be not legal Corporate guarantee commission – No comparison can be made between guarantees issued by commercial banks as against a corporate guarantee issued by a holding company for benefit of its AE

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    1 Section 68: Cash credits-Share application money-Permanent account numbers, bank details of share applicants and affidavits of share applicant company was furnished – share application money cannot be considered as unexplained cash credits.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    2 Section 45 : Capital gains vis a vis Business income – sale of property held as investment – Rental income disclosed as business income – gains arising on sale of property held in investment to be treated as capital gains.

    By K. B. Bhujle, Advocate
    Reading Time 4 mins

    3 Section 264 : Revision– fresh claim of the deduction can be entertained – delay in filing the Revision Application – for reasonable cause it should have been condoned – order rejecting the revision application was set aside.

    By K. B. Bhujle, Advocate
    Reading Time 5 mins

    4 Section 36(1)(vii): Bad debt- Write-off of bad debts were held to be allowable – and there is no obligation on the assessee to establish that debt had became bad.

    By K. B. Bhujle, Advocate
    Reading Time 2 mins

    18. Jayantilal Investments vs. ACIT [ Income tax Appeal no 519 of 2003, Dated: 4th July, 2018 (Bombay High Court)]. [Reversed ACIT vs. Jayantilal Investments. Ltd; AY 1988-89 , dated 20/07/2004 ; Mum. ITAT ] Section 36(1)(iii) prior to Amendment: Business expenditure — Capital or revenue – interest paid on the loan taken for purchase of plot of land – stock-in-trade – revenue expenditure

    By AJAY R. SINGH
    Advocate
    Reading Time 5 mins

    Section 153A: Assessment – Search or requisition-No addition can be made in respect of an unabated assessment which has become final if no incriminating material is found during the search. [Section 132, 143(3)]

    By AJAY R. SINGH
    Advocate
    Reading Time 5 mins

    Section 263: Commissioner – Revision of orders prejudicial to revenue – Scope of power – Subsequent amendement. [ Section 6(a)]

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    Section 28(iv) : Remission or cessation of trading liability – Loan waiver cannot be assessed as cessation of liability, if the assessee has not claimed any deduction and section 28(iv) does not apply if the receipts are in the nature of cash or money [ Section 41(1) ]

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 22: Income from house property vis a vis Income from business – Real estate developer – main object not acquiring and holding properties – Rental income is held to be assessable as Income from house property. [Section 28(i)] Section 80IB(10) : Housing projects – stilt parking is part & parcel of the housing project – Eligible to deduction

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 45: Capital gains-Transfer-Capital gains are levied in the year in which the possession of the asset and all other rights are transferred and not in the year in which the title of the asset gets transferred. [Section 2(47), Transfer of Property Act, 1953]

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 68 : Cash credits – Unsecured loans received – Confirmation, balance sheet and bank accounts of creditor was produced – A.O has not made enquiry in respect of the creditors – Deletion of addition was held to be justified.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 37 (1): Business expenditure – books of accounts, and details not produced – being destroyed due to flood – filed evidence indicating the destruction of physical accounts due to heavy rains – Allowable as deduction – ‘best judgment assessment’ should not be made as a ‘best punishment assessment’.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Main object is carry out infrastructure projects – Amendment in object clause as do business in futures and options – Amended clause to be considered

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 54F – Capital gains – Investment in residential house – Flat was owned by a co-operative housing society on a piece of land which was granted under a long-term lease – Eligible for deduction

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 80-IB(11A) – Profits derived from the business of the industrial undertaking – Subsidies – Eligible for deduction u/s. 80-IB – Liberty India 317 ITR 218 (SC) is distinguishable on facts

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 28 (i) – Business income vs. income from house property – Income received from leasing out of shops and other commercial establishments – Also received common amenities charges, maintenance charges, advertisement charges – Held to be assessable as business income

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 271(1)(c) – Penalty – Concealment – Merely because the quantum appeal is admitted by High Court penalty does not become unsustainable – However as issue is debatable, therefore penalty could not be imposed

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 28(ii)(c) – Business income – Compensation – the agreement between assessee and foreign company was not agreement of agency but principal-to-principal – compensation received for terminated contract could not be taxed u/s. 28(ii)(c)

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 147 – Reassessment – Natural justice – Order passed without disposing of objections raised by assessee to the report of DVO – reopening was improper and null and void

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Section 28 r.w.s. 37(1) – Business loss – Advance payment for booking commercial space – Deal failed and could not get refund – Object clause of the assessee covered this as business activities – Allowable as deduction

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    Section 271(1)(c) – Penalty – Filing inaccurate particulars of income – Revised income filed voluntarily – before detection – Reason stated: accountant error – Human error – Bona fide mistake – penalty not leviable

    By AJAY R. SINGH
    Advocate
    Reading Time 5 mins

    Section 194C, r.w.s. 194-I – Deduction of tax at source – Contractors payment to – Payment was made to agencies towards lounging and catering services provided to customers of airlines as a part of single arrangement – Same would fall under generalised contractual category u/s. 194C

    By AJAY R. SINGH
    Advocate
    Reading Time 5 mins

    The Janalaxmi Co-operative Bank Ltd. vs. The Pr. CIT-1; date of order: 20th May, 2016; [ITA No. 1955/PN/2014; A.Y.: 2010-11; Bench: ‘B’ Pune ITAT] Section 263: Revision – Assessee filed detailed reply to the query raised by AO in respect of interest on NPA – Revision not possible if the AO had taken a view after due consideration of assessee’s submissions

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 147: Reassessment – Notice issued after four years – Original assessment u/s 143(3) – Reopening is based on change of opinion – Reassessment was held to be not valid

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    M/s Lokhandwala Construction Industries Pvt. Ltd. vs. DCIT-9(2); Date of order: 29th April, 2016; [ITA. No. 4403/Mum/2013; A.Y.: 2007-08; Bench: Mum. ITAT] Section 271(1)(c): Penalty – Inaccurate particulars of income – Method of accounting – Project completion method – Dispute is on the year of allowability of claim – Levy of penalty not justified

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 68 – Cash credits – Share application money – Identity, genuineness of transaction and creditworthiness of persons from whom assessee received funds – Allegation by AO about evasion of tax without any supporting evidence, is not justified.

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 45 – Capital gains – Non-compete clause – Transfer of business – Amount is liable to be bifurcated and apportioned – Attributed to the non- compete clause is revenue receipts and remaining was to be treated as the capital receipt taxable as capital gains.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Rectification of mistake – Debatable issue –Adjusting the business loss against capital gain in terms of provisions of section 71(1) of the Act –View once allowed by the AO could not be rectified by him if the issues is debatable. [Section 154]

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    The DCIT vs. Mrs. Supriya Suhas Joshi [ITA No. 6565/Mum./2012; Bench: L; Date of order: 31st May, 2016; Mum. ITAT] Income from salary vis-a-vis income from contract of services – Dual control – Test of the extent of control and supervision

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Dy. Commissioner of Income-tax, Circle-6(3) vs. M/s Graviss Foods Pvt. Ltd. [ITA No. 4863/Mum./2014] Pre-operative expense – New project unconnected with the existing business – Deductible u/s 37(1) of the Act

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    DCIT CC-44 vs. M/s Shreya Life Sciences Pvt. Ltd. [ITA No. 2835/Mum./2014; Bench E; Date of order: 20th November, 2015] Penalty u/s 221(1) r/w/s 140A(3) of the Act – Default on payment of self-assessment tax – Acute financial constraints – Good and sufficient reasons – Penalty deleted

    By Ajay R. Singh
    Advocate
    Reading Time 2 mins

    M/s Siemens Nixdorf Information Systemse GmbH vs. Dy. Dir. of Income Tax (Int’l Taxation) 2(1); [ITA No. 3833/M/2011; date of order: 31st March, 2016; A.Y.: 2002-03; Mum. ITAT] Section 2(14) – Capital asset – Advance given to subsidiary – Loss arising on sale of said asset was held to be treated as short-term capital loss [S. 2(47)]

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Sandu Pharmaceuticals Ltd. vs. Asst. CIT-10(2); date of order: 23rd March, 2016; [ITA. No. 2087/Mum/2012; A.Y.: 2009-10; Mum. ITAT] Section 194H – Tax deduction at source – Manufacture the goods as per the specification – Discount vis-a-vis commission – No principal-agent relationship, hence not liable to deduct tax at source – Consistent view accepted over years

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    ACIT-2(3) vs. M/s Tata Sons Ltd.; date of order: 9th December, 2015; [ITA. No. 1719/Mum/2012, A.Y.: 2004-05; Mum. ITAT]

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Jalaram Enterprises Co. P. Ltd. vs. DCIT [ITA No. 4289/Mum./2014; Bench: J; Date of order: 29th April, 2016; Mum. ITAT] Section 68 – Cash credits – Unsecured loans received – The assessee has proved identity, genuineness of the transaction and the creditworthiness of the lenders – no addition can be made

    By AJAY R. SINGH
    Advocate
    Reading Time 3 mins

    14. Section 271(1)(c) – Penalty – Concealment – Two views are possible – When two views are possible, penalty cannot be imposed

    By AJAY R. SINGH
    Advocate
    Reading Time 3 mins

    Section 40A(9) – Business disallowance – Contribution to a fund created for the healthcare of the retired employees – The provision was not meant to hit genuine expenditure by an employer for the welfare and benefit of the employees

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    ACIT-3 vs. Shree Rajlakshmi Textile Park Pvt. Ltd.; Date of order: 18th October, 2016; [ITA No. 4607/Mum/2012; A.Y.: 2008-09; Mum. ITAT] Section 68: Cash credits – Share application money and share premium – Identity, genuineness of transaction and creditworthiness of persons from whom assessee received funds is proved – Addition u/s 68 is not justified

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    M/s Rohan Projects vs. Dy. CIT-2(2); [ITA No. 306/Pun/2015; Date of order: 9th February, 2017; A.Y.: 2012-13; Mum. ITAT] Income accrual – The income accrues only when it becomes due, i.e., it must also be accompanied by corresponding liability of the other party to pay the amount

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    DCIT-4 vs. M/s Khushbu Industries; Date of order: 19th October, 2016; [ITA. No. 371/Lkw/2016; A.Y.: 2008-09; Lucknow ITAT] Section 151 – Income escaping assessment – Sanction for issue of notice – Section 151(2) mandates that sanction to be taken for issuance of notice u/s 148 in certain cases has to be of Joint Commissioner, reopening of assessment with approval of Commissioner is unsustainable

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    KPMG vs. ACIT; date of order: 18th March, 2016; [ITA No. 1918 & 1480/M/2013; A.Y.: 2008-09; Mum. ITAT]

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    M/s Reliance Fresh Ltd. vs. ACIT-7(2); date of order: 13th July, 2016; [ITA. No. 1661/Mum/2013; A.Y.: 2008-09; Mum. ITAT] Section 37(1) – Business expenditure – Capital or revenue – Assessee wrongly entered the amount as capital in nature in the books – But in its return of income, rightly claimed it as revenue expenditure – Merely because a different treatment was given in books of accounts could not be a factor which would deprive the assessee from claiming entire expenditure as a revenue expenditure

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    The Pr. CIT vs. M/s. Realvalue Realtors (P.) Ltd.; [ITA No. 4836/Mum/2011; Date of order: 30th June, 2016; A.Y.: 2007-08; Mum. ITAT] Section 68 – Cash credit (share capital) – Substantial part share application money was received in earlier assessment year and, thus, it could not be added in impugned A.Y. – Addition deleted

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    DCIT (OSD)-8(2) vs. Hotel Leela Venture Ltd.; Date of order: 28th July, 2016; [ITA No. 617/Mum/2014; A.Y.: 2009-10; Mum. ITAT] Section 115JB of the Act – MAT – Forward foreign exchange contract entered into by assessee could not be considered as contingent in nature as it creates a continuing binding obligation on date of contract against assessee

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Reopening of assessment – Beyond four years – Information from Investigation Wing – Original assessment completed u/s 143(3) – Primary facts disclosed – Reasons cannot be substituted

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    Rakesh Kumar Agarwal vs. ACIT-24(1); [ITA. No. 2881/Mum/2015; Date of order: 14th May, 2015; A.Y.: 2010-11; Mum. ITAT] Section 263 – Revision of orders prejudicial to Revenue – No revenue loss – Assessment was completed after detailed inquiry – Revision on same issue is not valid

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    M/s Sunshine Import and Export Pvt. Ltd. vs. DCIT; [ITA No. 4347/Mum/2015; Date of order: 9th September, 2016; Bench: B; A.Y.: 2008-09 to 2010-11; Mum. ITAT] Section 133A – Survey – Statement of directors of company recorded u/s 133A – No incriminating evidence and material – No evidentiary value – Any admission made in course of such statement cannot be made basis of addition

    By AJAY R. SINGH
    Advocate
    Reading Time 5 mins

    VVF Ltd. vs. DCIT-39; [ITA. No. 9030/Mum/2010; Date of order: 31st August, 2016; A.Y.: 2007-08; Bench: F; Mum. ITAT] Section 37 – Business expenditure – Salary paid to director – The expenditure may be incurred voluntarily and without any necessity – So long as it is incurred for the purposes of business, the same is allowable as deduction

    By AJAY R. SINGH
    Advocate
    Reading Time 6 mins

    Complaint filed u/s 276C (1) of the Act – Wilful attempt to evade tax – Appeal pending before CIT(A) – Criminal proceedings kept in abeyance

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    Condonation of delay – 458 days – Belated appeal against section 263 order before ITAT – Appeal filed after consequential assessment order and dismissal of appeal – Delay condoned on payment of costs

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    Section 69C – Unexplained expenditure – Bogus purchases – Mere reliance by the A.O. on information obtained from the Sales Tax Department, or the statements of two persons made before the Sales Tax Department, would not be sufficient to treat the purchases as bogus

    By AJAY R. SINGH
    Advocate
    Reading Time 4 mins

    [Appellate Tribunal in I.T.A. No. 5535/Mum/2014; Date of order: 11th January, 2017; A.Y.: 2003-04; Bench ‘F’ Mum.] Appeal u/s 260A – Penalty u/s 271(1)(c) – The question relating to non-striking off of the inapplicable portion in the section 271(1)(c) show cause notice goes to the root of the lis and is a jurisdictional issue – Issue can be raised first time before High Court – Penalty cannot be imposed for alleged breach of one limb of section 271(1)(c) of the Act while proceedings are initiated for breach of the other limb of section 271(1)(c) – Penalty deleted

    By Ajay R. Singh
    Advocate
    Reading Time 12 mins

    DCIT-1(1) vs. M/s Ami Industries (India) Pvt. Ltd. [ITA No. 5181/Mum/2014; Date of order: 28th August, 2016; A.Y.: 2010-11; Mum. ITAT] Section 68 – Share application money – The assessee had furnished PAN, ITR of the investors to prove genuineness of the transactions – For credit worthiness of the creditors, the bank accounts of the investors showed that they had funds – Not required to prove ‘source of the source’ – Addition is justified [PCIT vs. NRA Iron & Steel 412 ITR 161 (SC) distinguished]

    By Ajay R. Singh
    Advocate
    Reading Time 7 mins

    M/s JSW Steel Ltd. vs. Dy. CIT; [ITA Nos. 33, 34 & 35/Mum/2015; Date of order: 28th September, 2016; A.Y.: 2008-09; Mum. ITAT] Section 153A – Once the assessment gets abated, the original return filed u/s 139(1) is replaced by the return filed u/s 153A – It is open to both parties, i.e., the assessee and Revenue, to make claims for allowance or disallowance – (Continental Warehousing Corporation 374 ITR 645 Bom. referred)

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Reopening – Beyond four years – Assessment completed u/s 143(3) – A mere bald assertion by the A.O. that the assessee has not disclosed fully and truly all the material facts is not sufficient – Reopening is not valid

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    ITP-3(1)(4) vs. M/s Everlon Synthetics Pvt. Ltd. [ITA No. 6965/Mum/2013; Date of order: 23rd May, 2016; A.Y.: 2006-07; Mum. ITAT] Section 147: Reassessment – Within four years – Regular assessment u/s 143(3) – Issue of one-time settlement with bank and consequential relief granted by the bank was discussed and deliberated by the AO – Reopening notice issued on same ground is bad in law

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Reopening – Capital gains arising on conversion of the land into stock-in-trade – Closing stock has to be valued at cost or market price whichever is lower – No reason to believe income had escaped assessment – Reopening bad in law: Sections 45(2) and 147 of the Act

    By Ajay R. Singh
    Advocate
    Reading Time 19 mins

    Section 28(iv) – Waiver of loan

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    Revision – Limited scrutiny case – CIT cannot exercise the power of revision u/s 263 to look into any other issue which the A.O. himself could not look at

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    [ITAT, Chennai ‘B’ Bench, dated 20th March, 2008 in ITA Nos. 1179/Mds/2007, 1180/Mds/2007 and 1181/Mds/2007; Chennai ‘B’ Bench, dated 18th May, 2009 in ITA No. 998/Mds/2008 for the A.Ys. 1999-2000, 2000-2001, 2001-2002 and 2005-2006, respectively] Letting of immovable property – Business asset – Rental income – ‘Income from Business’ or ‘Income from House Property’

    By Ajay R. Singh
    Advocate
    Reading Time 10 mins

    [Income Tax Appellate Tribunal, ‘C’ Bench, Chennai, dated 20th April, 2017 made in ITA Nos. 1871/Mds/2016, 2759/Mds/2016 and 1870/Mds/2016; A.Ys. 2007-2008 and 2008-2009] Reassessment – Reopening beyond four years – Original assessment 143(3) – TDS not deducted – Auditor responsibility vis-a-vis audit report – failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    [Income Tax Appellate Tribunal, Chennai ‘A’ Bench; dated 24th July, 2006, passed in I.T.A. Nos. 490/MDS/2000, 352/MDS/2000 and 353/MDS/2002 for A.Ys. 1996-1997, 1997-1998 and 1998-1999] Business expenditure – Provision made for site restoration – Contingent liability – Commercial expediency – Allowable expenditure u/s 37

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    Sections 153A, 153C search assessments – A statement recorded u/s 132(4) has evidentiary value but cannot justify the additions in the absence of corroborative material – No opportunity to cross-examine the said witness

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Direct tax Vivad se Vishwas – Appellant – Communication of assessment order – Order must be served in accordance with section 282 of the Act – Time limit to file appeal had not expired as petitioner had not received the assessment order

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Revision u/s 263 – Inquiry conducted by the A.O. – Inadequacy in conduct of inquiry – Revision bad in law

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Immunity u/s 270AA – No bar or prohibition against the assessee challenging an order passed by the A.O. rejecting its application made under sub-section 1 of section 270 AA – Application u/s 264 against rejection of such application maintainable

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 148 read with section 148-A – Notice u/s 148 issued post 1st April, 2021 – Conditional legislation – The Notifications dated 31st March, 2021 and 27th April, 2021 whereby the application of section 148, which was originally existing before the amendment was deferred, meaning the reassessment mechanism as prevalent prior to 31st March, 2021 was saved by the Notification

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    Faceless Assessment u/s 144B – Personal hearing demanded by assessee on receipt of show cause notice-cum-draft assessment order – No personal hearing granted – Final assessment order passed – Liable to be set aside

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Offence and prosecution – Wilful attempt to evade tax – Section 276C, read with section 132

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 147 – Reassessment – Oversight, inadvertence or mistake of A.O. or error discovered by him on reconsideration of same material is mere change of opinion and does not give him power to reopen a concluded assessment

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Reopening of assessment – Information of shell companies – Right to cross-examination – Violation of the principle of natural justice – These pleas to be raised at time of reassessment – Reopening justified

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Reopening of assessment – Beyond four years – Precondition – Failure on part of the assessee to disclose fully and truly all material facts necessary – No power to review

    By Ajay R. Singh
    Advocate
    Reading Time 12 mins

    Vivad Se Vishwas – Pending appeal – Application for condonation of delay pending before CIT(A) – Notice of hearing issued – Application under VSV rejected by Pr. CIT on the ground that appeal was not admitted – Held not justified

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Reopening notice u/s 148 – Notice issued to non-existing entity – Notice could not be corrected u/s 292B

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    Reopening of assessment – Precondition to be satisfied – Reasons recorded cannot be substituted

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Vivad se Vishwas Scheme – Objective of scheme – Beneficial nature – Search case – Circulars are to remove difficulties and to tone down the rigour of law and cannot be adverse to the assessee

    By Ajay R. Singh
    Advocate
    Reading Time 9 mins

    Revision u/s 264 – Offering income inadvertently – Not liable to be taxed – Revision provisions are meant for the benefit of the assessee and not to put him to inconvenience – Commissioner should have examined the existing material in the light of Circular No. 14 (XL – 35) of April, 1955 and Article 265 of the Constitution of India

    By Ajay R. Singh
    Advocate
    Reading Time 9 mins

    [DCIT vs. S.R.A. Systems Ltd.; ITA Nos. 1497 to 1499/Mds/2009, A.Y. 2000-01 to 2001-02 (Mds.) ITAT] Section 234D – Levy of interest u/s 234D came into force from 1st June, 2003 – Prospective nature – After the commencement of the assessment year – Interest could be levied only from 1st April, 2004, i.e., from the A.Y. 2004-05 – The law to be applied is the law as on the date of commencement of the assessment year and not the change in law amended subsequent to that date Deduction u/s 10B – Undertaking – Not be formed by splitting up or reconstruction of a business already in existence – Merely by shifting business from one place to another and keeping some of the plant and machinery as those were bearing charge of financial institution – Clauses (ii) and (iii) of sub-clause (2) to section 10A were not violated

    By Ajay R. Singh
    Advocate
    Reading Time 8 mins

    Section 220 – Collection and recovery of tax – Assessee contended that total demand was to be kept in abeyance till disposal of appeal by CIT(A) – It was noted that said addition was made primarily on basis of statement – No cross-examine granted – Thus making additions to income of assessee was highly questionable – Financial hardship to meet demand even to extent of 20% – The entire demand was to be kept in abeyance till disposal of appeal on merits by CIT(Appeals)

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    Section 44AD – Eligible assessee engaged in an eligible business – Partner of firm – Not carrying on business independently – Not applicable

    By Ajay R. Singh
    Advocate
    Reading Time 7 mins

    Vivad se Vishwas sections 2(1)(o) and 9(a)(ii) – Prosecution – Pending prosecution for assessment year in question on an issue unrelated to tax arrears – Holding that an assessee would not be eligible to file a declaration would defeat very purport and object of Vivad se Vishwas Act – Question No. 73 vide Circular No. 21/2020 dated 4th December, 2020 is not in consonance with section 9(a)(ii) of Vivad se Vishwas Act

    By Ajay R. Singh
    Advocate
    Reading Time 10 mins

    Waiver of interest – Charged u/s 215 –The phrase ‘regular assessment’ means first order / original assessment

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    Reopening of assessment – Within 4 years – Regular assessment completed u/s 143(3) after verifying the issue – Changing of opinion – Reopening bad in law

    By Ajay R. Singh
    Advocate
    Reading Time 6 mins

    S. 148 – Reopening of assessment – Non-application of mind by AO while recording the reasons – Non-application of mind by PCIT while granting approval u/s. 151 of the Act – CBDT directed to train their officers

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    S. 148 – Reopening of assessment – Within 4 years – original assessment completed u/s. 143(3) – Change of opinion on the same set of facts – Not permissible

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    S. 179 r.w.s. 264 – Non speaking order – without any reasons – Orders set aside

    By Ajay R. Singh
    Advocate
    Reading Time 2 mins

    S. 195 – Deduction at source – Non-resident – Lower deduction of tax – Indexation – Binding precedent – Order of Tribunal is binding on lower Authorities – Capital gains – Cost of acquisition of the property in the hands of seller is deemed to be the cost for which the said property was acquired by previous owner – Excess tax paid by the Petitioner was directed to be refunded with interest.

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    S. 80IB (10) – Housing Project – commencement of development of residential project – Date of approval/ sanction – Developer – Eligibility

    By Ajay R. Singh, Advocate
    Reading Time 7 mins

    S. 264 – Revision – Maintainability – Error / Mistake committed by assessee – Application maintainable

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Sec 68 – unsecured loans – Enquiry conducted by AO – identity and creditworthiness of the creditors and the genuineness of transaction established

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    S. 271(1)(c) – Penalty – concealment of income – inaccurate particulars of income – mistake committed in calculation

    By Ajay R. Singh
    Advocate
    Reading Time 5 mins

    Section 264 – Revision Application – Re-computation of capital gain due to subsequent event – Duty of the revenue to compute the correct income and grant the refund of taxes erroneously paid by an assessee

    By Ajay R. Singh
    Advocate
    Reading Time 11 mins

    S. 263 – Revision – Notice – the opportunity of hearing – distinguished Apex court decision in case of “CIT v/s. Amitabh Bachchan [2016] 384 ITR 200 (SC)”

    By Ajay R. Singh
    Advocate
    Reading Time 4 mins

    S. 245 – Adjustment of refund – Intimation to assessee – Must

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Natural Justice – opportunity of hearing – Personal hearing through video conferencing denied – Matter Remanded

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    S. 254(2) – Rectification of mistake apparent on record – ITAT –- Not following coordinate bench decision in assessee’s own case

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    S. 148A r.w.s. 149 – Reopening of assessment – A.Y. 2014-15 – Effect of SC Judgement in case of Ashish Agarwal dated 4th May, 2022 and Board’s Circular dated 11th May, 2022 – Where the income of an assessee escaping assessment to tax is less than Rs. 50,00,000 – Reopening not justified

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    S. 148A(d) – Reopening of assessment – Impugned SCN as well as the impugned order u/s 148A(d) of the Act are based on distinct and separate grounds – Information referred in SCN not provided to Assessee

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    S. 68 – Identity, creditworthiness and genuineness of the transactions of purchases – Concurrent finding of the fact recorded by both the authorities- sales and purchase transactions, transfer pricing report at arm’s length and book results declared accepted – No substantial question of law arises for consideration

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    S. 260A – Additional grounds of appeal raised before High court – Revision order u/s 263 passed in case of dead person – Matter remanded

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 148A – Reopening of assessment – Notice u/s 148A(b) – Firm Dissolved – duly intimated the department – Transaction duly recorded in proprietorship concern – Matter remanded for fresh consideration

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Disallowance u/s 14A – dividend income – from an overseas company in Oman – no tax is payable on the said dividend in Oman and India – Total income – Section 14A would not be attracted

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Statement recorded – peak credit calculated by the tax authorities – assessee offered the same and paid taxes – Department wanted to bifurcate the disclosed amount in two A.Ys – tax rate in both the A.Ys is the same and there is no loss to the revenue

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Offence and prosecution – Failure to furnish return of income – delay of 72 days in filing of return as requisite documents were not supplied to him despite being demanded – no whisper of evasion of income-tax – cognizance taken by Trial Court for offence of tax evasion u/s 276CC was ex facie erroneous.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Business expenditure – Corporate Social Responsibility (CSR) – Explanation 2 was inserted in Section 37 by Finance (No.2) Act, 2004 w.e.f. 1st April, 2015.

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    Stay of demand – open to the tax authorities to grant stay against recovery of demand on deposit of a lesser amount than 20 per cent of the disputed demand, pending disposal of appeal

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 119(2) — Application for carried forward of losses made to CBDT — Unreasoned Order passed rejecting the application — Reasons cannot be supplemented — Remanded for reconsideration.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 245HA — Settlement Commission — paying additional tax and interest on the income disclosed — Additional tax had to be calculated and paid by the Petitioner on such application.

    By Ajay R. Singh, Advocate
    Reading Time 8 mins

    Section 263 — Revision ­­— Erroneous and prejudicial to the interest of revenue where two views are possible — Assessment Order cannot be said to be erroneous.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 143(3), r.w.s 144B – Show Cause Notice – two days’ time to file response – violated the mandate of Circular dated 3rd August, 2022 – reasonable opportunity of filing a response should be provided – minimum of seven days period.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 279 (2) of the Act – Section 276B, r.w.s. 278B –compounding of offence – Application filed after conviction – guidelines for compounding offence – cannot override the provisions of the statute i.e. Section 279

    By Ajay R. Singh, Advocate
    Reading Time 13 mins

    Section 264 – Revision – amount had been taxed twice – powers under section 264 of the Act were not limited to correcting any errors committed by the authorities but also extended to errors committed by the assessee.

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    Unaccounted income – Bogus Long Term Capital Gains – Concurrent finding of fact – No substantial question of law :

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 148 –Reopening – beyond the period of four years – Approval for issuance of notice:

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 153 – Assessment barred by limitation – Refund of the taxes paid

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 179 – Recovery proceedings against the Director of the company – Taxes allegedly due from the company – gross neglect, misfeasance or breach of duty on the part of the assessee in relation to the affairs of the company not proved

    By Ajay R. Singh, Advocate
    Reading Time 9 mins

    Section 197: Withholding tax certificate – Non application of mind – Binding effect of the Supreme Court judgement – merely filing/pendency of the review petition will not dilute the effect of the decisions

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    [Arising from order dated 13th April, 2011 passed by the Income Tax Appellate Tribunal, “B” Bench, Kolkata (Tribunal) in ITA No. 92/Kol/2010 A.Y.: 2005-06. ] Section 28 viz a viz 45: Development agreement – capital gain or income from business:

    By Ajay R. Singh
    Advocate
    Reading Time 3 mins

    [Arising out of order dated 9th February, 2022 passed by the ITAT “C” Bench Kolkata in ITA Nos. 87/Kol/2019 A.Y. 2015-2016] Section 50C: Compulsory acquisition of a capital asset being land or building or both – No room to suspect the correct valuation – the provisions of Section 50C will not be applicable:

    By Ajay R. Singh, Advocate
    Reading Time 11 mins

    Exparte order – Stay of Demand – CBDT instructions dated 31st July, 2017 – Averment made that addition was unsustainable – PCIT to pass speaking order on the contentions raised in the application:

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 127 – Transfer of case – Instructions of CBDT dated 17th September, 2008 – cogent material or reasons, for the transfer of the case should be disclosed – request for transfer of jurisdiction is not binding:

    By Ajay R. Singh, Advocate
    Reading Time 8 mins

    Section 263 – Revision – interest under section 244A on excess refund – where two views are possible – Order cannot be stated to be erroneous or prejudicial to interest of revenue.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 147 r.w.s 148 – Reopening of assessment – Based on TPO report – Reference to the Transfer Pricing Officer to determine Arms’ Length Price cannot be initiated, in the absence of any proceeding pending before the AO – Reference for determination of Arms’ Length Price cannot precede the initiation of assessment proceedings.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins

    Section 154(1A) & 154(7) — Rectification of mistake — Limitation period — Order giving effect to the Appellate order — Issue sought to be rectified not subject matter of appeal — Period of limitation will be reckoned from the date of original assessment order in respect of points not subjected to appellate jurisdiction.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 244A: Refund — Interest — Till actual date of payment — CPC failed to follow directions of Hon’ble Court — Contempt notice issued for non-compliance.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Bogus Purchase — The profit element embedded in such purchases should be added to the income of assessee — Question of fact — No substantial question of law arises.

    By Ajay R. Singh, Advocate
    Reading Time 2 mins

    Section: 276B r.w.s 278B of the Act — Offence and prosecution — Prosecution to be at the instance of Chief Commissioner / Commissioner (Compounding of Offences) — Whether there is no limitation provided under sub-section (2) of section 279 for submission or consideration of compounding application.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 68 of the Act — Long term capital gain treated by AO as unexplained cash credit.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 148A — Reopening — Incorrect information — Non-application of mind by Assessing Officer — Notice u/s. 148A(b) as well order u/s. 148A(d) bad in law.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 254: Nonspeaking and Cryptic order — No reasons stated by ITAT — Matter remanded to rehear.

    By Ajay R. Singh, Advocate
    Reading Time 2 mins

    Section 263: Revision — Erroneous and Prejudicial to the interest of Revenue — Show Cause Notice (SCN) — Issue not raised in SCN — No opportunity provided — Order cannot be erroneous.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Revision u/s. 264 — Powers of Commissioner are not limited to correct an error committed by subordinate authorities but could even be exercised where errors are committed by the assessee — Assessee filed an applicationunder Section 154 and first time claimed indexcost of improvement being renovation expenses which was not claimed in original return of income

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 148A and 151: Reassessment — Change of opinion — Tangible material — Reasons/ information cannot be substituted or modified

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 271(1)(c): Penalty — Concealment of income — Full disclosure of facts — No facts concealed or hidden — Penalty cannot be levied for difference in the opinion

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    TDS ­­­— Technical services — Contracts — Principle of indivisibility of a contract — Taxing authorities should not overlook the dominant object of the contract — The assessing authority should not break down the indivisibility or composite nature and character of the contract

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 9 mins

    Section 148: Reassessment — No new facts — merely to investigate and make enquiry — Not justified — Arbitration Award — Consent term — Amount received in full and final settlement of all disputes and claims raised in regards to firm / Will etc. — Income not chargeable to tax

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 17 mins

    Sec 271(1)(c) — Penalty — Mistake while uploading the return — no intention of furnishing any inaccurate particulars or concealment of income

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 4 mins

    Section 254(2): Misc Application — mistakes in the order — No opportunity given to assessee to argue alleged violation of rule 46A — In interest of justice matter remanded to CIT(A)

    By K. B. Bhujle | Ritu Punjabi, Advocates
    Reading Time 5 mins

    Section 11(1A) – Charitable trust – Permission from the Charity Commissioner before disposing of its property.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 36(1)(iii): Interest free advance to subsidiary – for the purpose of business – allowable.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 148A – Reassessment –Sanction – Non Application of mind.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Sec 147 — Reassessment — Income Declaration Scheme, 2016 (“IDS, 2016”) — having issued a certificate under the IDS, 2016, after verifying the details filed by Petitioner, the declaration cannot be the basis to reopen the assessment of Petitioner.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins

    Sec 144C(2) — Draft Assessment Order — Due to oversight / inadvertence Petitioner did not inform the AO within 30 days period prescribed under sub-section (2) of section 144C of the Act that it had filed objection — AO passed assessment order unaware of the objection filed before DRP.

    By Ajay R. Singh, Advocate
    Reading Time 2 mins

    Penalty u/section 271(1)(c) — Furnished inaccurate particulars of income — disallowance of claim of deduction u/s 36(i)(viii) of the Act.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Bogus purchases — red flagged by the Sales Tax Department — No disallowance warranted without bringing on record any other evidence to prove that the purchases made by assessee were not genuine.

    By Ajay R. Singh, Advocate
    Reading Time 2 mins

    Section 119 — CBDT — Pedantic and narrow interpretation of the expression ‘genuine hardship’ to mean only a case of ‘severe financial crises’ is unwarranted — the legislature has conferred power on CBDT to condone the delay to enable the authorities to do substantive justice to the parties by disposing the matter on merits: Section 154 — Rectification of mistake — An error committed by a professional engaged by petitioner should not be held against petitioner — Non disposal of application for six years — the PCCIT to take disciplinary action against JAO for dereliction of duty.

    By Ajay R. Singh, Advocate
    Reading Time 10 mins

    Section 151, r.w.s 147 and 148 of the Act — Reopening of assessment — Beyond three years — Sanction for issue of notice — Appropriate authority for issuance of notice under Sections 148 and 148A(b) should have been either Principal Chief Commissioner or Principal Director General, or in their absence, Chief Commissioner or Director General – Principal Commissioner of Income Tax, do not fall within specified authorities outlined in Section 151.

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 132 of the Act — Search and seizure — Condition precedent — Revenue authorities must have information in their possession on basis of which a reasonable belief can be formed — Contents of satisfaction note did not disclose any information which would lead authorities to have a reason to believe that any of contingencies as contemplated by Section 132(1)(a) to (c) were satisfied — Search and seizure action was to be quashed and set aside.

    By Ajay R. Singh, Advocate
    Reading Time 11 mins

    Section – 220(6) — Stay application — Rectification application —Adjustment of a disputed tax demand against refunds which were due during pendency of the above application.

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

    Section – 148 — Reassessment — Assessment Year 2013–14 — Search — computation of the “relevant assessment year”.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 148 / 151: Reopening of assessment — Beyond three years — Sanction by the specified authority.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 9(1)(vi): Supply of software — “Royalty” — Article 12 under the Indo-US DTAA.

    By Ajay R. Singh, Advocate
    Reading Time 5 mins

    Section 37: Payments under a Memorandum of Settlement with the trade union — Expenditure not covered by Section 30 to Section 36, and expenditure made for purposes of business shall be allowed under Section 37(1) of the Act.: Section 40A(9) of the Act.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins

    Section 22 vis-à-vis 28 — Income from house property” or “business income” — Rule of consistency — Applicable to tax proceeding

    By Ajay R. Singh, Advocate
    Reading Time 9 mins

    Section 69C — Bogus Purchase — Genuineness of purchase transaction

    By Ajay R. Singh, Advocate
    Reading Time 10 mins

    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

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

    By Ajay R. Singh, Advocate
    Reading Time 6 mins

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

    By Ajay R. Singh, Advocate
    Reading Time 4 mins

    Section 148: Reassessment — Assessment year 2015–16 — Barred by limitation.

    By Ajay R. Singh, Advocate
    Reading Time 3 mins

    Section 119(2)(b) — Condonation of delay on filing return of income — Delay in obtaining valuation report of land during Covid-19 coupled with fact that assessee was posted on Covid duty and death in family — Sufficient reason for condonation of delay.

    By Ajay R. Singh, Advocate
    Reading Time 7 mins
  • Is it fair:

    Is it fair to insist on e-compliance without adequate machinery

    By Devendra Jain, Chartered Accountant
    Reading Time 4 mins

    Is it fair to make amendments that may cause unintended hardship (Sub-clauses (e) and (f) of Section 80IB vis-à-vis sub-clause (c)

    By Achala V. Vaidya
    Chartered Accountants
    Reading Time 4 mins

    IS IT FAIR TO EXPECT AN INDIVIDUAL TO DO TDS (EVEN WITH PRESENT EXEMPTIONS)?

    By C. N. Vaze, Chartered Accountant
    Reading Time 4 mins

    Is It Fair To Ignore Prior Agreement For section 50C of Income-tax Act, 1961? [vis-a-vis section 43CA and section 56(2)(vii)(b)]

    By Akshay Avinash Puranik, Advocate
    Reading Time 5 mins
  • Minutes of Meeting After Vigilance Awareness Week

    COPY OF MINUTES OF INTERACTIVE SESSION WITH THE OFFICIALS AS A PART OF VIGILANCE AWARENESS WEEK

    By AJAI PRATAP SINGH
    Reading Time 15 mins
  • Ombudsman Orders

    Contact details of Income Tax Ombudsman, at different Centres

    By Ashok Dhere, Chartered Accountant
    Reading Time 0 mins

    Redressal of grievances

    By Hardayal Singh, Income Tax Ombudsman, Mumbai
    Reading Time 9 mins

    Order under Clause 12 of the Income Tax Ombudsman Guidelines, 2006

    By Hardayal Singh, Chief Commissioner of Income Tax (Rtd.)
    Reading Time 4 mins

    Reply of BCAS Letter

    By Ashok Dhere, Chartered Accountant
    Reading Time 4 mins
  • Post Budget Memorandum

    Post Budget Memorandum 2016

    By Author
    Reading Time 30 mins
  • Representation

    Representation regarding removal of difficulties in ITR-6 faced by Foreign Companies

    By Nitin P. Shingala
    Reading Time 6 mins
  • Special Leave Petition - An Update

    Section 69 – Treating the long-term capital gain disclosed on the sale of shares as non genuine, bogus and sham transaction – Off market transaction not unlawful

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Section 2(47) r.w.s. 48 – Redemption of preference shares amounts to transfer within meaning of section 2(47) – Held Yes – Assessee would be entitled to benefit of indexation

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Section 68 – Share Application Money & Unsecured loan from family members of directors – Unexplained cash credits

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Section 80IB Deduction – 100% export oriented undertaking – Duty drawback receipt, duty drawback receipt not derived from industrial undertaking –

    By Ajay R. Singh Advocate
    Reading Time 3 mins

    Section 271(1)(c) – Where assessee’s claim for deduction under section 80-IB was rejected for not satisfying conditions u/s. 80-IB(7A), penalty u/s. 271(1)(c) was not leviable

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Special Leave Petitions – An Update

    By Ajay R. Singh, Advocate
    Reading Time 26 mins

    Interpolation of seized material – There are no other materials – Notings recorded on the seized material found with the searched person other than the assessee- SLP Dismissed-

    By Ajay R. Singh Advocate
    Reading Time 2 mins

    Trust – forfeiture of exemption for breach of section 13(1)(d) – proviso to section 164(2) – levy of maximum marginal rate of tax only to that part of the income which has forfeited exemption – It does not refer to the entire income being subjected to maximum marginal rate of tax – SLP Dismissed

    By Ajay R. Singh Advocate
    Reading Time 3 mins

    Additional Evidence – Sub-rule (3) of Rule 46AOpportunity of hearing should be provided, to the Assessing Officer to examine the additional documents – SLP Dismissed

    By Ajay R. Singh Advocate
    Reading Time 4 mins

    Techinical services – transmission of electricity – Without any human intervention – No TDS u/s 194J – SLP Dismissed

    By Ajay R. Singh Advocate
    Reading Time 5 mins

    Infrastructure Facility – Deduction u/s 80-IA(4) whether admissible to inland container depots and inland freight stations – SLP Granted-

    By Ajay R. Singh Advocate
    Reading Time 3 mins
  • Spotlight: Part A

    87. CBDT issues instructions for relaxing the time frame prescribed u/s. proviso to s/s. 2 of Section 143(1) relating to the date of processing refunds. This would be applicable in cases where the return of income has been filed within the time frame prescribed. Refund is due to the assessee but due to technical reasons not attributable to the assessee, the return has not been processed – Instruction no 18/2013 dated 17th December 2013 (F.No. 225/196/2013-ITA -II) -copy available on www. bcasonline.org

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    88. CBDT has issued a letter to all the Chief Commissioners of income- tax clarifying certain issues and laying down important directives for smooth implementation of Safe Harbour Rules which were earlier prescribed – Letter dated 20-12-2013 F.No. 500/139/2012/FTD-1 copy available on www.bcasonline.org

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    1. Agreement for Avoidance of double taxation and Prevention of fiscal evasion with respect to taxes on income between Government of the Re-public of India and the Government of Republic of Fiji enters into force on 12th August 2014 – Notification No. 35/2014/F.No.503/11/2005/-FTD-11 dated 12th August, 2014

    By Pinky Shah, Sonalee Godbole, Chartered accountants
    Reading Time 1 mins

    2. Extension of due date of filing of the return of income – Order F. No. 225-268-2014-ITA.II dated 16th September, 2014

    By Pinky Shah, Sonalee Godbole, Chartered accountants
    Reading Time 1 mins

    3. Agreement for Avoidance of double taxation and Prevention of fiscal evasion with respect to taxes on income between Government of the Republic of India and the Royal Government of Bhutan enters into force on 17th July, 2014 – Notification No. 42 dated 5th September, 2014

    By Pinky Shah, Sonalee Godbole, Chartered accountants
    Reading Time 1 mins

    4. CBDT notifies norms for procedure and criteria for compulsory manual selection of cases for scrutiny during Financial Year 2014-2015 – Instruction No. 6 dated 2nd September, 2014

    By Pinky Shah, Sonalee Godbole, Chartered accountants
    Reading Time 2 mins

    The CBDT has made the following amendments vide the Income-tax (Eighth Amendment) Rules, 2011 with effect from 1st November 2011

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 15/2012 [F.No. 149/21/2010- S.O. (TPL)]/S.O. 694 (E), dated March 30, 2012 — Income-tax (fourth amendment) Rules, 2012 — Amendment in the New Appendix I.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Instructions regarding e-payment of ITAT fees: Office order [F. No. 19-AD(ATD)/2012 dated 13-12-2012 (Reproduced)

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Assessment of preceding years in search cases during election period – Circular No. 10/2012 dated 31-12-2012

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    No deduction of TDS u/s. 197A in certain specified cases –Notification no. 56/2012 DATED 31-12-2012

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Extension of time limit for filing ITR V – Notification no. 1/2013 under the CPR Scheme 2011 dated 7-1-1203

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Protocol amending the DTAA between India and Netherlands notified with effect from 2nd November 2012 signed – Notification no. 2/2013 dated 14-1-2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 14/2012 (F.No. 142/31/2011- TPL)/S.O. 626 (E), dated March 28, 2012 — Income-tax (third amendment) Rules, 2012 — Amendment in Rule 12 and substitution of Forms ITR 1, ITR 2, ITR 3 ITR 4S, ITR 4 and ITR V.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Circular on issuance of TDS Certificates in Form No. 16A downloaded from TIN Website.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification no- 52/2012 [S.O.2805(E)] dated 29th November 2012, Income tax (Fifteenth Amendment) Rules, 2012 – Amendment in Rules 11U and 11UA

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Insertion of Rule 40BA and Form No. 29C — Notification No. 60/2011 [F. No. 133/70/2011- SO(TPL), dated 1-12-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Clarifications regarding deduction for software related expenses – Circular 1/2013 dated 17-1-13

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 – Notification No. 03 /2013 dated 15th January 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Clarification regarding selection of profit split method as most appropriate method – Circular 2/2013 dated 26th March, 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Clarification regarding conditions relevant to identify development centres engaged in contract R & D services with insignificant risk – Circular 3/2013 dated 26th March, 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Checklist received from CIT (TDS), Mumbai listing basic details to be submitted alongwith the application u/s. 197 for lower deduction/ Nil deduction of tax at source.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    DTAA between India and Malaysia – Notification no. 7 dated 29th January, 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    TDS related New forms and formats introduced – [Notification No.11/2013/F.No. 142/31/2012-SO (TPL)] dated 19th February 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    India Luxembourg Social Security Agreement signed : Press Release dated 30-9-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Procedure for representation before BIFR and AAIFR : Circular No. 5/2009, dated 2-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Waiver of penalty in certain cases for non-filing of returns within prescribed time : Trade Circular No. 21T of 2009, dtd. 4-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Amendment to Rule 58 by inserting Sub-Rule (1A) : Notification No. VAT-1507/CR-53/Taxation-1, dated 1-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Maharashtra Value Added Tax (2nd Amendment) Rules, 2009 : Notification No. VAT-1509/CR-16/Taxaion, dated 18-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 : Notification No. VAT-1509/CR-78/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Concessional rate for sales by a registered dealer to the Department of Space, Government of India of goods used in Satellite Launch System : Notification No. VAT-1509/CR-81-A/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Nil rate of tax for solar energy devices : Notification No. VAT-1509/CR-81-B(1)/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Amendment to the Notification No. VAT-1505/CR-237, dated 17-10-2005 regarding mobile phones : Notification No. VAT-1509/CR-81-E/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Exemption to some clubs and associations : Notification No. 16/2009-Service Tax, dated 7-7-2009 w.r.t. sub-clause (zzze) of clause (105) of S. 65.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 17/2009-Service Tax, dated 7-7-2009 : Services received by exporters exempted.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 18/2009-Service Tax, dated 7-7-2009 : w.r.t. sub-clause (zzb) and (zzp) of clause (105) of S. 65.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 19/2009-Service Tax, dated 7-7-2009 : w.r.t. sub-clause (zzb) and (zzp) of clause (105) of S. 65.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 20/2009-Service Tax, dated 7-7-2009 : w.r.t. sub-clause (n) of clause (105) of S. 65.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 21/2009-Service Tax, dated 7-7-2009 : Amendments in Notification No. 1/2002-Service Tax, dated 1-3-2002.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    TDS on commission paid by MTNL/BSNL to owners of PCO under Section 194-H of Income-tax Act, 1961 —Instruction No. 03/2009, dated 8.5.2009 (reproduced) — [F. No. 275/15/2002-IT(B)]

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Press Release dated May, 15th 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Press Release No. 402/92/2009 — MC (11 of 2009), dated 11.5.2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarifications on the amendments/introduction of the new TDS/TCS provisions vide Notification No. 31/2009, dated 25 March 2009 — Circular No. 2/2009, dated 21 May 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 4 mins

    Miscellaneous — National Pension Scheme notified with effect from 1 May 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    New Rule 37BB along with new forms for furnishing of information under Section 195(6) of the Act have been prescribed —Notification no. 30/2009, dated 25 March 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Amendments in Income-tax Rules relating to TDS/TCS provisions — Notifi-cation No. 31/2009, dtd. 25th March, 2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Income tax (10th Amendment) Rules, 2009 —Notification 36/2009 dated 13 April 2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    There are certain corrections made in ITR 2 and ITR 5 vide Notification no. 35/2009 dated 13 April 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Income tax (Eleventh Amendment) Rules, 2009 — Notification no. 37/2009 dated 21 April 2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Old circulars on S. 9 of the Act withdrawn — Circular No. 7 /2009, dated 22-10-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Form ‘I’ under Central Sales Tax Act.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Grant of administrative relief to unregistered dealers : Trade Circular No. 20T of 2009, dated 23-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Entry for solar energy devices deleted : Notification No. VAT-1509/CR-81-B(2)/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Adding entries to Medical Device Notification : Notification No. VAT-1509/CR-81-C/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Change in rate and conditions for composition scheme of restaurants, eating house, refreshment room, boarding establishment, factory canteen, clubs, hotels and caterers : Notification No. VAT-1509/CR-81-D/Taxation-1, dated 29-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 22/2009-Service Tax, dated 7-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 23/2009-Service Tax, dated 7-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No.15/2009 — Service Tax dated 20.05.2009. Amendment to Notification No. 9/2009-Service Tax, dated the 3rd March, 2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    CBDT clarification regarding deduction u/s.80IB(10) in respect of undertakings developing housing projects : Instruction No. 4/2009, dated 30-6-2009 (reproduced)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    New Scheme of TDS/TCS procedures deferred till further notice : Press Release dated 30-6-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification for the new procedure prescribed for furnishing the CA certificate/undertaking while making remittance to non-residents — Circular No. 4/2009, dated 29-6-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification on remittances of consular receipts — Circular No. 9/2009, dated 30-11-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification regarding applicability of Section 194J to Third Party Administrators — Circular No. 8/2009, dated 24-11-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    New rules for valuation of perquisites and ESOPs notified — Notification No. 94/2009, dated 18-12-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Income-tax — Instruction No. 6/2009, dated 18-12-2009 F. No. 225/11/2006/ITA. II, Government of India, Ministry of Finance, Dept. of Revenue, CBDT, New Delhi.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 5 mins

    Income-tax — Instruction No. 7/2009, dated 22nd/23rd December, 2009 — F. No. 275/23/2007-IT(B) — Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Income-tax Department’s website has offered a facility to enable the assessees to ascertain whether the Income-tax Department has received ITR V at Bangalore. The procedure is as follows :

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Dispute Resolution Panel Rules, 2009 — Notification No. 84/2009 [F. No. 142/22/2009-TPL], dated 20-11-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Social Security Agreement with Netherlands

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Royalties and fees for technology transfer

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Business/Employment visa

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 71, dated 30-6-2009 : External Commercial Borrowings (ECB) Policy.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 3, dated 17-7-2009 : Deferred payment protocols dated April 30, 1981 and December 23, 1985 between Govt. of India and erstwhile USSR.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 5, dated 22-7-2009 : Issue of Indian Depository Receipts (IDRs).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Refund of service tax paid on taxable services provided in relation to the authorised operations in a Special Economic Zone

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Filing of revised return as advised by auditor in Audit Report

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Pending ‘Ps’ under B.S.T & C.S.T. Acts up to P year 2004-05 and instruction for disposal thereof

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Luxury Tax on luxuries provided in hotels from 1.5.2004 to 30.4.2005

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Extension of time for applying for declarations prior to 31/03/08

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Rate of tax on timber is 12.5% from 1st April 2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Settlement system under ACU Mechanism

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Hedging of freight risk by domestic oil-refining, shipping companies and other companies

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Opening of Diamond Dollar Accounts —Liberalisation

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Foreign investment in Print Media dealing with news and current affairs

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Guidelines for calculation of total foreign investment i.e., direct and indirect foreign investment in Indian companies

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Clarificatory guidelines on downstream investment by Indian companies

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 3 mins

    Buyback/Prepayment of Foreign Curren-cy Convertible Bonds (FCCBs)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    On-line downloading of GR Forms

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 70, dated 30-6-2009 : Export of goods and software : Realisation and repatriation of export proceeds : Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    External Commercial Borrowings (ECB) Policy —Liberalisation — Issue of guarantee for operating lease

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Foreign Direct Investment (FDI) in India — Transfer of Shares/Preference Shares/Convertible Debentures by way of sale — Modified Reporting Mechanism

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Foreign Exchange Management (Deposit) Regulations, 2000 — Loans to Non-Residents/Third Party against security of Non-Resident (External) Rupee Accounts [NR(E)RA]/Foreign Currency Non-Resident (Bank) Accounts [FCNR(B)] — Deposits

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 10, dated 5-10-2009 : Foreign Exchange Management Act, 1999 — Advance remittance for import of services.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 11, dated 5-10-2009 : Issue of Bank Guarantee on behalf of service importers.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Gram Nyayalayas Act, 2008 to become operative from 2nd October 2009 — Press Release dated 29-9-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    External Commercial Borrowings (ECB) Policy — Liberalisation

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    New rates of profession tax prescribed w.e.f. 1-7-2009 in Maharastra.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Reading Time 1 mins

    Establishment of Branch Office (BO) / Liaison Office (LO) in India by Foreign Entities – Eligibility Criteria and Procedural Guidelines

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Clarification by CBDT that filing of an application to the Dispute Resolution Panel is optional (reproduced hereunder for ease of reference)

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Diplomatic Authorities of Republic of South Africa deleted. Notification No. VAT/1509/CR-9/Taxation1, dated 18-2-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification regarding eligibility of deduction u/s.80C of the Act for investment under Jeevan Akshay-VI — Notification No. 34/2010, dated 19-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 54, dated 26-5-2010 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Company Law Settlement Scheme, 2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Easy Exit Scheme, 2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Enhancement of Disclosure Requirements in Offer Document

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Conditions of listing for issuers seeking listing on SME Exchange

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    The Double Tax Avoidance Treaty and Protocol signed between Finland and India on 15-1-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    S. 4 of Payment of Gratuity Act, 1972 is amended.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Classification of New Services notified through Finance Act, 2010 under Export of Services Rules, 2005 — Circular No. 129/11/2010-ST, dated 21-9-2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Clarification regarding certain issues arising out of budgetary changes — D.O. Letter D.O.F. No. 334/03/2010-TRU, dated 1-7-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 4 mins

    Notification No. 1510/CR-90/Taxation-1

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Government amends public shareholding requirement rules.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    New versions

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 531. Legal : 710/(m) dated 23rd July, 2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Form Saral II notified for assessees having income from salary, income from house property (except those having brought forward loss or more than one property) and income from other sources (except those having income from lottery winnings or race horses)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Income earned in foreign countries to be included in the total income of the Resident in India — Notification No. 90/2008 and 91/2008, dated 28-8-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    The Cost Inflation Index has been notified for the financial year 2008-09 as 582 — Notification No. 86/2008 [f. no. 142/8/2008-tpl], dated 13-8-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Miscellaneous

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Procedure for filing TDS returns with insufficient deductee PAN

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Reverse Mortgage Scheme, 2008 — Notification No. 93/2008, dated 30-9-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarifications on TDS from salary for the financial year 2008-09 : CBDT Circular no. 9/2008 dated 29-9-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Notification No. 43/2010 — Service Tax, dated 30-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Article 11 of India Japan modified : Notification No. 96/2008 dated 8-10-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    DTAA signed between India and Tajikistan : Press Release dated 20-11-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Limited Liability Partnership Bill, 2008 passed by Rajya Sabha.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Companies Bill, 2008 introduced in Lok Sabha.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Establishment of Branch Office (BO) / Liaison Office (LO) in India by Foreign Entities – Delegation of Powers

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Liberalization of Foreign Technology Agreement Policy

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Remittance of Salary – Relaxation

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Reading Time 2 mins

    Guidelines on trading of Currency Futures in Recognized Stock Exchanges

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Slum Redevelopment Scheme notified u/s. 80(IB)(10) — Notification 1/2011, dated 5-1-2011.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Amendment in S. 80IB(10) to be with effect from A.Y. 2005-06 onwards — Notification No. 2/2011, dated 5-1-2011.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Mandatory E-filing of returns for all periods from April-2005. Notification No. VAT/AMD-1007/IB/Adm-6, dated 4-3-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    CBDT Circular No. 03/2010 [F. NO. 275/66/2007-IT(B)], dated 2-3-2010 regarding tax deduction at source u/s.194A on payment of interest on time deposits by banks.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Income-tax (First Amendment) Rules, 2010 — Notification No. 9/2010, dated 18-2-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    CBDT Instruction No. 1/2010, dated 25-2-2010 — Processing of returns of A.Y. 2008-09 — Steps to clear the backlog.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    CBDT Instruction No. 3/2010, dated 23-3-2010 — Allowing losses on account of forex derivatives under the Income-tax Act, 1961 — reg — F. No. 225/143/2009-ITA.II.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 4 mins

    Compulsory e-payment of service tax and filing of Notification No. 01/2010 — Dated 19-2-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Extension of date for applying for CST declarations for the periods prior to 1-4-2008 : Trade Circular No. 9T of 2010, dated 12-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Optional scheme for electronic payment of VAT and CST : Trade Circular No. 10T of 2010, dated 15-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Increase in rate of tax Schedule-C — Clarification — Trade Circular No. 11T of 2010, dated 17-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Tax treatment of goods sent to other States — Trade Circular No. 12T of 2010, dated 22-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    VAT-1510/CR 47/Taxation-1, dated 10-3-2010 read with its corrigendum VAT-1510/CR 47/Taxation-1, dated 17-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 36, dated 24-2-2010 — Overseas Investment Application — Online Reporting of Overseas Direct Investment in Form ODI.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 38, dated 2-3-2010 — External Commercial Borrowings (ECB) Policy.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 39, dated 2-3-2010 — External Commercial Borrowings (ECB) Policy.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 40, dated 2-3-2010 — External Commercial Borrowings (ECB) Policy — Structured Obligations.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Scrutiny of FBT returns — Instruction No. 11/2008, F.No.225/44/2008-ITA-II, dated 5-9-2008 (reproduced)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Processing of returns for A.Y. 2007-08 and steps to clear the backlog. Instruction No. 12/2008, F.No.225/106/2008-ITA-II dated 5-9-2008 (reproduced).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 3 mins

    Social Security Agreement signed with Belgium effective from 1-9-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    India and Norway have signed a social security treaty on 29 October 2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta, Sejal Vasa
    Reading Time 1 mins

    Filing of Returns as per the periodicity — Trade Circular No. 19T of 2010, dated 23-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Applicability of the Hon. Supreme Court judgment in the case of M/s. Pee Vee Textiles judgment — Trade Circular No. 20T of 2010, dated 30-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 1510/CR-65/Taxation-1.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta, Sejal Vasa
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 56, dated 28-6-2010 — Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) — Compounding of Contraventions under FEMA, 1999.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 57, dated 29-6-2010 — Export of goods and software — Realisation and repatriation of export proceeds — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 01, dated 13-7-2010 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Changes relating to Company Law for the period 15th June, 2010 to 15th July 2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Renewal of Certified Filing Centres (CFC).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    List of companies that have applied for striking off their names under the Easy Exit Scheme (EES), 2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    E-payment of Stamp Duty.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    New Form 68 (vide Notification GSR 177(E), dated 5-3-2010) pertaining to application for rectification of mistakes apparent on record in e-Form 1A, e-Form 1 and Form 44 with effect from 14-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Updated list of S. 25 companies is available at the following : URL http://www.mca.gov.in/Ministry/pdf/S. 25 — Companies — 6nov2008.pdf

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Criteria for identification of a vanishing company — Clarification on MCA website

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Circular No. 2 of 2010, dated 30-9-2010 issued by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Revision of Form 32 pertaining to change in directors, manager, secretaries (vide Notification GSR 68(E), dated 10-2-2010), with effect from 14-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Clarification on Instruction No. 49 on FTWZ issues — Instruction No. 71, dated 12 November 2010 (reproduced)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Extension of date for physical submission of acknowledgement of audit report in Form 704 — Trade Circular No. 16T of 2010, dated 10-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    The Finance Bill, 2008 received the assent of the President of India on 10th May 2008, after certain amendments to clauses of Finance Bill, 2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Benign Assessment procedure for assesses engaged in diamond manufacturing and/or trading : Instruction No. 2/2008 dated 22-2-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    India has signed a DTAA with Mexico. The said agreement shall enter into force on a date to be notified in due course.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarification on deduction of tax at source on service tax component on rental income u/s.194-I.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Revision of monetary limits for filing appeals by the Income-tax Department before ITAT, HC and SC : Instruction No. 5/2008, dated 15-5-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Post Budget notifications to give effect to the provisions of Finance Act, 2008 (18 of 2008) dated 10-5-2008 (Press release reproduced).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 4 mins

    Amendments to VAT rule for periodicity of filing of returns under Rule 17 of Maharashtra Value Added Tax Rules 2005 : Trade Circular No. 17T of 2008 dated 5-5-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Amendments in the Cenvat Credit Rules, 2004 w.e.f. 1-4-2008 — Clarification about Rule 6 : Circular No. 868/6/2008-CX dated 9-5-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 39, dated 28-4-2008 — Bids in foreign currency for projects to be executed in India.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 40, dated 28-4-2008 — Foreign investment in Credit Information Companies — Amendment to the Foreign Direct Investment Scheme.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 41, dated 28-4-2008 — Foreign investment in Commodity Exchanges — Amendment to the Foreign Direct Investment Scheme.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Notification No. FEMA. 171/2007-RB, dated 10-12- 2007 — Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) (Second Amendment) Regulations, 2007.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Notification No. FEMA. 174/2007-RB, dated 25-11-2007 — Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    The Finance Bill received the Presidential Assent on 8 May 2010 and hence got enacted with effect from 8-5-2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Fresh Additional Relief Package — PIB Press Release No. BY/KP/GN-151/10, dated 29-4-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Clarification regarding eligibility of expenditure pertaining to widening of roads eligible for deduction u/s.80-IA(4)(i) of the Act — Circular No. 4/2010, dated 18-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Janata Personal Accident Policy not liable to service tax — Circular No. 133/2/2011-ST, dated 18-1-2011

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    Fumigation of Export Cargo not a taxable service — Circular No. 132/1/2011-ST, dated 12-1-2011

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    Due date for submission of Audit Report for 2009-10 extended — Trade Circular 3T of 2011, dated 31-1-2011.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    E-payment — Notification No. VAT.1510/CR.165/Taxation-1, dated 20-12-2010.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    Schedule Entry C-39 to include import licences — Notification No. VAT.1510/CR.109/Taxation-1, dated 20-12-2010.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    Set-off on Import Licences, etc. — Notification No. VAT.1510/CR.109-A/Taxation-1, dated 20-12-2010.

    By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Reading Time 1 mins

    Mandatory E-Payment under MVAT and CST Acts, for Quarterly Return filers — Circular No. 21T of 2010, dated 27-9-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Fresh Guidelines for Grant and Disbursement of Refunds — Circular No. 22T of 2010, dated 5-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Mid-Day Meal Scheme — Outdoor catering service provided by a NGO exempted — Notification No. 47/2010, dated 3-9-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Classification of New Services notified through Finance Act, 2010 under Export of Services Rules, 2005 — Circular No. 129/11/2010-ST, dated 21-9-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Revision in powers of adjudication of Central Excise Officers in Service Tax cases — Circular No. 130/12/2010-ST, dated 20-9-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Explanatory notes to the provisions of the Finance Act, 2007 : Circular no. 3/ 2008, dated 12-3-2008

    By Pinky Shah Sonalee Godbole Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarification regarding transactions under Securities Lending and Borrowing Scheme issued by SEBI : Circular No. 2/2008, dated 22-2-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Clarification issued by the Finance Ministry on retrospective amendment to S. 271(1)(c) : Press Release BSC/SS/GN-67/08 dated 14-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Service Tax (Amendment) Rules, 2008 : Notification No. 4/2008-Service Tax dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Export of Services (Amendment) Rules, 2008 : Notification No. 5/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Taxation of Services (Provided from outside India and received in India) Rules, 2006 : Notification No. 6/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Works Contract (Composition Scheme for Payment of Service Tax Amendment) Rules, 2008 : Notification No. 7/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Instruction No. 1829, dated 21st September 1989 laying down guidelines for determining taxability of non-residents from execution of power projects on a turnkey basis stand withdrawn — Instruction No. 5, dated 20-7-2009 (reproduced).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 3 mins

    Service Tax not applicable on commission paid to Managing Director/Director : Circular No. 115/08/2009-ST, dated 31-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Exemption limit for small service providers increased from 8 lacs to 10 lacs with effect from 1 April, 2008 : Notification No. 8/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Clarification regarding Service Tax Refund for export of services : Policy Circular No. 1 (RE-08)/2004-2009, dated 11-4-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Refund of Service Tax paid on taxable services : Instruction F. No. 341/15/2007-TRU, dated 17-4-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Uncertainty over CST rate cut : Maharashtra Govt. asks dealers to continue collecting 3% on interstate sales : Trade Circular No. 14T of 2008, dated 15-4-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    New procedure for issuance of statutory declaration and forms under C.S.T. Act, 1956 : Trade Circular No. 15T.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 36, dated 4-4-2008 — Liberalised Remittance Scheme for Resident Individuals — Reporting.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Bonds u/s.80CCF specified — Notification No. 48/2010, dated 9-7-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 33/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 34/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Employees’ Provident Fund (Third Amendment) Scheme 2008; and Employees’ Pension (Third Amendment) Scheme 2008 : Notification No. F.No. S-35012/05/2008. SS-II dated 1-10-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Exemption to management, maintenance or repair of roads services w.r.t. sub-clause (zzg) of clause (105) of S. 65 — Notification No. 24/2009 — Service Tax, dated 27-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Amendments to Export of Service Rules, 2005 —Notification No. 25/2009-ST, dated 19-8-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Salient features of amendments explained — Trade Circular No. 17T of 2010, dated 17-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 3 mins

    Amendments to MVAT Rules 2005 — Circular No. 18T of 2010, dated 18-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Assessee rendering services in the nature of Modular Employable Skill Course not to pay Service Tax — Notification No. 23/2010-ST, dated 29-4-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    No Service Tax on Re-insurance Commission — Circular No. 120(a)/2/2010-ST, dated 16-4-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    No Service Tax on Container Detention Charges — Circular No. 121/3/2010-ST, dated 26-4-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Clarification regarding availment of credit on input services — Circular No. 122/03/2010-ST, dated 30-4-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 49, dated 4-5-2010 — Notification No. FEMA 205/2010-RB dated 7-4-2010 — Foreign Direct Investment (FDI) in India — Transfer of shares/Preference shares/Convertible debentures by way of sale — Revised pricing guidelines.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 50, dated 4-5-2010 — Release of foreign exchange for visits abroad — Currency component.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 50, dated 4-5- 2010 — External Commercial Borrowings (ECB) Policy.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 50, dated 4-5-2010 — Notification No. G.S.R. 382(E) dated 5-5-2010 — Foreign Exchange Management Act (FEMA), 1999 — Current Account Transactions — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Press Note No. 2 (2010 Series), dated 10-5-2010 — Review of the policy on foreign direct investment in the manufacture of cigarettes, etc.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    SEBI has issued Circular No. CFD/DCR/5/2010, dated 7-5-2010 for making Annual Reports of listed companies easily accessible

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Revised versions of Form 10, Form 17, Form 18, Form 19, Form 1A, Form 1B, Form 2, Form 20, Form 21, Form 3, Form 35A, Form 37, Form 39, Form 5, Form 8, Form 62, Form 68, Form 25A, Form 1 (statement of amounts credited to investor education and protection

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    MCA’s Clarifications on IFRS roadmap in India

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Limit for registration of special category of persons and exemption from registration has been increased from 7 lacs to 9 lacs w.e.f. 1-4-2008 : Notification No. 9/2008, 10/2008 and 11/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Goods Transport Agency service is being excluded from the scope of output service under CENVAT Credit Rules, 2004 : Notification No. 12/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Unconditional exemption from service tax is being provided to the extent of 75% of the gross amount charged as freight for services provided by a goods transport agency in relation to transport of goods by road in a goods carriage : Notification No. 13/20

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    In case of a person located outside India, who for his customer who is also located outside India, books accommodation in hotel in India, then provision of taxable service by such person is exempted from Service Tax : Notification No. 14/2008-Service Tax,

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Service Tax (Publication of Names) Rules, 2008 : Notification No. 15/2008-Service Tax, dated 1-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    E-returns under MVAT : Trade Cir. No. 8T of 2008 No. VAT/AMD-1007/1B/Adm-6 Mumbai, dated 19-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Non-filing of VAT returns : Trade Cir. No. 7T of 2008, dated 5-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Press Note No. 1 (2008), dated 12-3-2008. — Guidelines for Foreign Investment in Credit Information Companies.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Press Note No. 2 (2008), dated 12-3-2008 — Guidelines for foreign Investment in Commodity Exchanges.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Press Note No. 3 (2008), dated 12-3-2008. — Guidelines for Foreign Direct Investment (FDI) in Credit Industrial Parks.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Press Note No. 4 (2008), dated 12-3-2008. — FDI Policy for the Civil Aviation Sector.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Press Note No. 5 (2008), dated 12-3-2008. — Rationalisation of FDI Policy for the Petroleum & Natural Gas Sector.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Press Note No. 6 (2008), dated 12-3-2008. —FDI Policy for mining of titanium bearing minerals and ores.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    CBDT has started issuing Annual Tax Statement to assessees

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Insertion of Rules 37BA and 37I — Income-tax (Sixth Amendment) Rules, 2009, — Notification No. 28/2009, dated 16-3-2009.

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    The Income-tax (Fifth Amendment) Rules, 2009 — Notification No. 24/2009, dated 12-3-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Architects, chartered engineers & licensed surveyors authorised to issue completion certificate in construction services — Service Tax (Removal of difficulty) Order, 2010 No. M.F. (D.R.) Order No. 1/2010, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption in respect of transport of passengers by air service — Notification No. 26/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exeption in respect of air travel from and to specified places — Notification No. 27/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption to construction of complex services to JNNURM & RAY — Notification No. 28/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Marginal relief to buyers of residential, commercial or industrial properties under construction — Notification No. 29/2010 — Service Tax, dated 22-6-2010

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption in respect of specified sponsorship services — Notification No. 30/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption to specified services provided within a port or airport — Notification No. 31/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption to electricity distribution services — Notification No. 32/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Method prescribed for determining the amount of expenditure relating to exempt income : Income-tax (Fifth Amendment) Rules, 2008, dated 24-3-2008.

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Clarification regarding approvals of 100% EOUs for the purpose of deduction u/ s.10B of the Act — Instruction No. 2/2009, dated 9-3-2009 (reproduced).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification from RBI for deduction of tax at source on remittance of foreign exchange for import purposes : No. FE.CO.FID.5759/22.20.001/2007-08, dated 11-9-2007.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarification regarding period of validity of approvals issued u/s.10(23C)(vi) or (via) and u/s.80G(5) of the Act — Circular No. 7/2010, dated 3-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    CBDT Instructions No. F. No. 225/25/2010/ITA.II, dated 10-2-2010 regarding extension of time limit for filing ITR-V forms

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Press Release : Central Board of Direct Taxes — No. 402/92/2006-MC (04 of 2011), dated 12-2-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Instructions No. 2/2011 (F.No. 225/25/2010/ITA-II), dated 9-2-2011 — Processing of returns of A.Y. 2010-11 — Section 143 of the Income-tax Act, 1961 — Steps to —(reproduced)

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 35/2010 — Service Tax, dated 22-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Instruction No. 3/2011 (F. No. 279/MISC. 142/2007-ITJ) dated 9-2-2011 — Appeals and Revision of monetary limits for filing of appeals by the Department before Income-tax Appellate Tribunal, High Courts and Supreme Court — Section 268A of the Income-tax Ac

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 7 mins

    New returns of income notified for A.Y. 2008-09 : Income-tax (Sixth Amendment) Rules, 2008 dated 28-3-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Notification No. 36/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 37/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 38/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 39/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 41/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 42/2010 — Service Tax, dated 28-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Income limits for assigning cases to Deputy Commissioners/Assistant Commissioners, Income-tax officers increased, applicable with effect from 1-4-2011 — Instruction No. 1/2011, dated 31-1-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Norms relaxed for the corporate tax returns : Internal instructions.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Scrutiny of Tax Audit Report during assessment proceedings : Instruction No. 9/2008, dated 31-7-2008 (reproduced below)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Relaxation in the rules for mention of PAN in the TDS returns : Internal instructions.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarification issued by CBDT in connection with TDS on service tax u/s.194J of the Act : Letter F.No./275/3/2007-IT(B), dated 30-6-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Certain clarifications have been issued by RBI to all the banks in connection with TDS on 8% Savings (Taxable) Bonds, 2003 : RBI/2008-2009/121 — Ref. DGBA.CDD. No. H — 1311/13.01.299/2008-09, dated 5-8-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Certain services in connection with sports activities notified u/s.194J : Notification No. 88/2008, dated 21-8-2008 being rendered by the following persons.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Service tax levy on goods transport by road services — Circular No. 104/07/2008-ST, dated 6-8-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Service Tax on movie theatres.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Filing of claim for refund of Service Tax paid under Notification No. 41/2007-ST, dated 6-10-2007. Circular No. 112/2009, dated 12-3-2009 :

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Reference from Commissioner, Nashik, seeking clarification in respect of levy of Service Tax on repair/renovation/widening of roads. Circular No. 110/2009, dated 23-2-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Export of Services Rules, 2005 applicable when benefits accrue outside India Circular No. 111/2009, dated 24-2-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Reduction in Service Tax rate to 10% plus education cess. Notification No. 08/2009-Service Tax, dated 24-2-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Exemption on services provided in relation to the authorised operations in a Special Economic Zone, and received by a developer or units of a Special Economic Zone, whether or not the said taxable services are provided inside the Special Economic Zone

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Amendment in Service Tax Return ST-3 to capture details of Service Tax Return Preparer. Notification No. 10/2009 — Service Tax, dated 17-3-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 37, dated 16-4-2008 — Direct receipt of Import Bills/Documents for Import of Rough Precious & Semi-Precious Stones — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Conditions prescribed to eligibility of the prepaid electronic meal card for FBT purposes u/s.115WB(2)(b)(iii) of the Act : Income-tax (First Amendment) Rules, 2009, dated 5-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Additional procedural conditions prescribed for scientific research association and universities, etc. carrying out such activities : Income-tax (Second Amendment) Rules, 2009, dated 5-12-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Income-tax (Second Amendment) Rules, 2010 — Notification No. 23/2010, dated 8-4-2010. — Valuation Rules

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 22 of 2010; F.No.142/5/2010-SO (TPL), dated 13-4-2010. — Specified Territories for S.90

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 24 vide F. No.164/02/-2008-ITA.I, dated 8-4-2010. — REC Bonds.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Procedure for electronic filing of service tax returns and e-payment of Service Tax — Circular No. 919/09/2010-CX, dated 23-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Declaration to be submitted by specified assessees who were registered before the launch of ACES — Trade Notice No. 1/ ST/ 2010, dated 8-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 20/2010-Service Tax — Dated 30-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 21/2010-Service Tax — Dated 30-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Notification No. 22/2010-Service Tax — Dated 30-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Extension of due date for submission of MVAT Audit Report — Trade Circular No. 13T of 2010, dated 31-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Change in rate of tax — Trade Circular No. 14T of 2010, dated 31-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Adjustment of Refund of F.Y. 2009-10 in F.Y. 2010-11 — Trade Circular No. 15T of 2010, dated 15-3-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Convergence of AS with IFRS:

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 3 mins

    Tax Information Exchange Agreement with Bermuda.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    The interest rate for Employees’ Provident Fund for the financial year 2007-08 has been declared at 8.5% : Notification no. Invst II/(3)(2)133/07-08/ROI/pt, dated 17-7-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Deposits under the National Housing Bank (Tax Saving) Term Deposit Scheme, 2008 eligible investment u/s.80C of the Act — Notification No. 3/2009, dated 5-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Issue of certificate of lower collection of income-tax at source u/s.206C(9) — regarding — Instruction No. 4/2010, dated 21-7-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 3 mins

    Press Release for extension of due date of filing the tax returns of individual taxpayers.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Slum rehabilitation scheme recognised u/s.80IB — Notification No. 67/2010 dated 3-8-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Processing of returns of A.Y. 2009-10 — Steps to clear backlog —Instruction No. 7/2010 dated 16-8-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Age restriction in the Service Tax Return Preparer Scheme, 2009 omitted — Notification No. 44/2010-Service Tax, dated 20-7- 2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    India signed a DTAA with Luxemburg : Press release dated 2-6-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 6, dated August 3, 2009 — Memorandum of Instructions governing money-changing activities

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Additional fees payable as per S. 611(2).

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta, Sejal Vasa
    Reading Time 2 mins

    Managerial remuneration in unlisted companies having no profits/inadequate profits

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Easy Exit Scheme, 2011

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Amendments to Schedule XIII

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Balance sheets of subsidiaries

    By Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Exemption to certain Companies u/s.211(3).

    By Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Exemption to certain companies u/s.211(3) for Public Financial Institutions.

    By Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Wealth Tax (First Amendment) Rules, 2009 — Notification No. 15/2009/F.No.149/144/2008-TPL, dated 30-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Wealth Tax (Second Amendment) Rules, 2009 — Notification No. 16/2009, dated 13-2-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Manner of utilisation of the information collated by the Department from AIR — Instruction No. 1/ 2009, dated 12-2-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Service Tax on Builders.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Service Tax Return Preparer Scheme —Notification No. 7/2009 — Service Tax dated 3-2-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Adjudication of cases by Chief Commissioners Central Excise — Notification No. 6/2009 — Service Tax, dated 30-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Procedure for online submissions for the statutory Forms C/F/H/E I/E II under the CST Act, 1956 : Trade Circular 2T of 2009, dated 23-1-2009 :

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Submission of Audit Report — Form No. 704 for the year 2007-08 extended up to 2-3-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Enrolment for E-services.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Tax Treatment of Goods sent to other States.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Mandatory Filing of E-returns.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Take evidences to the bank while making payments.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Sanction and disbursement of Industrial Promotion Subsidy (IPS) to Mega Projects and Non-Mega Projects under PSI-2001 & PSI-2007, Reconciliation of IPS by Sales Tax Department & Procedure to be followed by the Department.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Advance Fringe Benefit Tax paid to be treated as advance income tax for the FY 2009-2010 – Press Release No. 402/92/2006-MC (07 of 2010) dated 29 January 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Implications of non-availability of PAN of the payee with effect from 1 April 2010 – Press Release No.402/92/2006-MC (04 of 2010) dated 20 January 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Clarifications from CBDT regarding e-payment of taxes — Circular No. 5/2008, dated 14-7-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarifications from CBDT regarding filing of returns of income for the assessment year 2008-09 — Circular No. 6/2008, dated 18-7-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Suspension of collection of taxes during Mutual Agreement Procedure under the India-Danish Double Taxation Avoidance Convention (DTAC) — Instruction No. 7/2008, dated 24-6-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 52, dated 11-6-2008 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and the erstwhile USSR.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 53, dated 27-6-2008 — Overseas Direct Investment by Registered Trust/Society.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 1, dated 11-7-2008 —Security for External Commercial Borrowings — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Press Note 7 (2008) No. 5(10)/2006-FC, dated 16-6-2008 — Consolidated Policy on Foreign Direct Investment.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Tax Treatment of Goods sent to other States:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Refund under MVAT and Bank Guarantee:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Extension of date for Submission of Audit Report for the year 2008-09:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Penalty w.r.t. Revised Return under MVAT Act :

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Clarification regarding Schedule Entry C-70 – Paper:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Electronic Payment under MVAT Act, 2002 and CST Act, 1956:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Procedure for allowing refund of excess credit to exporters made friendly :

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 3 mins

    A. P. (DIR Series) Circular No. 28, dated January 25, 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 30, dated February 01, 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    A. P. (DIR Series) Circular No. 33, dated February 09, 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Press Release by the Press Information Bureau, Government of India, dated February 11, 2010

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 2 mins

    Profession Tax — E-Services Enrolment/Registration

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Optional Composition Scheme for Distributor/Selling Agent of Lottery Notification No. 49/2010-ST, dated 8-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Persons marketing lottery tickets exempted — Notification No. 50/2010-ST, dated 8-10-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Finance Bill (No. 2) of 2009 gets Presidential Assent on 19 August 2009 — [Act No. 33 of 2009]

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Extension of time limit to file ITR V in case E-return filed without digital signature — Press Release, dated 13-8-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    DTAA between India and Tajikistan notified — Notification No. 58/2009-FT and TR-II [F.No. 503/10/95-FT & TR-II], dated 16-7-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Depreciation on new commercial vehicles @ 50% : Income-tax (Third Amendment) Rules, 2009, dated 19-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    TDS time limit under Rule 37A revised — Income-tax (Fourth Amendment) Rules, 2009 dated 21-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    VAT Audit Report for the year 2007-08 can be in Old Form or New Form.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Change in procedure for payments in the absence of TIN.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Trade Circular 1T of 2009, dated 12-1-2009

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Composition rate for a drug retailer —Notification No. VAT/1507/CR-55/Taxation-1, dated 27-11-2008

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    More items added to medical devices — Notification No. VAT.1508/CR-5/Taxation-1 dated 27-11-2008

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    E-filing of Returns — Notification No. VAT/AMD-1007/IB/Adm-6, dated 20-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Exemption to specific services provided to GTA —Notification No. 1/2009 — Service Tax, dated 5-1-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    LLP Act has received the Presidential Assent and has been gazetted on 9 January 2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Annual Detailed Circular on TDS on Salaries for the FY 2009-10 – Circular No. 1/2010 [F.No. 275/192/2009IT(B)], dated 11th January, 2010

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 2/2010 [F. NO. 142/25/2009-SO(TPL)], dated 12th January, 2010

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    CBDT F. NO. 275/70/2009-IT(B)], dated 22nd December, 2009 regarding tax deduction at source u/s 194 on commission/supplementary commission

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Certificate of lower deduction or non-deduction of tax at source u/s 197 of the Act- matter reg. – Instruction No. 7/2009 F. No. 275/23/2007-IT(B)], dated 22nd / 23rd December, 2009

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Scheme for improving quality of assessments regarding – Instruction No. 6/2009 F. No. 225/11/2006-ITA.II], dated 18th December, 2009 –

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Clarification F. No. 404/10/2009-ITCC issued by CBDT dated 1.12.2009

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 10 mins

    Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating of Financing of Terrorism (CFT) / Obligation of Authorized Persons under Prevention of Money-Laundering Act, (PMLA) 2002, as amended by Prevention of Money Laundering Act,

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    External Commercial Borrowings (ECB) Policy

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 2 mins

    Advance Remittance for Import of Rough Diamonds

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Exchange Earner’s Foreign Currency (EEFC) Account – Clarification

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Tarun Ghia
    Nimesh Dedhia
    Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    The Government has signed an agreement with Permanent Court of Arbitration (PCA), the Hague, to open its regional facility in India — Information provided by Shri H. R. Bhardwaj, Minister of Law and Justice, in the Lok Sabha.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Points for Company Law for the period 15th September 2010 to 15th October 2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Mandatory digitally signed e-return for companies — Notification No. 49/2010, dated 9-7-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Effective date for new services — Notification No. 26/2009-ST, dated 19-8-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    Extension of Advance Ruling Schemes to certain categories of Residents — Notification No. 27/2009-ST, dated 2-8-2009.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Nimesh Dedhia, Vijay Kewalramani
    Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 16, dated 16-11-2010 — Reporting Mechanism — Data of Authorised Deler Category-I Branches.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 17, dated 16-11-2010 — Processing and settlement of export-related receipts facilitated by Online Payment Gateways.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Know Your Customer (KYC) Norms/Anti-Money Laundering (AML), Standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendme

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the B

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 3 mins

    Cabinet agreed to amend the DTAA between India and Syria : Press release dated 1-6-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Procedure for selection of cases for ‘scrutiny’ for non-corporate assessees

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 5 mins

    Processing of returns of A.Y. 2007-08 — Steps to clear the backlog — Instruction No. 6/2008, dated 18-6-2008 issued by CBDT.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 42, dated 28-5-2008 — Trade credits for imports into India — Review of all-in-cost ceiling.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 43, dated 29-5-2008 — External Commercial Borrowings Policy — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 44, dated 30-5-2008 — Reporting under FDI Scheme — Revised procedure.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 46, dated 2-6-2008 — External Commercial Borrowings (ECB) by Services Sector — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 48, dated 3-6-2008 — Overseas Investments — Liberalisation/Rationalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 50, dated 3-6-2008 — Export of goods and services — Realisation of export proceeds — Liberalisation.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Income-tax (6th Amendment) Rules, 2010 — Notification No. 41/2010, dated 31-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Gratuity Exemption Limit Enhanced—Notification No. 43, dated 11-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Income-tax (5th Amendment) Rules, 2010 — Notification No. 38, dated 21-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Industrial Park Scheme, 2008 amended — Notification No. 37, dated 21-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Revised Discussion Paper on DTC—

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Explanatory Notes to Finance (no. 2) Act, 2009—Circular No. 5, dated 3-6-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Revised Forms ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V, are notified — Notification No. 33/2010/ F.No.142/12/2010-SO(TPL), dated 11-5-2010.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    Issuing of Tax Clearance Certificates:

    By Pinky Shah
    Sonalee Godbole
    Tarun Ghia
    Brijesh Cholera
    Pratik Mehta
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Definition of ‘Charitable purpose’ u/s.2(15) of the Income-tax Act, 1961 — Circular No. 11/2008, dated 19-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 5 mins

    Income-tax (Eleventh Amendment) Rules, 2008 — Notification No. 107/2008, dated 11-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Clarification on date of filing return of income — Press Release No. BSC/SS/GN- 338, dated 22-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    India-Tajikistan DTAA signed on 20th November 2008. It would be effective post date of being published in the official gazette — Press Release dated 20-11-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Amendments to Notification exempting services availed by exporters — Notification No. 33/2008-Service Tax, dated 7-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Filing of claim for refund of service tax paid under Notification No. 41/2007 — Circular No. 106/9/2008-ST, dated 11-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 2 mins

    Dealers are now required to file MVAT returns online — Notification No. VAT/AMD-1007/IB/Adm-6, dated 20-12-2008.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 38, dated 4-12-2008 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Govt. of India and erstwhile USSR.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    A.P. (DIR Series) Circular No. 39, dated 8-12-2008 — Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs)

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 3 mins

    A.P. (DIR Series) Circular No. 40 dated, 10-12-2008 — Foreign Exchange Management Act, 1999 — Foreign travel — Mode of payment in Rupees.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    DTAA between India and Botswana notified : Notification No. 70/2008, dated 18-6-2008

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
    Reading Time 1 mins

    Direct Tax Instruction No. 4, dated 25-5-2010 — F.No. 275/23/2007-IT(B) — Certificate of lower deduction for non-deduction of tax at source u/s.197 of the Income-tax Act — matter reg

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 2 mins

    A.P. (DIR Series) Circular No. 54, dated 26-5-2010 — Remittance towards partici-pation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.

    By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
    Sejal Vasa | Company Secretary
    Reading Time 1 mins

    A Press Note bearing No.402/92/2006-MC dated 17th April, 2014 has been issued by CBDT giving instructions to Assessing Officers, laying down Standard Operating Procedure (‘SOP’) for verification and correction of tax-demand. The taxpayers can get the outstanding tax demand reduced/ deleted by applying for rectification along with documentary evidence of tax/demand already paid. The SOP also makes special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals a<

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 0 mins

    Part A : DIRECT TAXES

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 4 mins

    Guidelines for setting up an Infrastructure Debt Fund u/s.10(47) — Notification No. 16/2012, dated 30-4-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Guidelines for Notification of affordable housing project u/s.35AD — Notification No. 1/2012, dated 2-1-2012.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 2 mins

    Central Processing of Returns Scheme, 2011 and related amendments/clarifications in relevant sections of the Act — Notification No. 2/2012 and Notification No. 3/2012, dated 4-1-2012.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    DTAA between India and Georgia notified — Notification 4/2012, dated 6-1-2012.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Instructions to AOs to rectify/reconcile disputed arrears in demand irrespective of limitation of four years u/s.154(7) — Circular No. 4, dated 20-6-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 3 mins

    Notification No. 25/2012, S.O. 1453(E) dated 2-7-2012 — Income-tax (Seventh Amendment) Rules, 2012 — Amendment in Rule 12 and substitution of forms ITR 5 and ITR 6.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Order No. [F. No. 225/124/2012/ITA.II], dated 20-6-2012 — Order extending due date for filing Form 49C for F.Y. 2011-12.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Exemption to certain categories of persons from filing tax returns for A.Y. 2012-13 — Notification No. 9/2012, dated 17-2-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Clarifications for Notification on tax-free bonds from Rural Electrification Board — Notification No. 13/2012, dated 6-3-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Tax Instruction No. 4/2012, dated 25- 5-2012 — F. No. 225/34/2011-ITA.II — Instructions for processing of returns of A.Y. 2011-12 — Steps to clear backlog.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 18/2012 (F. No. 142/5/2012- TPL), dated 23-5-2012 — Income-tax (6th Amendment) Rules, 2012 — Insertion of Rule 10AB.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Tax Instruction No. 1/2012, dated 2-2- 2012 — F.No. 225/34/2011-ITA.II — Instructions for processing returns for A.Y. 2011-12 (reproduced).

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Annual Statement to be filed by liaison offices — Notification No. 5/2012, dated 6-2-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Circular No. 2/2012 [F. No. 142-01-2012- SO(TPL)], dated 22-5-2012 regarding Explanatory notes to the provisions of the Finance Act, 2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    The Finance Bill, 2012.

    By Pinky Shah
    Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Notification No. 19/2012 (F. No. 506/69/81- FTD.1), dated 24-5-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    India has entered into a Tax Information Exchange Agreement (TIEA) with Bahrain for sharing of information.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    CBDT has issued a clarification [F. No. 500/111/2009-FTD-1(Pt.)], dated 29-5-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 21/2012 [F. No. 142/10/2012- SO(TPL], dated 13-6-2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 20/2012, dated 12-6-2012 — DTAA between India and Nepal notified.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Circular No. 3/2012, dated 12-6-2012 giving gist of the official amendments to the Finance Bill, 2012.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    CBDT Instructions No. 7, dated 24-5-2011 regarding standard operating procedure on filing of appeal to the High Court u/s. 260A and related matters.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Amendment in Rule 114B relating to furnishing of PAN for certain transactions — Notification No. 27/2011 [F.No. 149/122/2010- SO(TPL)], dated 26-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Agreement for Exchange of Information with respect to Taxes with Commonwealth of Bahamas — Notification No. 25/2011 [F.No. 503/6/2009], dated 13-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Agreement for Exchange of Information with respect to Taxes with Isle of Man — Notification No. 26/2011 [F.No. 503/01/2009], dated 13-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Double Tax Avoidance Agreement between India and Republic of Mozambique — Notification No. 30, dated 31-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (09 of 2011), dated 27-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (10 of 2011), dated 28-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Creation of a new Directorate of Incometax (Criminal Investigation) — Notification No. 29/2011 [F.No. 286/179/2008-IT(INV.II)], dated 30-5-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Press Release — Central Board of Direct Taxes — No. 402/92/2006 (MC) (17 of 2011) dated 26-7-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Notification No. 56 (F.No. 133/48/2011), dated 17-10-2011 — Income-tax (7th Amendment) Rules, 2011 to amend Rule 114 w.e.f. 1st November, 2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Tax Accounting Standards.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Tax deduction at source.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    CBDT Instructions No. 8, dated 11-8-2011 regarding streamlining of the process of filing appeals to ITAT.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Annual detailed Circular on Deduction of tax from salaries during the Financial Year 2011-12 — Circular No. 5 of 2011 [F.No. 275/192/2011-IT(B)], dated 16-8-2011.

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Requirement to file digitally signed tax returns in certain cases — Notification No. 37/2011, dated 1-7-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Salaried employees exempted from filing tax returns — Notification No. 36/2011, dated 23-6-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (15 of 2011) dated 24-6-2011.

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 1 mins

    Press Release — Central Board of Direct Taxes — No. 402/92/2006 (MC) (17 of 2011) dated 26-7-2011

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Interpretation of Provisions of section 10(2A) in cases where income of the firm is exempt -Circular No. 8 dated 31st March 2014 [F.No. 173/99/2013-ITA]

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    CBDT issues Instructions to Assessing Officers advising them to follow the Circular issues on section 10A, 10AA and 10B – Instruction No. 17/2013 (F.NO.178/84/2012-ITA.I) dated 19-11-2013 (reproduced)

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    New forms 49A and 49AA prescribed for allotment of PAN – Income –tax (19th Amendment) Rules, 2013 dated 23rd December 2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Clarification on conflicting views of Courts on the issue of disallowability under Section 40(a)(ia) of the Act – CIRCULAR NO.10/ DV/2013 [F.NO.279/MISC./M-61/2012-ITJ(VOL. II)], dated 16-12-2013

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    No TDS to be deducted on Service tax component – Circular no. 1/2014 dated 13th January 2014

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Certificate of Lower deduction or non-deduction of tax at source under section 197 of the Income-tax Act, 1961 – matter regarding. – INSTRUCTION NO 1/2014, Dated: 15th January, 2014 (reproduced)

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    New tax returns forms notified – Notification no- 24/2014 [S.O. 997(E) dated 1 April, 2014 – Income tax (Fourth amendment) Rules, 2014

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Intervention application opposing amalgamation – Direct Tax Circular No. 279-Misc.-M-171- 2013-ITJ dated 11th April 2014 –

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    A Press Note bearing No.402/92/2006-MC dated 17th April, 2014 has been issued by CBDT giving instructions to Assessing Officers, laying down Standard Operating Procedure (‘SOP’) for verification and correction of tax-demand. The taxpayers can get the outstanding tax demand reduced/ deleted by applying for rectification along with documentary evidence of tax/demand already paid. The SOP also makes special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals a<

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 0 mins

    The Aayakar Seva Kendra, situated at Ground Floor, Aayakar Bhavan, Mumbai will accept the Dak/Tapal of the charges of Commissioner of Income Tax-I to Commissioner of Income Tax -13 from assesses/their representatives between 10.30 a.m. to 4.00 p.m. (Lunch Time 1.30 to 2.00 p.m.). Copy of the order available at www.bcasonline.org

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 0 mins

    Eligibility of deduction u/s. 801A for the unexpired period – Circular No. 10 dated 6th May, 2014 [F. No. 178/84/2012/ITA.I]

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Treatment of expenditure incurred for development of roads/highways in BOT agreements – Circular No. 9 dated 23rd April, 2014

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Income computation and Disclosure Standards notified: Notification No. 33/2015 F.No. 134/48/2010 – TPl, dated 31 March 2015

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 3 mins

    CBDT has issued an internal instruction to constitute local committees to deal with taxpayers grievances from high pitched scrutiny assessment – Instruction No. 17/2015 dated 9.11.15 ( copy available on www. bcasonline.org)

    By Pinky Shah, Sonalee Godbole
    Reading Time 1 mins

    The CBDT has instructed all CCITs to strictly follow the time limit of six months as specified in sec. 12AA(2) of the Act for passing an order granting or refusing registration and to take suitable administrative action against those officers not adhering to the time limit – Instruction No. 16 of 2015 dated 06.11.2015

    By Pinky Shah, Sonalee Godbole
    Reading Time 1 mins

    ‘Tolerance Range’ For Transfer Pricing Cases For AY 2015-16

    By Pinky Shah, Sonalee Godbole
    Reading Time 1 mins

    Representation of cases before Authority for Advance Ruling- Instruction F.No.225/261/2015/ITA.II dated 28.10.2015 ( copy available on www.bcasonline.org)

    By Pinky Shah, Sonalee Godbole
    Reading Time 1 mins

    Part A – Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole; Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 4 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole; Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole; Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole
    Chartered Accountants
    Reading Time 2 mins

    Part A – Direct taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 4 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole
    Gaurang Gandhi
    Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 1 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By By Pinky Shah, Sonalee Godbole Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole
    Chartered Accountants
    Reading Time 2 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 6 mins

    Direct Taxes

    By Pinky Shah, Sonalee Godbole, Chartered Accountants
    Reading Time 3 mins

    Direct Taxes

    By Pinky Shah
    Sonalee Godbole
    Chartered Accountants
    Reading Time 2 mins
  • Tribunal News : PART B - Unreported Decisions

    Tribunal News: PART B

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 10 mins

    Section 246A, Rule 45(2) – Once the appeal filed by the assessee if found to be legally invalid and dismissed as such, the assessee can file another appeal which has to be considered along with condonation application, and if admitted has to be decided on merit.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 250(6) — An order passed by CIT(A) without mentioning point of determination as also without giving any reason for decision while dismissing the appeal is violative of S. 250(6).

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 50C does not apply to transfer of immovable property held through company.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 2(24) — Income — Whether the receipts of non-occupancy charges, transfer fees and voluntary contribution from its members by the cooperative housing society is taxable — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 32, Appendix to Income-tax Rules – UPS being energy saving device is entitled for higher depreciation @ 80%.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ACIT vs. Goodwill Theatres Pvt. Ltd. ITAT Mumbai `G’ Bench Before R. K. Gupta (JM) and N. K. Bllaya (AM) ITA No. 8185/Mum/2011 A.Y.: 2008-09. Decided on: 19th June, 2013. Counsel for revenue / assessee: D. K. Sinha / Vijay Mehta

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Karwat Steel Traders vs. ITO Income tax Appellate Tribunal Mumbai Bench “A”, Mumbai Before B. Ramakotaiah (A. M.) and Vivek Varma (J. M.) ITA No. 6822 / Mum / 2011 A Y 2008-09. Decided on 10.07.2013 Counsel for Assessee / Revenue: K. S. Choksi / Manoj Kumar

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Nirupama K. Shah v. ITO ITAT ‘B’ Bench, Mumbai Before D. Manmohan (VP) and Rajendra Singh (AM) ITA No. 348/Mum./2010 A.Y.: 2006-07. Decided on: 18-11-2011 Counsel for assessee/revenue: Dr. K. Shivaram/O. A. Mao

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) – No penalty can be imposed if Assessing Officer has not pointed out any specific fact not disclosed by the assessee or any wrong particulars furnished by the assessee. Based on the primary facts disclosed by the assessee inference drawn by the AO could have been drawn.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 23 (1)(a) — Municipal ratable value determining factor — Rent received more — Actual rent to be annual value — Notional interest on interest-free security deposit/rent received in advance not to be added.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Wealth-tax Act, 1957, S. 2(ea)(i)(5) — Where the assessee owns a warehouse which is let out on rental basis and used by the tenant for its business, the warehouse is to be excluded as an asset.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    S. 14A — Assessee maintaining separate books of account for the purpose of business and the investments, from which the exempt income was earned — Held no disallowance.S. 36(2) — Bad debts in the business of vyaj badla — Held, allowable.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 40(a)(ia) — Per majority — Section 40(a)(ia) can apply only to expenditure which is outstanding as on 31st March and does not apply to expenditure which is paid during the previous year.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 54EC — The limit of Rs.50 lakh referred to in the proviso to section 54EC is with reference to a financial year — If subscription for eligible investment was not available to the assessee during the period of six months, then investment made beyond a period of six months qualifies for deduction u/s.54EC.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 40(a)(ia) — Disallowance of expenditure for failure to pay TDS within the time stipulated u/s.200(1) — Payment/expenditure was incurred throughout the year — Whether payment of TDS made after the end of the accounting year but before the due date for filing of return was allowable as deduction — Held, Yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Venkata Ramana Umareddy vs. DCIT ITAT Hyderabad `A’ Bench Before Chandra Poojari (AM) and Saktijit Dey (JM) ITA No. 552/Hyd/2012 A.Y.: 2008-09. Decided on: 18th January, 2013. Counsel for assessee / revenue: Roopanjali / M H Naik

    By Jagdish D. Shah, Jagdish T. Punjabi, Charted Accountants
    Reading Time 2 mins

    Crystal Phosphates Ltd. vs. ACIT ITAT Delhi `B’ Bench Before B. R. Mital (JM) and B. R. Jain (AM) ITA No. 3630/Del/2009 A.Y.: 2006-07. Decided on: November, 2012. Counsel for assessee / revenue: Gautam Jain / Deepak Sehgal

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 199 – Assessee entitled to TDS credit based on the evidences even if the same is not shown in Form 26AS

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Yahya E. Dhariwala v. DCIT ITAT ‘G’ Bench, Mumbai Before J. Sudhakar Reddy (AM) and V. Durga Rao (JM) ITA No. 5501/Mum./2009 A.Y.: 2005-06. Decided on: 25-11-2011 Counsel for assessee/revenue: K. Gopal/ A. K. Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    ITO v. Damodar Bhuvan CHS Ltd. ITAT ‘D’ Bench, Mumbai Before N. V. Vasudevan (JM) and T. R. Sood (AM) ITA No. 1610/Mum./2010 A.Y.: 2005-06. Decided on: 16-9-2011 Counsel for revenue/assessee : M. R. Kubal/ B. V. Jhaveri

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Haware Constructions Pvt. Ltd. v. ITO ITAT ‘H’ Bench, Mumbai Before N. V. Vasudevan (JM) and R. K. Panda (AM) ITA Nos. 5601/Mum./2009, 6861/Mum./2010 & 1547/Mum./2011 A.Ys.: 2005-06, 2006-07 & 2007-08 Decided on: 5-8-2011 Counsel for assessee/revenue: J. P. Bairagra/ Goli Sriniwas Rao

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    Narad Investments & Trading Pvt. Ltd. v. Dy. CIT ITAT ‘H’ Bench, Mumbai Before B. R. Mittal (JM) and Rajendra Singh (AM) ITA Nos. 3360/Mum./2010 A.Y.: 1996-97. Decided on: 19-10-2011 Counsel for assessee/revenue: Jayesh Dadia/ V. V. Shastri

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    DCIT vs. Kaushik Shah Shares & Securities Pvt. Ltd. ITAT Mumbai `A’ Bench Before B. Ramakotaiah (AM) and Vivek Varma (JM) ITA No. 2163/Mum/2013 A.Y.: 2008-09. Decided on: 10th July, 2013.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ITO vs. Roche Goplani ITAT “G” Bench, Mumbai Before Rajendra Singh (A. M.) and Amit Shukla (J. M.) ITA No. 7737 / Mum / 2011 Asst. Year : 2008-09. Decided on 24-05-2013 Counsel for Assessee / Revenue: D. K. Sinha / Dr. P. Daniel

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 14A, Rule 8D – No disallowance can be made in respect of expenses in relation to dividend received from trading in shares. In view of the judgment of Karnataka High Court in the case of CCI Ltd vs. JCIT, the decision of the Special Bench of the Tribunal in the case of Daga Capital Management Pvt. Ltd. cannot be followed.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 40(A)(3) – Once the addition has been made by increasing the gross profit rate then there is no further scope of making separate additions.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 80 HHE – Deduction respect of profits from export of computer software – For the purpose of computation of deduction only the total turnover and export turnover of the eligible business is to be considered.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 28 – Merely by initiating the compensation suit, the amount claimed therein cannot be treated as assessee’s income unless the other party admits the liability to pay compensation or there is a decree in favour of the assessee.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S/s. 148, 150, 153, 254 – A notice u/s. 148 may be issued at any time for the purpose of making a reassessment in consequence of or to give effect to any finding or direction contained in an order. For the purpose of section 150(2), the “order which was the subject matter of appeal” is the assessment order and not the order of CIT(A). Reassessment may be completed at any time where the reassessment is made in consequence of or to give effect to any finding/direction of an order passed u/s. 254(<

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 2(22)(e) – Share application money is not “loan or advance” for the purpose of section 2(22)(e).

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Y. P. Trivedi vs. JCIT ITAT Mumbai `G’ Bench Before Vijay Pal Rao (JM) and Rajendra (AM) ITA No. 5994/Mum/2010 A.Y.: 2005-06. Decided on: 11th July, 2012. Counsel for assessee/revenue: Usha Dalal/A K Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 14A and Rule 8D – Assessee engaged in the business of share trading – Shares held as stock-intrade – Held that the Rule 8D(2) (ii) & (iii) do not apply and only the direct expenses incurred by the assessee could be subjected to disallowance.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 48 of the Income-tax Act, 1961 — Cost of acquisition for computation of Capital gains — Whether the payments of charges towards firefighting, generator and processing fees to a builder would be part of cost of acquisition — Held, Yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961, section 244A — Interest u/s.244A(1)(b) is allowable and should be granted on refund of tax paid in pursuance of an order u/s.201 of the Act.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Income-tax Act, 1957, section 50 — Provisions of section 50 are not attracted in a case where on the asset transferred depreciation was neither claimed nor allowed.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 271B r.w. s. 44AB of the Income-tax Act, 1961 — Penalty for non-furnishing of Tax Audit Report — Assessee who was property developer, was following project completion method of accounting — During the year the project was not completed — Whether A

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Income-tax Act, 1961 — Section 271(1)(c). Penalty u/s.271(1)(c) is not leviable on addition arising u/s.50C.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) r.w.s. 115JB of the Income-tax Act, 1961 — Penalty for concealment of income — Assessing returning income based on book profit — Pursuant to search action additional income declared — Total income as per normal provisions of the Act less

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Om Stock & Commodities Pvt. Ltd. vs. DCIT ITAT Mumbai `C’ Bench Before Sanjay Arora (AM) and Vijay Pal Rao (JM) ITA No. 441/Mum/2011 A.Y.: 2008-09. Decided on: 10th July, 2013. Counsel for assessee/revenue: Prakash Jhunjhunwala/T. Roumuan Paite

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    ITO vs. Gope M. Rochlani ITAT Mumbai `G’ Bench Before Rajendra Singh (AM) and Amit Shukla (JM) ITA No. 7737/Mum/2011 A.Y.: 2008-09. Decided on: 24th May, 2013. Counsel for revenue/assessee: D. K. Sinha/ Dr. P. Daniel.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ITO vs. Zinger Investments (P) Ltd. ITAT Hyderabad `A’ Bench Before Chandra Poojari (AM) and Saktijit Dey (JM) ITA No. 275/Hyd/2013 A.Y.: 2007-08. Decided on: 21st August, 2013. Counsel for revenue/assessee: M. H. Naik/ Inturi Rama Rao.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Apollo Tyres vs. DCIT ITAT Cochin Bench Before N. R. S. Ganesan (JM) and B. R. Baskaran (AM) ITA No. 31/Coch/2010 A.Y.: 2006-07. Decided on: 29th May, 2013. Counsel for assessee/revenue: Percy J. Pardiwala, T. P. Ostwal and Indra Anand, Madhur Agarwal/M. Anil Kumar

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    MITC Rolling Mills P. Ltd. vs ACIT ITAT “B” Banch, Mumbai Before D. Manmohan, (V.P.) and Rajendra, (A. M.) ITA No.2789/Mum/2012 Assessment Year: 2009-10. Decided on 13.05.2013 Counsel for Assessee/Revenue: T. M. Gosher / Mohit Jain

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Dilip Sambhaji Shirodkar vs. ITO ITAT “D” Bench, Mumbai Before P.M.Jagtap (A.M.) and Dr S.T.M. Pavalan (J. M.) ITA No.8899/Mum/2010 Assessment Year: 2006-07. Decided on 12.06.2013 Counsel for Assessee/Revenue: Jitnedra Jain & Sachin Romani / Rajarshi Dwivedy

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ITO vs. Pritesh D. Shah (HUF) ITAT Ahmedabad `B’ Bench Before G. C. Gupta (VP) and T. R. Meena (AM) ITA No. 175/Ahd/2013

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Umaben Shaileshbhai Sheth vs. DCWT ITAT Ahmedabad `D’ Bench Before A. Mohan Alankamony (AM) and Kul Bharat (JM) ITA No. 44 to 49/Ahd/2010 A.Y.: 2000-01 to 2005-06. Decided on: 4th October, 2013. Counsel for assessee/revenue: Vijay Ranjan/K. C. Mathews.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Green Infra Ltd. vs. ITO ITAT Mumbai `G’ Bench Before D. Manmohan (VP) and N. K. Billaiya (AM) ITA No. 7762/Mum/2012 A.Y.: 2009-10. Decided on: 23rd August, 2013. Counsel for assessee/revenue: Porus Kaka/ Abha Kala Chanda.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 7 mins

    L o n d o n S t a r D i a m o n d C o m p a n y ( I ) P . L t d . vs. D C I T In the Income Tax Appellate Tribunal “D” Bench, Mumbai Before Vijay Pal Rao, (J. M.) and D. Karunakara Rao, (A. M.) I.T.A. No.6169/M/2012 Assessment Year: 2009-2010. Date of Order: 11.10.2013 Counsel for Assessee/Revenue: Soli Dastur and Nikhil Ranjan/Dipak Ripote

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Bhawanji Kunverji Haria vs. ACIT ITAT Mumbai `B’ Bench Before B. R. Mittal (JM) and N. K. Billaiya (AM) ITA No. 5642/Mum/2011 A.Y.: 2008-09. Decided on: 23rd April, 2013. Counsel for assessee/revenue: G. C. Lalka/ Roopak Kumar

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    ITO vs. Bajaj Bhavan Owners Premises C.S.L. ITAT Mumbai `B’ Bench Before B. R. Mittal (JM) and Rajendra (AM) ITA Nos. 8067/M/2011 A.Y.: 2007-08. Decided on: 18th April, 2013. Counsel for revenue/assessee: Manjunath Karkihalli/M. A. Gohel

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Pilot Construction Pvt. Ltd. v. ITO ITAT Mumbai `C’ Bench Before Rajendra Singh (AM) and Vivek Varma (JM) ITA No. 5307/Mum/2011 A.Y.: 2007-08. Dated: 21-11-2012. Counsel for assessee/revenue: Uttamchand Bothra / Vijay Kumar Jaiswal

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    DCIT v. Hemal Raju Shete ITAT Mumbai `H’ Bench Before P. M. Jagtap (AM) and Dr. S. T. M. Pavalan (JM) ITA No. 2198/Mum/2010 A.Y.: 2006-07. Decided on: 10th July, 2013. Counsel for revenue/assessee: P. K. Shukla/J. D. Mistry & M. A. Gohel.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Knight Frank (India) Pvt. Ltd. v. Addl. CIT ITAT Mumbai `A’ Bench Before B. Ramakotaiah (AM) and Vivek Verma (JM) ITA No. 2021/Mum/2011 A.Y.: 2007-08. Decided on: 10th July, 2013. Counsel for assessee/revenue: M. M. Golvala/ Kalik Singh.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Khar Gymkhana vs. DIT(E) In the Income-tax Appellate Tribunal Mumbai Bench ‘A’, Mumbai Before B. Ramakotaiah, (A. M.) and Vivek Varma, (J. M.) I.T.A. No.: 373/Mum/2012 Asst. Year: 2009-10. Decided on 10-07-2013 Counsel for Assessee/Revenue: A. H. Dalal/ Surinder Jit Singh

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Bhawanji Kunverji Haria vs. DCIT Income-tax Appellate Tribunal Mumbai Bench “F”, Mumbai Before Vijay Pal Rao (J. M.) and N. K. Billaiya (A. M.) ITA No. 4032/Mum/2009 A Y. 2006-07. Decided on 25.05.2012 Counsel for Assessee/Revenue: G. C. Lalka/M. Rajan

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    DCIT vs. Kemper Holding Pvt. Ltd. ITAT Mumbai `A’ Bench Before Sanjay Arora (AM) and Sanjay Garg (JM) ITA Nos. 6426/M/2011 A.Y.: 2008-09. Decided on: 26th April, 2013. Counsel for revenue/assessee: Surinder Jit Singh/Pradeep Sagar

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Shri Rumi K. Pali v. Dy CIT ITAT Mumbai `D’ Bench Before D. Manmohan (VP) and N. K. Billaiya (AM) ITA No. 7314/Mum/2011 A.Y.: 2008-09. Dated on: 17-10-2012. Counsel for assessee/revenue: Reepal Tralshawala/A B Koli

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Chandrakant K. Shah v. ITO ITAT Mumbai `C’ Bench Before Dinesh Kumar Agarwal (JM) and B. Ramakotaiah (AM) ITA No. 4913/Mum/2011 A.Y.: 1993-94. Dated: 17-10-2012. Counsel for assessee/revenue: Aasifa Khan/ Rajarshi Dwivedy

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Kewal Silk Mills v. ACIT ITAT Mumbai `A’ Bench Before I. P. Bansal (JM) and Rajendra (AM) ITA No. 4335/Mum/2012 A.Y.: 2009-10. Dated: 12-10-2012. Counsel for assessee/revenue: Rajan Vora & Hemen Chandriya/Surinder Vit Singh

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    DP World Pvt. Ltd. vs. DCIT ITAT Mumbai Bench ‘D’ Mumbai Before D. Manmohan (V. P.) and N.K. Billaiya (A. M.) ITA No.3627/Mum/2012 A.Y.: 2008-09. Dated: 12-10-2012 Counsel for Assessee/Revenue: Rajan Vora & Nikhil Tiwari/Rupnder Brari

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    S. 80IB(10) — Deduction of profits of of housing project — Date of completion relevant — Not the date of completion certificate but the date of completion mentioned in the certificate.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    IDBI Capital Market Services Ltd. vs. DCIT ITAT “I” Bench, Mumbai Before N.K. Billaiya, (A. M.) & Amit Shukla (J. M.) I.T.A. No. 618/Mum/2012 Assessment Year: 2008-09. Decided on 18.02.2015 Counsel for Assessee/Revenue: N.C. Jain/Kishan Vyas

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Sunder Deep Education Society vs. ACIT In the Income Tax Appellate Tribunal Delhi Bench ‘ G’ New Delhi Before Rajpal Yadav (J. M.) and T. S. Kapoor (A. M.) ITA No. 2428/Del/2011 Assessment Year: 2007-08. Decided on 6th December, 2013 Counsel for Assessee / Revenue: Rakesh Gupta / N. Srivastava

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    DCIT vs. Aanjaneya Life Care Ltd. Income Tax Appellate Tribunal “A” Bench, Mumbai Before D. Manmohan (V. P.) and Sanjay Arora (A. M.) ITA Nos. 6440&6441/Mum/2013 Assessment Years: 2010-11 & 2011-12. Decided on 25.03.2015 Counsel for Revenue / Assessee: Asghar Zain / Harshavardhana Datar

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 1 mins

    Heranba Industries Ltd. vs. DCIT ITAT Mumbai `H’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 2292 /Mum/2013 Assessment Year: 2009-10. Decided on: 8th April, 2015. Counsel for assessee / revenue: Rashmikant C. Modi / Jeetendra Kumar

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Jupiter Construction Services Ltd. vs. DCIT ITAT Ahmedabad `A’ Bench Before Pramod Kumar (AM) and S. S. Godara (JM) ITA No. 2850 and 2144/Ahd/11 Assessment Year: 1995-96 and 1996-97. Decided on: 24th April, 2015. Counsel for assessee / revenue: Tushar P. Hemani / Subhash Bains

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 4 mins

    DCIT v. Bharat Kunverji Kenia ITAT ‘B’ Bench, Mumbai Before D. Manmohan (VP) and Pramod Kumar (AM) ITA No. 929/Mum./2010 A.Y.: 2006-07. Decided on: 2-2-2011 Counsel for revenue/assessee: Hari Govind Singh/Pradip N. Kapasi

    By Jagdish D. Shah
    Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Synergy Entrepreneur Solutions Pvt. Ltd. v. DCIT ITAT ‘J’ Bench, Mumbai Before D. K. Agarwal (JM) and Pramod Kumar (AM) ITA No. 3076/M/2010 A.Y.: 2005-2006. Decided on: 31-3-2011

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Nayan Builders & Developers Pvt. Ltd. v. ITO ITAT ‘B’ Bench, Mumbai Before R. S. Syal (AM) and Asha Vijayaraghavan (JM) ITA No. 2379/M/2009 A.Y.: 1997-98. Decided on: 18-3-2011 Counsel for assessee/revenue: Sanjiv M. Shah/Hari Govind Singh

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    Sony India Pvt. Ltd. v. ACIT ITAT ‘G’ Bench, Delhi Before C. L. Sethi (JM) and K. G. Bansal (AM) ITA Nos. 4008/Del./2010 and 4994/Del./2010 A.Ys.: 2005-06 and 2006-07 Decided on: 8-4-2011 Counsel for assessee/revenue: N. Venkat Raman & Ors./Gajanand Meena & Ors.

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 4 mins

    Rajesh Keshav Pillai v. ITO ITAT ‘D’ Bench, Mumbai Before D. Manmohan (VP) and Rajendra Singh (AM) ITA No. 6661/M/2009 A.Y.: 2006-07. Decided on: 23-2-2011 Counsel for assessee/revenue: S. E. Dastur and H. S. Raheja/R. N. Jha

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    ITO v. Galaxy Saws P. Ltd. ITAT ‘G’ Bench, Mumbai Before Rajendra Singh (AM) and V. D. Rao (JM) ITA No. 3747/Mum./2009 A.Y.: 2005-06. Decided on: 11-3-2011 Counsel for revenue/assessee: Pawan Ved/ Jitendra Jain

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 4 mins

    Avshesh Mercantile P. Ltd. and 15 others v. Dy. Commissioner of Income-tax In the Income Tax Appellate Tribunal “F” Bench: Mumbai Before P.M. Jagtap (A. M.) and R.S. Padvekar (J. M.) ITA Nos. 5779, 5780, 5821, 6032, 6033, 6194, 6196, 6198, 6266 & 6611/Mum/2006, ITA Nos. 1427, 6742 & 7318 /Mum/2008 and ITA No.208, 210 & 1748/Mum/2009 Assessment Years: 2003-04 & 2004-05. Decided on 13.06.2012 Counsel for Assessees/Revenue: J.D. Mistry/ Subacham Ram

    By Jagdish D. Shah, Jagdish T. Punjabi, Charted Accountants
    Reading Time 6 mins

    Mehta Jivraj Makandas & Parekh Govindaji Kalyanji Modh Vanik Vidyarthi Public Trust v. DIT(E) ITAT ‘G’ Bench, Mumbai Before Rajendra Singh (AM) and V. D. Rao (JM) ITA No. 2212/M/2010 Decided on: 11-3-2011 Counsel for assessee/revenue: A. H. Dalal/A. K. Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Raj Ratan Palace Co-op. Hsg. Soc. Ltd. v. DCIT ITAT ‘B’ Bench, Mumbai Before N. V. Vasudevan (JM) and J. Sudhakar Reddy (AM) ITA No. 674/Mum./2004 A.Y.: 1997-1998. Decided on: 25-2-2011 Counsel for assessee/revenue: S. N. Inamdar/Ajit Kumar Sinha

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Baba Farid Vidyak Society v. ACIT ITAT Bench, Amritsar Before C. L. Sethi (JM) and Mehar Singh (AM) ITA No. 180/ASR/2010 A.Y.: 2006-07. Decided on: 31-1-2011 Counsel for assessee/revenue: P. N. Arora/ Madan Lal

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 1 mins

    Prabodh Investment & Trading Company Pvt. Ltd. v. ITO ITAT ‘C’ Bench, Mumbai Before R. V. Easwar (President) and R. K. Panda (JM) ITA No. 6557/Mum./2008 A.Y.: 2004-05. Decided on: 28-2-2011 Counsel for assessee/revenue: P. J. Pardiwalla and Nitesh Josh/R. K. Sahu

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    A.D.I.T. v Shri Vile Parle Kelvani Mandal ITAT Mumbai ‘E’ Branch Before Dinesh Kumar Agarwal (J.M.) and N.K. Billaiya (A.M.) ITA No. 7106/Mum/2011 Assessment Year: 2008-09. Decided on 05-10-2012 Counsel for Revenue/Assessee : A.B. Koli/A.H. Dalal

    By Jagdish D. Shah, Jagdish T. Punjabi, Charted Accountants
    Reading Time 5 mins

    ITO v DKP Engineers & Construction P. Ltd. ITAT Mumbai `D’ Bench Before D. Manmohan (VP) and Rajendra Singh (AM) ITA No. 7796/M/2010 A.Y.: 2006-07. Decided on: 31st August, 2012. Counsel for revenue/assessee: Amardeep /Dr. K. Shivram & Rahul Hakani

    By Jagdish D. Shah, Jagdish T. Punjabi, Charted Accountants
    Reading Time 2 mins

    Section 12A – Registration as charitable institution – Assessee formed for improving the quality and profitability of the members’ enterprises by providing suitable platform to its CEOs who only could become assessee’s members – Whether entitled to registration – Held, yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 263 r.w.s. 40(b) – Allowability of interest to partners – Interest amount calculated as per daily product method by the assessee – Whether CIT is justified in holding the view that the interest should be calculated on the average amount of opening and closing balances – Held, no.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Kumarpal Amrutlal Doshi v. DCIT ITAT ‘G’ Bench, Mumbai Before P. M. Jagtap (AM) and N. V. Vasudevan (JM) ITA No. 1523/Mum./2010 A.Y.: 2006-07. Decided on: 9-2-2011 Counsel for assessee/revenue: B. V. Jhaveri/ S. K. Singh

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Ramakrishna Vedanta Math v. Income Tax Officer In the Income Tax Appellate Tribunal, Kolkata ‘C’ Bench, Kolkata Before Pramod Kumar (A.M.) and Mahavir Singh ( J. M. ) I.T.A. No.: 477,478 and 479/Kol/2012 Assessment year: 2005-06, 2006-07, 2008-09. Decided on July 31 , 2012 C ounsel for Assessee/Revenue : Miraj D Shah/ Amitava Ray

    By Jagdish D. Shah, Jagdish T. Punjabi, Charted Accountants
    Reading Time 3 mins

    Sections 37, 40(a)(ii) — Taxes levied in foreign countries whether on profit or gain or otherwise are deductible u/s.37 — Payment of such taxes does not amount to application of income.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 54EC — Exemption from payment of capital gains tax provided the amount is invested within six months from the date of transfer — Whether the investment made within six months from the date of the receipt of consideration is eligible — On the facts held yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Dy. Director of Income tax vs. G. K. R. Charities Income tax Appellate Tribunal “G” Bench, Mumbai. Before G. E. Veerabhadrappa (President) and Amit Shukla (J. M.) ITA No. 8210/Mum /2010 Asst. Year 2007-08. Decided on 10.08.2012. Counsels for Revenue/Assessee: Pavan Ved/A. H. Dalal

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Hansraj Mathuradas v. ITO ITAT ‘H’ Bench, Mumbai Before R. V. Easwar (President) and P. M. Jagtap (AM) ITA No. 2397/Mum./2010 A.Y.: 2006-07. Decided on: 16-9-2011 Counsel for assessee/revenue : Mehul Shah/ A. G. Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Baba Amarnath Educational Society v. CIT ACE Educational & Charitable Society v. CIT ITAT ‘B’ Bench, Chandigarh Before Sushma Chowla (JM) and Mehar Singh (AM) ITA Nos. 825 & 826/Chd./2011 Decided on: 29-12-2011 Counsel for assessees/revenue : P. N. Arora/ Jaishree Sharma

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Rachna S. Talreja v. DCIT ITAT ‘D’ Bench, Mumbai Before J. Sudhakar Reddy (AM) and V. Durga Rao (JM) ITA No. 2139/Mum./2010 A.Y.: 2006-07. Decided on: 28-12-2011 Counsel for assessee/revenue : G. P. Mehta/ C. G. K. Nair

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    DCIT v. Tide Water Oil Co. (India) Ltd. ITAT ‘A’ Bench, Kolkata Before Mahavir Singh (JM) and C. D. Rao (AM) ITA No. 2051/Kol./2010 A.Y.: 2003-04. Decided on: 20-1-2012 Counsel for revenue/assessee: D. R. Sindhal/A. K. Tulsiyan

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    SRL Ranbaxy Ltd. v. Addl. CIT ITAT ‘G’ Bench, Delhi Before A. D. Jain (JM) and Shamim Yahya (AM) ITA Nos. 434/Del./2011 A.Y.: 2006-07. Decided on: 16-12-2011 Counsel for assessee/revenue: Ajay Vohra & Rohit Garg/Gajanand Meena

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    DCIT v. Tejinder Singh ITAT ‘B’ Bench, Kolkata Before Pramod Kumar (AM) and Mahavir Singh (JM) ITA No. 1459/Kol./2011 A.Y.: 2008-09. Decided on : 29-2-2012 Counsel for revenue/assessee: A. P. Roy/ L. K. Kanoongo

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Baba Promoters & Developers v. ITO ITAT ‘B’ Bench, Pune Before I. C. Sudhir (JM) and G. S. Pannu (AM) ITA Nos. 629/PN/2009; 625/PN/2009 and 159/PN/2010 A.Ys.: 2004-05, 2006-07 and 2005-06 Decided on: 29-2-2012 Counsel for assessee/revenue: Sunil Ganoo/ Satindersingh Navrath and Ann Kapthuama

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Ghanshyam Mudgal v. ITO ITAT ‘A’ Bench, Jaipur Before R. K. Gupta (JM) and N. L. Kalra (AM) ITA No. 896/JP/2010 A.Y.: 2007-08. Decided on: 9-9-2011 Counsel for assessee/revenue: Mahendra Gargieya/D. K. Meena

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Nath Holding & Investment Pvt. Ltd. v. DCIT ITAT ‘B’ Bench, Mumbai Before D. Manmohan (VP) and Pramod Kumar (AM) ITA No. 5328/Mum./2006 A.Y.: 1996-97. Decided on: 25-10-2011 Counsel for assessee/revenue: N. R. Agarwal/P. K. B. Menon

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 14A — Disallowance u/s.14A applies to partner’s share of profits in a firm — ‘Depreciation’ is not an expenditure but an allowance, hence the same cannot be disallowed u/s.14A.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Sections 40(a)(ia), 194H — Commission retained by credit card companies out of amounts paid to merchant establishment is not liable for deduction of tax at source u/s.194H.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    (1) Section 54F — Exemption of long-term capital gains where sales consideration is invested in purchase of a house — Whether purchase of house jointly with spouse is eligible — Held, Yes. (2) Section 94(7) — Purchase of units and sale thereof at loss after earning dividend — If date of tender of cheque for purchase of shares was considered as the date of purchase, then the sale was not within three months of purchase — Whether the provisions of section 94(7) attracted — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 54 — Exemption from capital gains tax provided the amount is invested in purchase or construction of a flat within the prescribed time period — Held that (1) booking of the flat with the builder is to be treated as construction of flat; (2) the extended period u/s.139(4) has to be considered for the purposes of utilisation of the capital gain amount.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Sections 28, 145 — Project completion method — In the case of an assessee following project completion method, receipts by way of sale of TDR, which TDR has direct nexus with the project undertaken, can be brought to tax only in the year in which the project is completed.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Dy. Commissioner v. MTZ Polyfilms Ltd. ITAT ‘B’ Bench, Mumbai Before N. V. Vasudevan (JM) and Pramod Kumar (AM) ITA No. 5015/Mum./2009 A.Y.: 2004-05. Decided on: 30-12-2011 Counsel for revenue/assessee: P. C. Mourya/ Jitendra Jain

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Shri 1008 Parshwanath Digamber Jain Mandir Trust v. DIT ITAT ‘I’ Bench, Mumbai Before P. M. Jagtap (AM) and N. V. Vasudevan (JM) ITA No. 5544/M/2009 Decided on: 8-2-2012 Counsel for assessee/revenue: Ajay Ghosalia/ Sanjiv Dutt

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Chanchal Kumar Sircar v. ITO ITAT ‘A’ Bench, Kolkata Before Mahavir Singh (JM) and C. D. Rao (AM) ITA No. 1147/Kol./2011 A.Y.: 2005-06. Decided on: 21-2-2012 Counsel for assessee/revenue : S. Bandyopadhyay/S. K. Roy

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 54G — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking to non-urban area — Investment by assessee in land and building for its business in non-urban area — Whether is it necessary that the investment in land and building in non-urban area is for the purposes of the business of the industrial undertaking transferred — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 14A, Rule 8D — Exercising jurisdiction in the larger interest of justice, ITAT directed the AO to compute disallowance u/s.14A @ 2% of the exempt income instead of 4.06% as computed by the AO.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 32 — Claim for depreciation on amount paid for acquisition of the non-compete right — Whether allowable — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Vijay Corporation v. ITO ITAT ‘F’ Bench, Mumbai Before N. V. Vasudevan (JM) and R. K. Panda (AM) ITA No. 1511/Mum./2010 A.Y.: 2005-06. Decided on : 20-1-2012 Counsel for assessee/revenue: Ashok J. Patil/ Shantam Bose

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    DCIT v. Pioneer Marbles & Interiors Pvt. Ltd. ITAT ‘A’ Bench, Kolkata Before Mahavir Singh (JM) and C. D. Rao (AM) ITA No. 1326/Kol./2011 A.Y.: 2008-09. Decided on: 17-2-2012 Counsel for revenue/assessee: Amitava Roy/ J. N. Gupta

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    HV Transmissions Ltd. v. ITO ITAT ‘H’ Bench, Mumbai Before R. V. Easwar (President) and P. M. Jagtap (AM) ITA No. 2230/Mum./2010 A.Y.: 2001-02. Decided on : 7-10-2011 Counsel for assessee/revenue: Dinesh Vyas/ Goli Sriniwas Rao

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Akber Abdul Ali v. ACIT ITAT ‘B’ Bench, Mumbai Before J. Sudhakar Reddy (AM) and V. Durga Rao (JM) ITA No. 5538/Mum./2008 A.Y.: 2005-06. Decided on: 28-12-2011 Counsel for assessee/revenue: N. R. Agarwal/P. K. B. Menon

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    ITO v. Laxmi Jewel Pvt. Ltd. ITAT Mumbai Bench Before R. V. Easwar (President) and B. Ramakotaiah (AM) ITA No. 2165/Mum./2010 A.Y.: 2004-05. Decided on: 29-4-2011 Counsel for revenue/assessee: Shravankumar/K. A. Vaidyalingam

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Gajendra Kumar T. Agarwal v. ITO ITAT ‘G’ Bench, Mumbai Before D. Manmohan (VP) and Pramodkumar (AM) ITA No. 1798/Mum./2010 A.Y.: 2006-07. Decided on: 31-5-2011 Counsel for assessee/revenue: S. L. Jain/ Pavan Vaid

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Tricon Enterprises Ltd. v. ITO ITAT ‘E’ Bench, Mumbai Before Pramod Kumar (AM) and V. Durga Rao (JM) ITA No. 6143/Mum./2009 A.Y.: 2006-07. Decided on: 31-5-2011 Counsel for assessee/revenue: B. V. Jhaveri/ Ashima Gupta

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 40(a)(ia) — Disallowance of expenditure on account of non-deduction of TDS — Non-deduction was on account of non-allotment of TAN — Whether the disallowance was justified — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Reference to Special Bench cannot be withdrawn on the ground that the High Court has admitted an identical question of law — Mere fact that a superior authority is seized of an issue identical to the one before the lower authority, there cannot be any impediment on the powers of the lower authority in disposing of the matters involving such issue as per prevailing law.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Sections 28(iv) and 41(1) — Remission of loan liability — Loan utilised for the purpose of acquisition of capital assets — Whether loan liability remitted taxable — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Pyare Mohan Mathur HUF v. ITO ITAT Agra Bench Before P. K. Bansal (AM) and H. S. Sidhu (JM) ITA No. 471/Agra/2009 A.Y.: 2005-06. Decided on: 21-4-2011 Counsel for assessee/revenue: Rajendra Sharma/ Vinod Kumar

    By Jagdish D. Shah | Jagdish T. Punjabi
    Charted Accountants
    Reading Time 3 mins

    ITO v. Chheda Construction Co. (Joint Venture) ITAT ‘C’ Bench, Mumbai Before R. S. Padvekar (JM) and Rajendra Singh (AM) ITA No. 2764/Mum./2009 A.Y.: 2005-06. Decided on: 27-4-2011 Counsel for revenue/assessee: Ajit Kumar Sinha/K. Shivram

    By Jagdish D. Shah | Jagdish T. Punjabi
    Charted Accountants
    Reading Time 2 mins

    ITO v. Radha Birju Patel ITAT ‘D’ Bench, Mumbai Before N. V. Vasudevan (JM) and Pramod Kumar (AM) ITA No. 5382/Mum./2009 A.Y.: 2006-07. Decided: 30-11-2010 Counsel for revenue/assessee: Jitendra Yadav/Shalin S. Divatia

    By Jagdish D. Shah | Jagdish T. Punjabi
    Charted Accountants
    Reading Time 2 mins

    Anil G. Puranik v. ITO ITAT ‘A’ Bench, Mumbai Before R. S. Syal (AM) and R. S. Padvekar (JM) ITA No. 3051/Mum./2010 A.Y.: 2006-07. Decided on: 13-5-2011 Counsel for assessee/revenue: Soli Dastur/ Rajeev Agarwal

    By Jagdish D. Shah | Jagdish T. Punjabi
    Charted Accountants
    Reading Time 5 mins

    Bennett Coleman & Co. Ltd. v. ACIT ITAT ‘B’ Bench, Mumbai Special Before D. Manmohan, (VP), R. S. Syal (AM) and T. R. Sood (AM) ITA No. 3013/Mum./2007 A.Y. : 2002-03. Decided on : 30-9-2011 Counsel for assessee Revenue : Arvind Sonde and S. Venkatraman/Pavan Ved

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    B. V. Kodre (HUF) v. ITO ITAT ‘B’ Bench, Pune Before I. C. Sudhir (JM) and D. Karunakara Rao (AM) ITA Nos. 834/PN/2008 A.Y.: 2004-05. Decided on: 4-10-2011. Counsel for assessee/revenue: D. Y. Pandit/ Ann Kapthuama

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Section 115F — Bonus shares received on account of original investments made in foreign currency are ‘foreign exchange asset’ covered by provisions of section 115F.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Bhumiraj Homes Ltd. v. DCIT ITAT ‘B’ Bench, Mumbai Before R. S. Syal (AM) and Asha Vijayaraghavan (JM) ITA No. 2170/Mum./2009 A.Y.: 2004-05. Decided on : 25-3-2011 Counsel for assessee/revenue: Pradip Kapasi/ Naresh Kumar Balodia

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Vineetkumar Raghavjibhai Bhalodia v. ITO ITAT Rajkot Bench, Rajkot Before A. L. Gehlot (AM) and N.R.S. Ganesan (JM) ITA No. 583/RJT/2007 A.Y.: 2005-06. Decided on: 17-5-2011 Counsel for assessee/revenue: Manish Shah/ N. R. Soni

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Raman Gupta Prop. M/s. Raman & Co. v. ACIT ITAT Amritsar Bench, Amritsar Before C. L. Sethi (JM) and Mehar Singh (AM) ITA No. 05/ASR/2010 A.Y.: 2003-04. Decided on: 31-1-2011 Counsel for assessee/revenue: P. N. Arora/ Tarsem Lal

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Mahalaxmi Sheela Premises CHS Ltd. v. ITO ITAT ‘B’ Bench, Mumbai Before J. Sudhakar Reddy (AM) and Vijay Pal Rao (JM) ITA Nos. 784, 785 & 786/Mum./2010 A.Ys.: 2000-01 to 2002-03 Decided on: 30-8-2011 Counsel for assessee/revenue: Hiro Rai/ P. C. Maurya

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Krishna Land Developres Pvt. Ltd. v. DCIT ITAT ‘G’ Bench, Mumbai Before J. Sudhakar Reddy (AM) and Asha Vijay Raghavan (JM) ITA No. 1057/Mum./2010 A.Y.: 2005-06. Decided on : 12-8-2011 Counsel for assessee/revenue: Rakesh Joshi/ A. K. Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Sudhir Thackersey Charitable Trust v. DIT ITAT ‘H’ Bench, Mumbai Before Pramod Kumar (AM) and R. S. Padvekar (JM) ITA No. 5031/Mum./2010 Decided on: 26-8-2011 Counsel for assessee/revenue: A. H. Dalal/ V. V. Shastri

    By Jagdish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Shree Cement Ltd. vs. Addl. CIT In the Income Tax Appellate Tribunal Jaipur Bench, Jaipur Before Hari Om Maratha (J.M.) and N.K. Saini (A.M.) ITA No. 503/JP/2012 Assessment year: 2007-08. Decided on 27th January, 2014 Counsel for Assessee/Revenue: D.B. Desai/A.K. Khandelwal

    By Jagdish D. Shah
    Jagdish T. Punjabi Chartered Accountants
    Reading Time 6 mins

    Section 51 — Treatment of advance money received — Pursuant to a transaction of sale of property the assessee received advance money — Whether AO justified in reducing the advance money received from cost of acquisition of the property — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 40(a)(ia) — If tax has been deducted at source and paid to the Government, then no disallowance u/s.40(a)(ia) can be made on the ground that the deduction was at a wrong rate or under an incorrect section.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 14A — Rule 8D can be invoked only after AO records his satisfaction on how the assessee’s calculation is incorrect. Onus is on the AO to show that expenditure has been incurred for earning taxfree income. Disallowance u/s.14A cannot be made on the basis of presumptions.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 271B r.w.s 44AB — Penalty for failure to get accounts audited — Assessee following project completion method of accounting — Whether advances received from the customers could be considered as part of turnover — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 148 — Reassessment proceedings — Assessee’s appeal allowed by the CIT(A) on merits — In the appellate proceedings whether the assessee can challenge the validity of the reassessment proceedings — Held, Yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    ITO vs. Theekathir Press ITAT Chennai `B’ Bench Before Dr. O. K. Narayanan (VP) and V. Durga Rao (JM) ITA No. 2076/Mds/2012 A.Y.: 2009-10. Decided on: 18th September, 2013. Counsel for revenue/assessee: Guru Bhashyam/J. Prabhakar

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Ghatkopar Jolly Gymkhana vs. Director of Income tax (E) In the Income Tax Appellate Tribunal “G” Bench, Mumbai Before D. Karunakara Rao, (A. M.) and Sanjay Garg (J. M) ITA No.882/Mum/2012 Assessment year:2009 -10. Decided on 23/10/2013 Counsel for Assessee / Revenue : A. H. Dalal / Santosh Kumar

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    DCIT vs. Swarna Tollway Pvt. Ltd. In the Income Tax Appellate Tribunal Hyderabad Bench ‘A’, Hyderabad Before Chandra Poojari, (A. M.) and Asha Vijayaraghavan, (J. M.) ITA No. 1184 to 1189/Hyd/2013 Asst. Years : 2005-06 to 2010-11. Decided on 16.01.2014 Counsel for Revenue/Assessee: P. Soma Sekhar Reddy/I. Rama Rao

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S/s. 43(6), 50 – The term `acquired’ used in section 50 is not synonymous with acquisition of title to the property. Use of asset is not a condition for availing the benefits of section 50. In a case where amounts are paid and registration had been complete, though possession was not received, it can be said that the assessee has acquired the property for the purpose of section 50.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Sunder Deep Education Society vs. ACIT In the Income Tax Appellate Tribunal Delhi Bench ‘ G’ New Delhi Before Rajpal Yadav (J. M.) and T. S. Kapoor (A. M.) ITA No. 2428/Del/2011 Assessment Year: 2007-08. Decided on 6th December, 2013 Counsel for Assessee / Revenue: Rakesh Gupta / N. Srivastava

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ITO vs. Haresh Chand Agarwal (HUF) ITAT Agra Bench Before A. Mohan Alankamony (AM) and Kul Bharat (JM) ITA No. 282/Agra/2013 A.Y.: 2004-05. Decided on: 20th December, 2013. Counsel for revenue/assessee: K. K. Mishra/ Deependra Mohan.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 54EC –Term ‘month’ used in the provisions does not mean 30 days but it means ‘calendar month’ therefore investments made before the end of the calendar months eligible for deduction.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    S/s. 143(2), 292B, 292BB – Where a revised return filed is treated as non-est since the original return was not filed within due date mentioned in section 139(1), the period of issue of notice u/s. 143(2) needs to be computed with reference to date of filing original return of income. Notice issued u/s. 143(2) beyond the period stated in the proviso to section 143(2)(ii) does not fall within the term `any mistake, defect or omission’ stated in section 292B. The provisions of section 292BB canno<

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 194H – Provisions of section 194H apply when the payments are made to the agents or credited to the agent’s accounts, whichever is earlier, and not when the payment is credited to the provision account.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    DCIT vs. Chetan M. Kakaria ITAT Mumbai `C’ Bench Before N. K. Saini (AM) and Sanjay Garg (JM) ITA No. 4961/Mum/2011 A.Y.: 2006-07. Decided on: 3rd February, 2014. Counsel for revenue/assessee: Ravi Prakash/ Firoz Andhyarujina

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    ITO vs. Yash Developers ITAT Mumbai `G’ Bench Before B. R. Mittal (JM) and N. K. Billaya (AM) ITA No. 809/Mum/2011 and 3644/Mum/2012 A.Y.: 2007-08 and 2008-09. Decided on: 31st January, 2014. Counsel for revenue/assessee: B. P. K. Panda /S. C. Tiwari and Ms. Natasha Mangat.

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 4 mins

    Addl. CIT vs. Vinay Vasudeo Kulkarni Income-tax Appellate Tribunal Pune Bench “A”, Pune Before Shailendra Kumar Yadav (J.M.) and R. K. Panda (A. M.) ITA No. 2363 / PN / 2012 Asst. Year 2009-10 Decided on 29-04-2014 Counsel for Revenue/Assessee: P. L. Pathade/ Kishore Phadke

    By Jagdish d. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    IFB Agro Industries Ltd. vs. Joint Commissioner of Income-tax In the Income Tax Appellate Tribunal ‘B’ Bench Kolkata Before P. K. Bansal (A. M.) and George Mathan (J. M.) ITA No. 1721/Kol/2012 Assessment Year: 2009-10. Decided on 12th March, 2013 Counsel for Assessee / Revenue: S. K. Tulsiyan / Ajoy Kr. Singh

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    ACIT vs. GMS Motors Pvt. Ltd. ITAT Delhi `C’ Bench Before R. S. Syal (AM) and H. S. Sidhu (JM) ITA No. 3530/Del/2012 A.Y.: 2007-08. Decided on: 6th August, 2014. Counsel for revenue / assessee: Satpal Singh / Sanjeev Kapoor

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    ACIT vs. The Upper India Chamber of Commerce ITAT Lucknow `B’ Bench Before Sunil Kumar Yadav (JM) and A. K. Garodia (AM) ITA No. 601 /Lkw/2011 Assessment Year: 2008-09. Decided on: 5th November, 2014. Counsel for revenue/assessee: Y. P. Srivastava/ Abhinav Mehrotra

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 4 mins

    Century Metal Recycling Pvt. Ltd. vs. DCIT ITAT Delhi `B’ Bench Before H. S. Sidhu (AM) and H. S. Sidhu (JM) ITA No. 3212/Del/2014 A.Y.: 2007-08. Decided on: 5th September, 2014. Counsel for revenue / assessee: Satpal Singh / Sanjeev Kapoor

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    ACIT vs. Jayendra P. Jhaveri In the Income Tax Appellate Tribunal Mumbai Benches “J”, Mumbai Before P M Jagtap (A. M.) & Sanjay Garg(J. M.) ITA Nos.2141 to 2144 /Mum/2012 Asst.Year 2003-04. Decided on 20th February 2014 Counsel for Revenue / Assessee: S. D. Srivastava / Dharmesh Shah

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 4 mins

    LSG Sky Chef (India) Pvt. Ltd. vs. Dy. CIT In the Income Tax Appellate Tribunal “A” Bench, Mumbai Before I. P. Bansal, (JM) and Sanjay Arora, (AM) I.T.A. No. 4828/Mum/2012 Assessment Year: 2009-10. Decided on 27-03-2014 Counsel for Assessee/Revenue: M. M. Golvala & Amey Wagle/M. L. Perumal

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    Naresh T. Wadhwani vs. Dy. Commissioner of Income Tax In the Income Tax Appellate Tribunal Pune Bench “A”, Pune Before G. S. Pannu (A. M.) and R. S. Padvekar (J. M.) ITA Nos.18, 19, 20, 60 & 61/PN/2013 Assessment Years : 2007-08, 2008-09 & 2009-10. Decided on 28.10.2014 Counsel for Assessee/Revenue: V. L. Jain/M. S. Verma

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Asst. CIT (TDS) vs. Oil and Natural Gas Corporation Ltd. ITAT ‘C’ Bench, Mumbai Before Sanjay Arora (AM) and Amit Shukla (JM) I.T.A. No. 5808/Mum/2012 Assessment Year: 2008-09. Decided on 03-12-2014 Counsel for Revenue/Assessee: Premanand J./ Naresh Jain & Mahesh Saboo

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Nitco Logistics Pvt. Ltd. vs. JCIT ITAT (Asr) Before A.D. Jain (J. M.) and B.P. Jain (A. M.) I.T.A. No. 437(Asr)/2012 Assessment Year:2009-10.Decided on 05-09-2014 Counsel for Assessee/Revenue: P.N. Arora/Saad Kidwai

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    ACIT vs. Connaught Plaza Restaurants Pvt. Ltd. ITAT Delhi `B’ Bench Before G. D. Agrawal (VP) and H. S. Sidhu (JM) ITA No. 5466/Del/2013 A.Y.: 2003-04. Decided on: 1st September, 2014. Counsel for revenue / assessee: Parwinder Kaur / Rohit Gar and Tejasvi Jain

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    ACIT vs. Iqbal M Chagala ITAT Mumbai “I” Bench Before Vijay Pal Rao (J.M.) and Rajendra (A. M.) ITA No. 877/Mum/2013 Assessment Year 2009-10. Decided on 30/07/2014 Counsel for Revenue/Assessee: Garima Singh/P J Pardiwala

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Raj Kumari Agarwal vs. DCIT ITAT, Agra Pramod Kumar (A.M.) and Joginder Singh (J.M.) I.T.A. No.: 176/Agra/2013 Assessment Year: 2008-09. Decided on July 18th, 2014 Counsel for Assessee/Revenue: Arvind Kumar Bansal/S D Sharma

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    DCIT vs. Rajeev G. Kalathil ITAT Mumbai `D’ Bench Before Rajendra (AM) and Dr. S. T. M. Pavalan (JM) ITA No. 6727/Mum/2012 A.Y.: 2009-10. Decided on: 20th August, 2014. Counsel for revenue/assessee: J. K. Garg/Devendra Jain

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Jai Surgicals Ltd. vs. ACIT ITAT “D”, New Delhi Before R. S. Syal, (A.M.) and C. M. Garg, (J.M.) ITA No.844/Del/2013 A.Y.: 2009-10. Decided on: 26-06-2014 Counsel for Assessee/Revenue: Sanjay Jain/S.N. Bhatia

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    Shri G. N. Mohan Raju vs. ITO ITAT Bangalore `C’ Bench Before P. Madhavi Devi (JM) and Abraham P. George (AM) ITA No. 242 & 243/Bang/2013 Assessment Years: 2006-07 and 2007-08. Decided on: 10th October, 2014. Counsel for assessee/revenue: Padamchand Khincha/ Dr. Shankar Prasad

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 5 mins

    Century Metal Recycling Pvt. Ltd. vs. DCIT ITAT Delhi `B’ Bench Before H. S. Sidhu (AM) and H. S. Sidhu (JM) ITA No. 3212/Del/2014 A.Y.: 2007-08. Decided on: 5th September, 2014. Counsel for revenue/assessee: Satpal Singh/ Sanjeev Kapoor

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    K. Prakash Shetty vs. ACIT ITAT Bangalore ‘B’ Bench Before N. V. Vasudevan (JM) and Jason P. Boaz (AM) ITA No. 265 to 267/Bang/2014 A.Y.: 2006-07, 2008-09 and 2009-10. Decided on: 05-06-2014. Counsel for assessee/revenue: H. N. Khincha/ Farahat H. Qureshi

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    ACIT vs. Gopalan Enterprises. ITAT Bangalore ‘B’ Bench Before N. V. Vasudevan (JM) and Jason P. Boaz (AM) ITA No. 241/Bang/2013 A.Y.: 2004-05. Decided on: 13-06-2014. Counsel for revenue/assessee: L. V. Bhaskar Reddy/B. K. Manjunath.

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 4 mins

    Lodha Builders Pvt Ltd. & five other group companies vs. ACIT ITAT“E” Bench, Mumbai Before D. Karunakara Rao, (A. M.) and VivekVarma, (J. M.) I.T.A. No.475 to 481/M/2014 A.Y. 2009-10. Decided on: 27-06-2014 Counsel for Assessee/Revenue: P.J. Pardiwala, Sunil MotiLala, Paras S. Savla and Gautam Thacker/Girija Dayal

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 6 mins

    DCIT vs. UAE Exchange & Financial Services Ltd. ITAT Bangalore `C’ Bench Before P. Madhavi Devi (JM) and Abraham P. George (AM) ITA No. 91/Bang/2014 Assessment Year: 2009-10. Decided on: 10th October, 2014. Counsel for revenue/assessee: Dr. K. Shankar Prasad/Cherian K. Baby

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 2 mins

    ParmanandTiwari vs. Income-tax Officer “SMC(B)” ITAT bench: Kolkata Before Mahavir Singh, JM I.T.A No.2417/Kol/2013 Assessment Year: 2008-09. Decided on 02.09.2014 Counsel for Assessee / Revenue: None / David Z. Chawngthu

    By Jagdish D. Shah, Jagdish T. Punjabi Charted Accountants
    Reading Time 3 mins

    DCIT vs. L & T Infrastructure Finance Co. Ltd. ITAT Mumbai `A’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 5329 /Mum/2013 Assessment Year: 2007-08. Decided on: 3rd December, 2014. Counsel for revenue / assessee: Asghar Jain / Heena Doshi

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 2 mins

    IDBI Capital Market Services Ltd. vs. DCIT ITAT “I” Bench, Mumbai Before N.K. Billaiya, (A. M.) & Amit Shukla (J. M.) I.T.A. No. 618/Mum/2012 Assessment Year: 2008-09. Decided on 18.02.2015 Counsel for Assessee/Revenue: N.C. Jain/Kishan Vyas

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    ACIT vs. Ajit Ramakant Phatarpekar and Neelam Ajit Phatarpekar ITAT Panaji Bench, Panaji Before P. K. Bansal (A. M.0 and D.T. Garasia (J. M) ITA NO. 145 & 146/PNJ/2014 Assessment Year 2010-11. Decided on 16/03/2015 Counsel for Revenue /Assessee: Jitendra Jain / B. Balakrishna

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Neelkanth Township & Construction Pvt. Ltd. vs. ITO ITAT Mumbai `B’ Bench Before D. Karunakara Rao (AM) and Amit Shukla (JM) ITA No. 6062 /Mum/2012 Assessment Year: 2008-09. Decided on: 2nd December, 2014. Counsel for assessee/revenue: V. C. Shah/ Vivekanand Prempurna

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 2 mins

    ITA No. 6062 /Mum/2012 Assessment Year: 2008-09. Decided on: 2nd December, 2014. Counsel for assessee/revenue: V. C. Shah/ Vivekanand Prempurna

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 2 mins

    Arvind Kanji Chheda vs. ACIT ITAT Mumbai `A’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 2295 /Mum/2012 Assessment Year: 2008-09. Decided on: 2nd December, 2014. Counsel for assessee / revenue: Madan Dedia / Rodolph N. D’souza

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    ANS Law Associates vs. Assistant Commissioner ofIncome Tax ITAT Mumbai ‘A’ Bench Before D. Karunakara Rao (A. M.) and Sanjay Garg (J. M.) ITA No.5181/M/2012 Assessment Year: 2008-09. Decided on 05.12.2014 Counsel for Assessee/Revenue: Kirit N. Mehta / Vivek Batra

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 2 mins

    National Horticulture Board vs. Assistant Commissioner of Income Tax ITAT Delhi ‘E’ Bench Before Pramod Kumar(A.M.) and A. T. Varkey(J.M.) I.T.A. No.: 4521/Del/12 Assessment year: 2009-10. Decided on 16.01.2015 Counsel for Assessee/Revenue: Ved Jain and Rano Jain/J P Chandrakar

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 4 mins

    Dy. Director of Income Tax vs. Serum Institute of India Limited Income Tax Appellate Tribunal Pune Bench “B”, Pune Before G.S. Pannu (A. M.) and Sushma Chowla (J. M.) ITA Nos. 1601 to 1604/PN/2014 Assessment Year: 2011-12. Decided on 30-03-2015 Counsel for Revenue / Revenue: B. C. Malakar / Rajan Vora

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    DCIT vs. Aanjaneya Life Care Ltd. Income Tax Appellate Tribunal “A” Bench, Mumbai Before D. Manmohan (V. P.) and Sanjay Arora (A. M.) ITA Nos. 6440&6441/Mum/2013 Assessment Years: 2010-11 & 2011-12. Decided on 25.03.2015 Counsel for Revenue / Assessee: Asghar Zain / Harshavardhana Datar

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 1 mins

    Heranba Industries Ltd. vs. DCIT ITAT Mumbai `H’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 2292 /Mum/2013 Assessment Year: 2009-10. Decided on: 8th April, 2015. Counsel for assessee / revenue: Rashmikant C. Modi / Jeetendra Kumar

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    ACIT vs. Ramila Pravin Shah ITAT Mumbai `D’ Bench Before B. R. Baskaran (AM) and Sanjay Garg (JM) ITA No. 5246 /Mum/2013 Assessment Year: 2010-11. Decided on: 5th March, 2015. Counsel for revenue / assessee: Love Kumar / Bhupendra Shah

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 4 mins

    Jupiter Construction Services Ltd. vs. DCIT ITAT Ahmedabad `A’ Bench Before Pramod Kumar (AM) and S. S. Godara (JM) ITA No. 2850 and 2144/Ahd/11 Assessment Year: 1995-96 and 1996-97. Decided on: 24th April, 2015. Counsel for assessee / revenue: Tushar P. Hemani / Subhash Bains

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 4 mins

    IVF Advisors Pvt. Ltd. vs. ACIT ITAT Mumbai `A’ Bench Before N. K. Billaiya (AM) and Amit Shukla (JM) ITA No. 4798 /Mum/2012 Assessment Year: 2009-10. Decided on: 13th February, 2015. Counsel for assessee/revenue: Kanchan Kaushal, Dhanesh Bafna and Ms. Chandni Shah/Azghar Zain

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    DCIT vs. Godrej Oil Palm Ltd. (now merged with Godrej Agrovet Ltd.) ITAT Mumbai `G’ Bench Before Vijay Pal Rao (JM) and B. R. KBaskaran (AM) ITA No. 5098 /Mum/2013 Assessment Year: 2011-12. Decided on: 14th January, 2015. Counsel for revenue / assessee: R. N. D’Souza / Akram Khan, Taher Khokhawala

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    MindaSai Limited vs. Income Tax Officer ITAT Delhi ‘E’ Bench Before Pramod Kumar AM and A. T. Varkey JM I.T.A. No.: 2974/Del/13 Assessment year: 2009-10. Decided on 09.01.2015 Counsel for Assessee/Revenue: AshwaniTaneja / J P Chandrakar

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    Paramount Health Services (TPA) Pvt. Ltd. vs. DCIT ITAT Mumbai `C’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 5400/M/2013& 5269/M/2013 Assessment Year: 2010-11. Decided on: 13th February, 2015. Counsel for assessee / revenue: Rajesh S. Shah & Nalin Gandhi / Narendra Kumar Chand

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Prema G. Sanghvi vs. ITO ITAT Mumbai `C’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 2109 /M/2011 Assessment Year: 2007-08. Decided on: 13th February, 2015. Counsel for assessee/revenue: Chetan Karia/ Premanand J.

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Preimus Investment and Finance Ltd. vs. DCIT ITAT, Mum-C Bench Before I. P. Bansal (J. M.) & Rajendra (A. M.) ITA No 4879/Mum/2012 Assessment Year-2006-07. Decided on 13-05- 2015 Counsel for Assessee / Revenue: Dr. K. Shivaram, & Ajay R. Singh / Premanand J.

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    National Agricultural Co-operative Marketing Federation of India Ltd. vs. JCIT ITAT Delhi Special Bench `F’ Bench Before Justice (Retd.) Dev Darshan Sud (President), G. C. Gupta (VP) and R. S. Syal (AM) ITA Nos. 1999 & 2000/Del/2008 Assessment Years: 2001-02 & 2002-03. Date of Order: 16th October, 2015. Counsel for assessee / revenue : Hiren Mehta & Sanjeev Kwatra / Sulekha Verma

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 9 mins

    Smt. Rekha Rani vs. DCIT ITAT Delhi `F’ Bench Before G. C. Gupta (VP) and Inturi Rama Rao (AM) ITA No. 6131 /Del/2013 Assessment Year: 2009-10. Decided on: 6th May, 2015. Counsel for assessee / revenue : None / Vikram Sahay

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Malineni Babulu (HUF) vs. Income Tax Officer ITAT “A” Bench, Hyderabad P. Madhavi Devi (J.M.) and Inturi Rama Rao (A. M.) I.T.A. No.: 1326/HYD/2014 Assessment Year: 2009-10. Decided on 07-08-2015 Counsel for Assessee / Revenue: S. Rama Rao/ D. Srinivas

    By Jagdish D. Shah, Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Rollatainers Ltd. vs. ACIT ITAT Delhi `F’ Bench Before R. S. Syal (AM) and C. M. Garg (JM) ITA No. 3134 /Del/2010 Assessment Year: 2003-04. Decided on: 6th August, 2015. Counsel for assessee / revenue : Gaurav Jain / Vikram Sahay

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 5 mins

    Section 88E – STT paid on speculation loss has to be considered if after setting off the speculation loss against speculation gain there is positive income which has been included in the computation of total income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdis h T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Section 10A – Unless the initial years claim is withdrawn, subsequent years claim cannot be denied.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdis h T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    Proviso to section 3 and section 37(1) – Business is set-up on recruitment of employees and all expenditure incurred thereafter are allowable as business expenditure.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdis h T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    U.P. Electronics Corporation Ltd. vs. DCIT (TDS) ITAT Lucknow “A” Bench Before Sunil Kumar Yadav (J. M.) and A. K. Garodia (A. M.) ITA No.538/LKW/2012 Assessment Year:2009-10. Decided on 23.01.2015 Counsel for Assessee / Revenue: R. C. Jain / K. C. Meena

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Income Tax Officer vs. Late Som Nath Malhotra (through Raj Rani Malhotra) ITAT Bench ‘G’, New Delhi Before D. Manmohan, (V.P) and N. K. Saini, (A.M.) ITA No. 519/Del/2013 Assessment Year : 2003-04. Decided on 02.07.2015 Counsel for Revenue / Assessee: J. S. Minhas / Piyush Kaushik

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Smt. Shreelekha Damani vs. DCIT ITAT Mumbai `F’ Bench Before Vijay Pal Rao (JM) and N. K. Bhillaiya (AM) ITA No. 4061 /Mum/2012 A. Y. : 2007-08. Decided on: 19th August, 2015. Counsel for assessee / revenue : J. D. Mistry / Manjunath R. Swamy

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Glen Williams vs. Assistant Commissioner of Income Tax ITAT “A” Bench : Bangalore Before N. V. Vasudevan (J.M.) and Jason P. Boaz (A. M.) ITA No. 1078/Bang/2014 Assessment Year 2009-10. Decided on 07.08.2015 Counsel for Revenue / Assessee: T. V. Subramanya Bhat / P. Dhivahar

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Uday K. Pradhan vs. Income Tax Officer ITAT “F” Bench, Mumbai Before Jason P. Boaz (AM) and Sandeep Gosain (JM) ITA No. 4669/Mum/2014 A.Y.: 2005-06. Date of Order: 6th April, 2016 Counsel for assessee / revenue: Dharmesh Shah / Sandeep Goel

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Gurpreet Kaur vs. ITO ITAT Amritsar Bench (SMC) Before A. D. Jain (JM) ITA No. 87/Asr/2016 A.Y.: 2011-12. Date of Order: 24th March, 2016 Counsel for assessee / revenue : J. S. Bhasin / Tarsem Lal

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 5 mins

    DCIT vs. Mahanagar Gas Ltd. ITAT Mumbai `B’ Bench Before R. C. Sharma (AM) and Mahavir Singh (JM) ITA No. 1945/Mum/2013 A.Y.: 2009-10. Date of Order: 15th April, 2016 Counsel for revenue / assessee: Sanjiv Jain / A. V. Sonde & P. P. Jayaraman

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    ITO vs. Superline Construction Pvt. Ltd. ITAT “A” Bench, Mumbai Before Shailendra Kumar Yadav (J. M.) and Rajesh Kumar (A. M.) ITA No. 3645/Mum/2014 A. Y. : 2007-08. Date of Order: 30.11.2015 Counsel for Assessee / Revenue: A. Ramachandran / P. Danial

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Suvaprasanna Bhatacharya vs. ACIT ITAT Bench “B” Kolkata Before N. V. Vasudevan, (J. M.) and Waseem Ahmed (A. M.) ITA No.1303/Kol /2010 A. Y. : 2006-07. Date of Order: 06-11-2015 Counsel for Assessee / Revenue: A.K. Tibrewal and Amit Agarwal / Sanjit Kr. Das

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 6 mins

    C.R. Developments Pvt. Ltd. vs. JCIT ITAT `C’ Bench, Mumbai Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No. 4277/Mum/2012 A. Y.: 2009-10. Dateof Order: 13th May, 2015. Counsel for assessee / revenue : S. M. Bandi / Asghar Zain

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Hiralal Chunilal Jain vs. Income tax Officer ITAT Mumbai “H” bench ITA No. 4547, 2545 & 1275/Mum/2014 A. Ys. 2009-10 & 2010-11. Date of Order: 01.01.2016

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Neela S. Karyakarte vs. ITO ITAT “B” Bench, Mumbai Before Joginder Singh (J. M.) and Ashwani Taneja (A. M.) ITA No.: 7548/Mum/2012 A.Y.: 2005-06, Date of Order:28th August, 2015 Counsel for Assessee / Revenue: Dr. K. Shivaram / Vijay Kumar Soni

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    Mangal Keshav Securities Limited vs. ACIT ITAT “B” Bench, Mumbai Before Joginder Singh (J. M.) and Ashwani Taneja (A. M.) ITA No.: 8047/Mum/2010 A.Y.:2006-07, Date of Order:29th September, 2015 Counsel for Assessee / Revenue: Nishan Thakkar & Prasant J. Thacker / J. K. Garg

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    ACIT vs. Rupam Impex ITAT, Rajkot bench, Rajkot Before Pramod Kumar (A.M.) and S S Godara (J.M.) I.T.A. No.: 472/RJT/2014 A.Y.: 2008-09 Date of Order: 21st January, 2016 Counsel for Assessee / Revenue : Vimal Desai / Yogesh Pandey and C S Anjaria

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    Oxford Softech P. Ltd. vs. ITO ITAT Delhi `E’ Bench Before J. Sudhakar Reddy (AM) and Beena A. Pillai (JM) ITA No. 5100/Del/2011 A.Y.: 2004-05. Date of Order: 7th April, 2016. Counsel for assessee / revenue: Salil Kapoor, Vinay Chawla & Ananya Kapoor / P. Damkanunjna

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 3 mins

    D. H. Patkar & Co. vs. ITO ITAT “D” Bench, Mumbai Before B.R.Baskaran (AM) and Ramlal Negi, (JM) I.T.A. No.: 4524/Mum/2013 A.Y.:2009-10. Date of Order: 18th March, 2016. Counsel for Assessee / Revenue: Jignesh R. Shah / B. S. Bist

    By Jagdish D. Shah
    Jagdish T.Punjabi Chartered Accountants
    Reading Time 2 mins

    Baberwad Shiksha Samiti vs. CIT (Exemption) ITAT Jaipur Bench Before T. R. Meena (AM) and Laliet Kumar (JM) ITA No. 487/JP/2015 A.Y.: 2010-11. Date of Order: 12th February, 2016 Counsel for Assessee / Revenue: Mahendra Gargieya / D. S. Kothari & Ajay Malik

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Income Tax Officer vs. Kondal Reddy Mandal Reddy ITAT ‘B’ Bench, Hyderabad Before P. Madhavi Devi (JM) and B. Ramakotaiah (AM) ITA No. 848/Hyd/2015 A.Y.: 2010-11. Date of Order: 13th May, 2016 Counsel for Revenue / Assessee: B.R. Ramesh / K.C. Devdas

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 28, 41(1) – In a case where assessee has filed confirmation from creditors along with PAN number, amounts payable to creditors cannot be added to income merely on the ground that the assessee could not produce creditors

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 251 – An order enhancing the assessment made, passed by CIT(A), without giving an opportunity of being heard to the assessee, violates the principles of natural justice and is bad in law and cannot be sustained.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 271(1)(c) – Taxability of compensation received by the assessee on account of hardship faced due to delay in delivery of flat is a debatable issue and therefore penalty cannot be levied.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Sections 2(42A), 54 – Date of letter of allotment can be considered to compute the period of holding to assess the entitlement of exemption u/s. 54.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    14. Kanungo Ferromet Pvt. Ltd vs. Addl. CIT (Mum) Members : Mahavir Singh (JM) and Ramit Kochar (AM) ITA No. 995/Mum/2014 A.Y.: 2005-06. Date of Order: 4th January, 2016. Counsel for assessee / revenue: Rajkumar Singh / Vikash Kumar Agarwal

    By Jagdish D. Shah, Jagdish T. Punjabi
    Reading Time 2 mins

    15. Krishna Enterprises vs. Addl. CIT (Mum) Members: R. C. Sharma (AM) and Ravish Sood (JM) ITA No. 5402/Mum/2014 A.Y.: 2007-08. Dated: 23rd November, 2016. Counsel for assessee / revenue: Sashank Dandu / A. Ramachandran

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Sections 271(1)(c), 271AAA – Penalty levied u/s. 271(1)(c) to a case covered by section 271AAA is void

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 41(1) – Amounts shown in Balance Sheet cannot be deemed to be cases of “cessation of liability” only because they are outstanding for several years. The AO has to establish with evidence that there has been a cessation of liability with regard to the outstanding creditors.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Sections 40(a)(ia), 194I – U/s. 194I tax is not required to be deducted on reimbursements and therefore, the amount so reimbursed cannot be disallowed u/s. 40(a)(ia)

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 10A – Claim for deduction u/s. 10A cannot be denied merely beause the assessee has inadvertently omitted to furnish the relevant details relating to deduction u/s. 10A in the appropriate columns of the return of income filed electronically

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    16. Gamzen Plast Pvt. Ltd. vs. ITO (Mum) Members: R. C. Sharma (AM) and Pawan Singh (JM) ITA No. 7449/Mum/2014 A.Y.: 2010-11 Date of Order: 28th October, 2016 Counsel for assessee / revenue: B. V. Jhaveri / Jeevanlal Lavedia

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    17. Quick Flight Ltd. vs. ITO (International Taxation)(Ahd) Members: R. P. Tolani (JM) and Manish Borad (AM) ITA No. 1204/Ahd/2014 A.Y.: 2011-12. Date of Order: 4th January, 2017. Counsel for assessee / revenue: Urvashi Shodhan / Rakesh Jha

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 263 – There is a distinction between “lack of enquiry” and “inadequate enquiry”. If the totality of facts indicate that assessment was made after obtaining necessary details from the assessee and further the same were examined, then, even if the same has not been spelt elaborately in the assessment order, it cannot be said that there is a “lack of enquiry” or `prejudice’ has been caused to the Revenue.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 69C – Mere non-attendance of the supplier in the absence of any other corroborative evidence cannot be a basis to justify the stand of the revenue that the transaction of purchase is bogus.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 250 – When addition made is on account of non-furnishing of sales-purchase bills, etc, if assessee comes forward and furnishes them as additional evidences, they deserve to be examined in proper perspective as the entire addition hinges on non-furnishing of evidences and that being the case, the evidences furnished by the assessee may have a crucial bearing on the issue.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 2(42A) – The holding period of an asset should be computed from the date of allotment letter.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 37(1) – Loss on account of export proceeds realised short in subsequent year allowed as deduction in current year.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 14A read with Rule 8D – disallowance should be computed taking into consideration only those shares which yielded dividend income.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) – Penalty imposed on account of omission to offer correct income and the wrongful deduction deleted on the ground that auditors also failed to report.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    13 Section 272A(2)(k) – Delay in filing of e-TDS return on account of requirement to mention PAN – No loss to the Revenue attributable to the delay in filing of the e-TDS returns – No penalty can be imposed.

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    14 Section 153A – Factum of gift which was already disclosed in the returns of income which was filed before the search took place cannot be assessed as income u/s. 153A

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    15 Section 54 – Investment made in purchase of residential property outside India – Exemption can be claimed till 31.03.2015.

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    12. Y.V. Ramana vs. CIT ITAT Visakhapatnam Bench, Visakhapatnam Before V. Durga Rao (J. M.) and G. Manjunatha (A. M.) I.T.A.No.: 177/Vizag/2015 A.Y.: 2010-11. Date of Order: 9th December 2016 Counsel for Assessee / Revenue: C. Kameswara Rao / G. Guruswamy

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 6 mins

    13. Manish Ajmera vs. ITO ITAT ‘B’ Bench, Mumbai Before Shailendra Kumar Yadav (J. M.) and Rajesh Kumar (A. M.) ITA No.5700/Mum/2013 A.Y.:2010-11. Date of Order: 26th August, 2016 Counsel for Assessee / Revenue: Jayesh Dadia / Chandra Vijay

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 1 mins

    1.Kumari Kumar Advani vs. Asstt. CIT (Mum) Members: G.S.Pannu (A. M.) and Ram Lal Negi (J. M.) ITA No.: 7661 /MUM/2013 A.Y.: 2012-13.

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    2. Quick Flight Limited vs. ITO (Ahmedabad) Members: R.P. Tolani (J. M.) & Manish Borad (A. M.) ITA No.: 1204/Ahd/2014 A.Y.: 2011-12. Date of Order: 4th January, 2017

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    3 Section 50C – Non-compliance of provisions of section 50C(2) cannot be held valid and justified even if no request was made by the assessee before the authorities below to refer the matter to the DVO for valuation u/s. 50C(2) of the Act.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 2 (22)(e) – Amount contributed by a company, in which assessee is substantially interested, towards capital contribution in a firm in which such company and the assessee is a partner, cannot be regarded as dividend in the hands of the assessee, though the capital contribution by the company was disproportionate to its profit sharing ratio.

    By Jagdish D. Shah
    Jagdish T. Punjabi Chartered Accountants
    Reading Time 5 mins

    2 Section 80IB(10) – Amendments made to s. 80IB(10) w.e.f. 1.4.2005 cannot be made applicable to a housing project which has obtained approval before 1.4.2005. Accordingly, time limit prescribed for completion of project and production of completion certificate have to be treated as applicable prospectively to projects approved on or after 1.4.2005.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    3 Section 69C – There is subtle but very important difference in issuing bogus bills and issuing accommodation bills to a particular party. The difference becomes very important when a supplier in his affidavit admits supply of goods. In a case where the assessee has proved the genuineness of the transactions and the suppliers had not only appeared before the AO but they had also filed affidavits confirming the sale of goods, addition cannot be sustained.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    4 Section 80P – Interest earned by a co-operative society from deposits kept with co-operative bank is deductible u/s. 80P.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    10 Section 54 – If agreement for purchase of residential flat is made and the entire amount is paid within three years from the date of sale, the basic requirement for claiming relief u/s. 54(1) of the Act is taken as fulfilled.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 7 mins

    11 Section 263 – Fringe Benefit Tax is not “tax” as defined in section 2(43) and cannot be disallowed u/s. 40(a)(v) or added back to “Book Profits” u/s. 115JB. Consequently, even if there is lack of inquiry by the AO and the assessment order is “erroneous” under Explanation 2 to section 263, the order is not “prejudicial to the interest of the revenue”.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    4 Section 37 – Expenditure incurred by the assessee in connection with the issue of FCCB is revenue in nature.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    5 Sections 2(24), 28 – Subsidy in the nature of entertainment tax / duty collected, but not to be paid, constitutes capital receipt as it is meant for promotion of new industries by way of multiplex theatres.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Sections 45, 48 – The cost of construction incurred by the Builder cannot be the consideration for exchange of land in the scheme of Joint Development. It is the FMV, based on the value of the Sub-Registrar, on the date of JDA, which needs to be taken as full value of consideration

    By Jagdish D. Shah, Jagdish T. Punjabi Chartered Accountants
    Reading Time 4 mins

    1 Section 54 – Two separate contracts for purchase of flat viz. one for house property and the other for furniture, etc. considered, in substance, as the one only and deduction allowed in full.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    1 Section 11 – (i) Depreciation allowed on fixed assets cost of which was allowed as application of income; (ii) Assessee allowed the benefit of carry forward of deficit for future set-off.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    2 Section 43(1) – Grant / subsidy received for research – Assessee in books of account reduced it from the cost of plant and machinery but depreciation claimed on the original cost – Tribunal upheld the assessee’s action of claiming depreciation on the cost of fixed assets without deducting the grant / subsidy amount.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    7 Section 37 – Expenditure incurred on stamp duty and registration charges on sale of flats, to attract buyers, as an incentive scheme by duly advertising the same, is allowable as a revenue expenditure.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    8 Section 54F – If the assessee has invested sale consideration in the construction of a new residential house within three years from the date of transfer, deduction u/s. 54F cannot be denied on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed u/s. 139(1) of the Act.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    8 Sections 50C and 54F – For the purpose of section 54F net consideration is the amount of sale consideration and not the deemed consideration determined u/s. 50C.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    9 Section 11(4A) – Income from pharmacy shop run by a charitable hospital – Operation of pharmacy shop was intrinsic to the activities of running of hospital and hence, did not constitute business.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    9 Sections 32, 43(3) – The benefit of additional depreciation is available to the assessees who are manufacturers and is not restricted to plant and machinery used for manufacture or which has first degree nexus with manufacture of article or thing.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Before Saktijit Dey (J. M.) and Ramit Kochar (A. M.) ITA no.7297/Mum./2013 A.Y.: 2010–11. Date of order: 27.05.2016 Counsel for Revenue / Assessee: K. Mohan Das / Jignesh R. Shah

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 3 mins

    Mangal Singh Palsania vs. ACIT ITAT Jaipur Bench Before Vikram Singh Yadav (AM) and Laliet Kumar (JM) ITA No. 53/JP/14 A.Y.: 2008-09. Date of order: 31.03.2016 Counsel for Assessee / Revenue: M. Gargieya / Ajay Malik

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 2 mins

    Rajeev B. Shah vs. ITO ITAT “SMC” Bench, Mumbai Before Mahavir Singh, Judicial Member ITA No.: 262/Mum/2015. A.Y.: 2010-11. Date of Order: 8th July, 2016 Counsel for Assessee / Revenue: Subhash Shetty & R. N. Vasani / Somanath S. Ukkali

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Reading Time 2 mins

    Asst. CIT vs. Majmudar & Co. ITAT “B” Bench, Mumbai Before Mahavir Singh (J. M.) and Rajesh Kumar (A. M.) ITA No. 3063 to 3067 and 6604 /Mum/2012 A.Ys.: 2004-05 to 2009-10. Date of order: 19th August, 2016 Counsel for Revenue / Assessee: N.P. Singh / Arvind Sonde

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    J M Financial & Investment Consultants Pvt. Ltd. vs. DCIT ITAT Mumbai `J’ Bench Before R. C. Sharma (AM) and Sanjay Garg (JM) ITA No.: 92/Mum/2012 A.Y.: 2008-09. Date of order: 11 May, 2016. Counsel for assessee / revenue : Dr. K. Shivram / Shabana Parveen

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 4 mins

    Shyam Mandir Committee, Khatushyamji vs. ACIT ITAT Jaipur Bench Before T. R. Meena (AM) and Lalit Kumar (JM) ITA No. 651/Jp/2013 A.Y.: 2007-08. Date of order: 2 June, 2016. Counsel for assessee / revenue: Mahendra Gargieya / S. K. Jain

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 4 mins

    Subhi Construction Pvt. Ltd. vs. ACIT ITAT Mumbai `E’ Bench Before B. R. Baskaran (AM) and Amit Shukla (JM) ITA No. 2318/Mum/2014 A.Y.: 2010-11. Date of order: 4 May, 2016. Counsel for assessee / revenue: Vimal Punmiya / A. K. Nayak

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 4 mins

    Krupa D. Doshi vs. ACIT ITAT Mumbai `A’ Bench Before R. C. Sharma (AM) and Amarjit Singh (JM) ITA No. 2983/Mum/2013 A.Y.: 2009-10. Date of order: 10 May, 2016. Counsel for assessee / revenue: Vijay Mehta / Ms. Arju Goradia

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 4 mins

    Shivam Steel & Tubes Pvt. Ltd. vs. ACIT Income Tax Appellate Tribunal “E” Bench, Mumbai Before Rajendra (A. M.) and C. N. Prasad (J. M) ITA No.: 4691/Mum/2014 A.Y.: 2009-10. Date of order: 5th August, 2016 Counsel for Assessee / Revenue: Sanjeev Kashyap / Jayesh Dadia

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 2 mins

    Bastimal K Jain vs. ITO ITAT “B” Bench, Mumbai Before Mahavir Singh (J. M.) and Rajesh Kumar (A. M) ITA No.: 2896/Mum/2014 A.Y.: 2010-11. Date of order: 8th June, 2016 Counsel for Assessee / Revenue: Dr. K. Shivaram / Sachidanand Dube

    By Jagdish D. Shah, Jagdish T. Punjabi; Chartered Accountants
    Reading Time 3 mins

    ITO v. Uma Developers ITAT Mumbai `F’ Bench Before Jason P. Boaz (AM) and Sandeep Gosain (JM) ITA Nos.: 7718/Mum/2014 A.Y.: 2012-13. Dated: 10.08.2016. Counsel for revenue / assessee: A K Dhondial / Vijay Mehta

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Lintas India Pvt. Ltd. v. ACIT(TDS) ITAT Mumbai `A’ Bench Before R. C. Sharma (AM) and Ram Lal Negi (JM) ITA No. 3504/Mum/2014 A.Y.: 2010-11. Dated: 02.08.2016. Counsel for assessee / revenue: Prakash Jotwani / Morya Pratap

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    ACIT v. K. S. Constructions ITAT Mumbai `A’ Bench Before Shailendra Kumar Yadav (JM) and Rajesh Kumar (AM) ITA No. 7660/Mum/2014 A.Y.: 2010-11. Dated: 12.08.2016. Counsel for revenue / assessee: Vijay Kumar Bora / Ms. Aarti Vissanji

    By Jagdish D. Shah
    Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Mohamed Taslim Shaikh v. Addl. CIT ITAT Mumbai `B’ Bench Before Shailendra Kumar Yadav (JM) and Rajesh Kumar (AM) ITA No. 7259/Mum/2012 A.Y.: 2009-10. Dated: 04.08.2016. Counsel for assessee / revenue: Dr. K. Shivram, Ms. Nilam Jadav / Randhir Gupta

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    8. ACIT vs. Jatin P. Mistry Members : C. N. Prasad, JM and Ramit Kochar, AM ITA No. 3404/Mum/2016 Assessment Year: 2008-09. Decided on: 13th April, 2018. Counsel for revenue / assessee: Abhijit Patankar / Fenil A. Bhatt

    By JAGDISH D. SHAH I JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 3 mins

    Counsel for Assessee/Revenue: Lalchand Choudhary/Vijay Kumar Soni Section 24(a) – Rental income earned by a co-operative society for letting out the building terrace is assessable under the head ‘Income from House Property’ and is entitled to deduction u/s. 24(a).

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    5 Section 133A – Returned income as against declared income during survey accepted.

    By JAGDISH D. SHAH I JAGDISH T. PUNJABI Chartered Accountants
    Reading Time 5 mins

    Section 194-1A – Four persons who purchased immovable property of Rs. 1.5 crore jointly not liable to deduct tax at source since purchase consideration for each person was Rs. 37.5 lakh which was less than the threshold limit of Rs. 50 lakh prescribed in the provisions.

    By Jagdish D. Shah / Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 2(47) – Reduction of share capital, even where there is no change in the face value of the share or the shareholding pattern, results in extinguishment of right in the shares amounting to transfer of shares.

    By Jagdish D. Shah / Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    9. DCIT vs. Saleem Mohd. Nazir Sheikh Members : Shamim Yahya, AM and Ram Lal Negi, JM ITA No. 5576/Mum/2015 Assessment Year: 2009-10. Decided on: 13th April, 2018. Counsel for revenue / assessee: Pooja Swarup / None

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    10. ACIT vs. Sameer Sudhakar Dighe Members : Mahavir Singh, JM and G. Manjunatha, AM ITA No. 1327/Mum/2016 Assessment Year: 2011-12. Decided on: 13th April, 2018. Counsel for revenue / assessee: V. Rajguru / None Section 56(2)(vii), CBDT circular no. 477 [F. No. 199/86-IT(A-1)], dated 22.1.1986 – Award received by a non-professional sportsman will not be chargeable to tax in his hands.

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 4 mins

    1 Section 206C – Assessee defaulted in collection of tax at source for which AO took action after seven years – When no limitation is provided in the statute for initiation of action and passing the order, held that the same has to be done within a reasonable time which according to the Tribunal was four years.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    2 Sections 2(47) and 54 – Condition regarding purchase of new property within one year of transfer of old property – Date of agreement to sale was considered as the date of transfer and not the date of conveyance deed.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 2(47) – Conversion of compulsory convertible preference shares into equity shares does not amount to transfer

    By JAGDISH D. SHAH / JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 2 mins

    Section 194C – Value of by-products arising during the process of milling paddy into rice, which remained with the millers, not considered as part of the consideration for the purpose of TDS

    By JAGDISH D. SHAH / JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 6 mins

    6 Section 28 – Two properties sold by a builder within a short span of time in an industrial park developed by it at different rates cannot be a ground for presuming that the assessee has received ‘on money’.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    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 shares.

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 7 mins

    7 Section 40A(3) – Cash payments made out of business expediency allowed as expenditure.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    11. ITO vs. Jogesh Ghosh (Kolkata) Members : J. Sudhakar Reddy (AM) and Smt. Madhumita Roy (JM) ITA No.: 1532/Kol/2016 A.Y.: 2013-14. Dated: 1st June, 2018 Counsel for revenue / assessee: Sallong Yaden / Subash Agarwal Sections 69, 69A – Source of purchase of land held to be satisfactorily explained by the assessee if he has produced receipts confirming sale of land. Production of receipts issued by buyer, though not numbered, are sufficient discharge of burden.

    By JAGDISH D. SHAH I JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 4 mins

    12. Jessie Juliet Pereira vs. ITO (Mumbai) Members : R. C. Sharma (AM) and Amarjit Singh (JM) ITA No.: 6914/M/2017 A.Y.: 2009-10. Dated: 4th June, 2018 Counsel for assessee / revenue: Subhash Chhajed & S. Balasubramanian / Ms. N. Hemalatha Section 54 – Claim for exemption u/s. 54 needs to be considered in a case where assessee has surrendered his flat in exchange for corpus fund/hardship allowance and a new flat in a scheme of redevelopment.

    By JAGDISH D. SHAH I JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 5 mins

    13. ITO vs. Dilip Kumar Shaw (Kolkata)(SMC) Member : P. M. Jagtap (AM) ITA No.: 1517/Kol/2016 A.Y.: 2006-07. Dated: 4th June, 2018. Counsel for revenue / assessee: Nicholas Murmu/ Tapas Mondal Section 154 – The difference between contract receipts as stated in Form 16A and as assessed while assessing total income u/s. 143(3) of the Act, cannot be brought to tax by passing an order u/s. 154 of the Act.

    By JAGDISH D. SHAH I JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 3 mins

    Sections 143(2), 147 – A notice u/s. 143(2) issued by the AO before the assessee files a return of income has no meaning. If no fresh notice is issued after the assessee files a return, the AO has no jurisdiction to pass the reassessment order and the same has to be quashed

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 4 mins

    Section 254 – The ITAT is an adjudicator and not an investigator. It has to rely upon the investigation / enquiry conducted by the AO. The Department cannot fault the ITAT’s order and seek a recall on the ground that an order of SEBI, though available, was not produced before the ITAT at the hearing. The negligence or laches lies with the Department and for such negligence or laches, the order of the ITAT cannot be termed as erroneous u/s. 254(2). Section 254(2) of the Act is very limited in its scope and ambit and only applies to rectification of mistake apparent on the face of record, review of earlier decision of the Tribunal is not permissible under the provisions of section 254(2) of the Act

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 4 mins

    Sections 28(iv), 68 – The fact that premium is abnormally high as per test of human probabilities is not sufficient. The AO has to lift the corporate veil and determine whether any benefit is passed on to the shareholders/directors.

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    Section 154 – Denial of deduction u/s 80HHC on sale proceeds of DEPB license, which was contrary to the subsequent decision of the Supreme Court, can be termed as a ‘mistake’ apparent from record and can be rectified u/s 154

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 74 – Long-term capital loss on sale of listed equity shares is allowed to be carried forward

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 80AC – The condition imposed u/s 80AC of the Act is mandatory – Accordingly, upon non-fulfilment of condition of section 80AC, the assessee would be ineligible to claim deduction u/s 80IB(10) of the Act

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 7 mins

    Section 271(1)(c) – Assessee cannot be accused of either furnishing inaccurate particulars of income or concealing income in a case where facts are on record and all necessary information relating to expenditure has been fully disclosed in the financial statements and there is only a difference of opinion between the assessee and the AO with regard to the nature of the expenditure

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 56(2)(vii) – The amount received by the assessee from the HUF, being its member, is a capital receipt in his hands and is not exigible to income tax If the decisions passed by the higher authorities are not followed by the lower authorities, there will be chaos resulting in never-ending litigation and multiplication of cases

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    Section 50C – Third proviso to section 50C inserted w.e.f. 1st April, 2019 providing for a safe harbour of 5%, is retrospective in operation and will apply since date of introduction of section 50C, i.e., w.e.f. 1st April, 2003, since the proviso is curative and removes an incongruity and avoids undue hardship to assessees

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 254(2) – If the appeal against the order of the Tribunal has already been admitted and a substantial question of law has been framed by the Hon’ble High Court, the Tribunal cannot proceed with the Miscellaneous Application u/s 254(2) of the Act

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 271(1)(c) – Imposition of penalty on account of inadvertent and bona fide error on the part of the assessee would be unwarranted

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 50C – In the course of assessment proceedings if the assessee objects to adoption of stamp duty value as deemed sale consideration, for whatever reason, it is the duty of the AO to make a reference to the DVO for determining the value of the property sold

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 234A – Interest u/s 234A can be charged only till the time tax is unpaid

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 54F – Expenditure incurred by the assessee on remodelling, painting of the flat so that the same could be made habitable according to the standard of living of the assessee, forms part of cost of purchase and is admissible u/s 54F

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 147 / 154 – AO cannot take recourse to explanation 3 to section 147 while invoking section 154 after the conclusion of proceedings u/s 147

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) – AO initiated penalty proceedings on being satisfied that inaccurate particulars of income were furnished but levied penalty on the grounds of furnishing ‘inaccurate particulars’ as well as ‘concealment’ – Order passed by AO held void

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 50C(2) – By virtue of section 23A(1)(i) being incorporated with necessary modifications in section 50C, the correctness of a DVO’s report can indeed be challenged before CIT(A) in an appeal – In the event of the correctness of the DVO’s report being called into question in an appeal before Commissioner (Appeals), the DVO is required to be given an opportunity of a hearing

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 54A – Acquisition of an apartment under a builder-buyer agreement wherein the builder gets construction done in a phased manner and the payments are linked to construction is a case of purchase and not construction of a new asset – Even in a case where construction of new asset commenced before the date of sale of original asset, the assessee is eligible for deduction of the amount of investment made in the new asset

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 145 – The project completion method is one of the recognised methods of accounting and as the assessee has consistently been following such recognised method of accounting, in the absence of any prohibition or restriction under the Act for doing so, the CIT(A) is correct in holding that the AO’s assertion that the project completion method is not a legal method of computation of income is not supported by facts and judicial precedents

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 37(1) – Compensation received in lieu of extinction of right to sue is capital receipt not chargeable to tax

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 4 mins

    Section 273B read with section 272A(2)(k) – Delay in filing TDS return for want of PAN considered as reasonable cause and penalty imposed was deleted

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 2 mins

    Section 54 – Purchase of residential property is said to have been substantially effected on the date of possession. Accordingly, where assessee had received possession of a residential house one year before the date of transfer of residential house, though the agreement to purchase was entered into much prior thereto, the assessee was held to be eligible to claim deduction u/s. 54.

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 54F – Claim u/s. 54 is admissible in respect of flats allotted by the builder to the assessee under the terms of the Development Agreement as the same constitute consideration retained by the Developer and utilised for construction of flats on behalf of the assessee.

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 271(1)(c), 271AAA – In a case where penalty is leviable u/s. 271AAA, penalty initiated and levied u/s. 271(1)(c) is unsustainable in law.

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 45(4) read with section 2(14) – Receipt of money equivalent to share in enhanced portion of the assets re-valued by the Retiring Partners do not give rise to capital gain u/s. 45(4) read with section 2(14)

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    Section 201 – Payments to non-residents without deduction of tax at source – Order passed u/s. 201 (1) beyond one year from the end of the financial year in which the proceedings u/s. 201 were initiated is void ab initio

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 4 mins

    Section 56(2)(viib) – Fair market value determined on the basis of NAV method accepted since the assessee was able to substantiate the value

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 6 mins

    Sections 2(47), 45 – A cancellation of shares consequent to reduction of capital constitutes a ‘transfer’ – Loss arising from the cancellation of shares is entitled to indexation and is allowable as a long-term capital loss – The fact that the percentage of shareholding remains unchanged even after the reduction is irrelevant

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 9 mins

    Section 153C – Assessment u/s 153C which has been initiated without issuance of notice u/s 153C is bad in law

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Notional interest on security deposit received from lessee is not taxable even during the period when the property was sold, but the deposit continued with the lessee as the lease agreement had lock-in clause Only the incomes which fall under the deemed provisions which have been explicitly mentioned in the Act can be brought to tax under the deeming provisions but not any other notional or hypothetical income not envisaged by the Act

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 148 – Assessment completed pursuant to a notice u/s 148 of the Act issued mechanically without application of mind is void and bad in law

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) – Disallowance u/s 43B in respect of service tax, not debited to P&L, does not attract penalty u/s 271(1)(c)

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 199/205 – Assessee cannot be made to suffer because of non-deposit of tax deducted with the government by the deductor – Under section 205, the assessee / deductee cannot be called upon to pay the tax – Credit for the tax deducted at source has to be allowed in the hands of the deductee irrespective of whether or not the same has been deposited by the deductor to the credit of the Central government

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 5 mins

    Section 56(2)(vii)(b) dealing with receipt of immovable property for inadequate consideration will not apply to a case where the agreement for purchase was made before amendment of this section, substantial obligations discharged and rights accrued in favour of assessee but merely registration was on or after amendment of said section Interest under sections 234A and 234B is chargeable with reference to the returned income and not the assessed income

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 54 / 54F – Exemption not denied when the property was purchased in the name of the spouse instead of the assessee Two conflicting High Court decisions – In case of transfer of case between two jurisdictions, the date of filing of appeal is the material point of time which determines jurisdictional High Court

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 3 mins

    Section 10AA – Profit of eligible unit u/s 10AA should be allowed without set-off of loss of other units

    By JAGDISH D. SHAH | JAGDISH T. PUNJABI
    Chartered Accountants
    Reading Time 2 mins

    Proviso to section 2(15) r/w/s 11 and 12 – As part of running an educational institution and imparting training to the students, the assessee had undertaken research projects for the industry and earned consultancy fees from them – Since the dominant object was to impart education, the proviso to section 2(15) does not apply

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 56(2)(viib) – When there was no case of unaccounted money being brought in the garb of share premium, the provisions not attracted

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Sections 10(37) and 56(2)(viii) – Interest received u/s 28 of the Land Acquisition Act, 1894 treated as enhanced consideration not liable to tax

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 54 – Deduction in full is available to the assessee even when the new house property is purchased in the joint names of the assessee and others

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 115JB – Waiver of loan would not assume the character of income and hence, not part of book profit and adjustment in accumulated debit balance of profit & loss account through restructuring account to be disregarded for the purpose of computation of brought-forward losses

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 254: Non-consideration of decision of jurisdictional High Court, though not cited before the Tribunal at the time of hearing of appeal, constitutes a mistake apparent on record

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 35(1)(ii): Deduction claimed by an assessee in respect of donation given by acting upon a valid registration / approval granted to an institution cannot be disallowed if at a later point of time such registration is cancelled with retrospective effect

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 28: Share of profits paid to co-developer based on oral understanding not disallowable as the recipient had offered it to tax and there was no revenue loss and the transaction was tax-neutral

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 80IC – Income arising from scrap sales is part of business income eligible for deduction u/s 80IC

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 199(3) and Rule 37BA – Credit for TDS allowed in the year of deduction even when related revenue was booked in subsequent year(s)

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 40(a)(ia) r/w section 195 – Payments to overseas group companies considered as reimbursement of expense incurred, not liable to deduction of tax at source

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 144C inserted in the statute by the Finance (No. 2) Act, 2009 with retrospective effect from 1st April, 2009 is prospective in nature and would not apply to A.Y. 2009-10 or earlier assessment years

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Sections 14A, 253 – In cross-objections, assessee can raise a ground for the first time, which was not taken up by him even in an appeal before the CIT(A)

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Section 153C – The date of initiation of search u/s 132 or requisition u/s 132A in the case of other person shall be the date of receiving the books of accounts or documents or assets seized or requisitioned by the A.O. having jurisdiction over such other person. Where the A.O. of the searched person and the other person (the assessee) was the same, the date on which satisfaction is recorded by the A.O. for invoking the provisions of section 153C would be deemed to be the date of receiving documents by the A.O. of the other person

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    As per provisions of section 194C(6), the only requirement for non-deduction of tax at source is that the transport contractors have to furnish their PAN details – The Tribunal restored the issue to the file of the A.O. for de novo adjudication

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 22 – Assessee is builder / developer – Rental income derived is taxable as Business Income and section 22 is not applicable – In respect of unsold flats held as stock-in-trade, Annual Lettable Value cannot be determined u/s 22 since rental income, if any, is taxable as Business Income

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 80JJAA – Assessee cannot be denied deduction u/s 80JJAA, provided that such employees fulfil the condition of being employed for 300 days for the year under consideration, even though such employees do not fulfil the condition of being employed for 300 days in the immediately preceding assessment year

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 244A – Refund is to be adjusted against the correct amount of interest payable thereof to be computed as per the directions of the CIT(A) and only the balance amount is to be adjusted against tax paid. Accordingly, unpaid amount is the tax component and therefore the assessee would be entitled for claiming interest on the tax component remaining unpaid. This would not amount to granting interest on interest

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 6 mins

    Section 50 – Expenditure incurred on account of stamp duty, registration charges and society transfer fees, as per the contractual terms, is an allowable expenditure u/s 50(1)(i)

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 56(2)(vii) – Prize money received in recognition of services to Indian Cricket from BCCI is exempt

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Third proviso to section 50C(1) – Insertion of the proviso and subsequent enhancement in its limit to 10% is curative in nature to take care of unintended consequences of the scheme of section 50C, hence relate back to the date when the statutory provision of section 50C was enacted, i.e., 1st April, 2003

    By Jagdish D. Shah | Jagdish T. Punjabi | Chartered Accountants
    Reading Time 5 mins

    Item (c) of the Explanation to section 115JB – Reduction of provision of doubtful debts written-back from book profit allowed, even when in the year when provision was made and the tax was paid under normal provisions of the Act, while computing book profit, the same was not added to book profit

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    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 calculating capital gains – Sale consideration disclosed in the share purchase agreement ought to be adopted for calculating the long-term capital gains in the case of transfer of shares – Section 50CA of the Act inserted w.e.f. 1st April, 2018 clearly indicates that prior to that date there was no provision under the Act authorising the A.O. to refer for valuation of shares for the purpose of calculating capital gains

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    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 filed by the assessee, the PCIT has no jurisdiction to set aside the assessment

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 14A – Even suo motu disallowance made by an assessee u/s 14A needs to be restricted to the extent of exempt income

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 54F – Exemption cannot be denied merely because the sale consideration was not deposited in a bank account as per ‘capital gain accounts scheme’ when the investment in acquisition of a residential house was made within the time prescribed

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Sections 22, 56 – Since the nature of services provided by the assessee to the tenants / lessees was linked to the premises and was in the nature of the auxiliary services which were directly linked to the leasing of the property, gross receipts on account of amenities / services provided by the assessee to its tenants are chargeable to tax under the head ‘Income from House Property’ and not ‘Income from Other Sources’

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Sections 45, 48 – Extinguishment of assessee’s right in flat in a proposed building is actually extinguishment of any right in relation to capital assets and accordingly compensation received upon extinguishment of rights falls under the head ‘capital gain’

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 23 – Annual Letting Value of house property is to be determined on the basis of municipal rateable value

    By Jagdish D. Shah | Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Article 12 of India — USA DTAA — Provision of architectural services for construction of Statue of Unity is not taxable in India as it does not satisfy make available condition in DTAA.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 5(3) and Article 5(4) of India — Singapore DTAA — The time for the calculation of 180 days does not start and end with the date of raising the first and last invoice. It depends upon the facts of each case. Time spent on different projects cannot be aggregated to compute the time threshold merely because the client and person performing work are the same.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Section 37: Business expenditure — Commission payment — Wholly and exclusively for the purpose of the business — Revenue cannot sit in judgment over the assessee to come to a conclusion on how much payment should be made for the services received by the Assessee.

    By Ajay R. Singh, Advocate
    Reading Time 9 mins
  • Tribunal News: Part A-Domestic Taxation

    Section 32(1) — Depreciation is allowable on pre-operative expenses which are revenue in nature, allocated to fixed assets since the expenses were incurred on setting up fixed assets and in pre-operative period the assessee was only engaged in putting up fixed assets on rented land.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Tribunal News: PART A

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 15 mins

    Subscription fees for database access which contains repository of information otherwise available in public domain is not royalty within the means of S. 9(1)(vi) or Article 12 of India-USA DTAA.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    (2013) 88 DTR 288 (Ahd) Harshadbhai Dahyalal Vaidhya (HUF) vs. ITO A.Y.: 2005-06 Dated: 26.04.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Salary income of an expatriate who partly rendered services in India and partly outside India not chargeable to tax in India in respect of proportionate period for which services performed outside India

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 4 mins

    [2012] 137 ITD 318 (Chennai) Shri Rengalatchumi Education Trust vs. ITO (OSD) Exemptions A.Y. 2004-05 to 2007-08 Dated 25th March, 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    (2012) 150 TTJ 265 (Ahd.)(TM) ITO vs. Sardar Vallabhbhai Education Society ITA No.2984 (Ahd.) of 2008 A.Y.2000-01 Dated 18-09-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    The total amount of adjustment, along with the arm’s length price already reported by an assessee, cannot exceed the total amount of revenues earned by the assessee and its associated enterprises from third party customers.

    By Geeta Jani, Dhishat B. Mehta
    Reading Time 4 mins

    S. 275 read with S. 271B — Bar of limitation for imposition of penalty also applies to penalty imposed u/s.271B

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 28 — Contractual payment made by the assessee firm to its retiring partners, in terms of the partnership deed, is not includible in the total income of the assessee since to that extent income has never reached the hands of the assessee.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 45 and S. 48 — Amount received by the society from the builder for permitting him to construct additional floors on existing building of the society by utilising TDR FSI belonging to him is not chargeable to tax since there is no cost of acquisition.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 43(6)(c) — When an asset is sold, the block of assets stands reduced only by moneys payable on account of sale of the asset and not by the fair market value of the asset sold.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 50C — Substitution of sales consideration on transfer of land and building with the value adopted by the stamp valuation authority — Assessee objecting to the substitution of sales price — AO has no discretion and should refer the matter to Valuation O

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Explanation to S. 73 — Speculation business — Assessee company earning income from the sale of shares — AO holding that income earned was from speculation — On the facts held that income earned was in the nature of capital gains.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    S. 37(1) — Capital or revenue expenditure — Cost of tools and dies — Allowed as expenditure on its issue for production.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Explanation (aa) to S. 80HHC — Date of export out of India — Held that the relevant date was the date when the goods were dispatched and cleared by the customs and not the date as per the bill of lading.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 23(1)(b) : Stamp duty and brokerage paid by the landlord allowable as deduction from rent received.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 148 : When time limit for issuance of notice u/s.143(2) not expired, notice u/s.148 invalid.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 36(1)(vii) : Unrealisable amount due to a share broker from client allowable as bad debts

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 4 mins

    Whether a liaison office in India involved in collecting and transmitting of information for a Korean company would, by virtue of Article 5(4) of India-Korea DTAA, not constitute a PE ?

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Mauritius company performing contract for transportation and installation of platforms to be used in mineral oil exploration—Part of income pertained to activities carried on outside India— Whether entire income taxable in India—Income under presumptive t

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Indian company purchasing shares of another Indian company from non-resident—Non-resident assessed to tax—AO treated Indian company as agent and also assessed tax in its hands—Held : (i) withholding tax u/s.195 is not a bar to order u/s.163; (ii) there is

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    UK company had contractual obligation to provide repair and overhaul support and components to an Indian aircraft operator—maintained stock of components with Indian operator—consideration from Indian company for repair and overhaul and use, or right to u

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    Indian company engaged Chinese company for testing of bauxite and providing test reports— Testing done entirely in China—Issue of taxability of payment by Indian company for services—Held : (i) After amendment to S. 9, irrespective of the place of utilisa

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    India-USA DTAA — Examination fee paid to US Company — Not taxable

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    S. 195 — Reimbursement of expenses incurred by non-resident promoters outside India — Not subject to TDS.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    S. 9(1)(vii), 40(a)(i), 195 — Payments made for purchase of Internet bandwidth and TDS — Not FTS, not subject to TDS

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) : Denial of claim for deduction resulting into higher assessed income cannot be ground for imposition of penalty

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    Sections 32 read with section 72 – Brought forward unabsorbed depreciation is allowed to be set off against long term capital gains

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    On facts, the assessee is an employer responsible for tax deduction u/s.192.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    What constitutes ‘teaching in or by educational institutions’ under Article 12(5)(c) of India-USA DTAA ?

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 6 mins

    S. 2(22)(e) : Balance in share premium account cannot be considered as part of accumulated profit.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 40(a)(ia) and S. 194H — Whether trade discount allowed to a customer constitutes commission liable for deduction of tax u/s.194H — Held, No

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — S. 28(iv) and S. 41(1) — Whether reduction in the liability availed by the assessee on the basis of One Time Settlement Scheme in respect of its outstanding term loans is to be treated as taxable u/s.28(iv) or u/s.41(1) — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 73—Any speculation loss computed for A.Y. 2006-07 and later assessment years alone would be hit by the amendment made w.e.f. 1-4-2006 by the Finance Act, 2005 to S. 73(4)— Limit of carry forward of subsequent assessment years applies only to such loss.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    S. 69C—If there is a dispute of the source of the expenditure, then addition can be made u/s.69C — Merely because labour charges are shown as outstanding cannot be a ground to make addition u/s.69C.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-746-ITAT-DEL ACIT vs. Delhi Public School ITA No. 4878 & 4879/Del/2012 Assessment Year: 2008-09 & 2009-10. Dated: 24-05-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-764-ITAT-INDORE DCIT vs. Roop Singh Bagga ITA No. 44/Ind/2013 Assessment Year: 2009-10. Dated: 31-05-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    2013-TIOL-720-ITAT-MUMBAI ITO vs. Wadhwa and Associates Realtors Pvt. Ltd. ITA No. 695/Mum/2012 Assessment Year: 2008-09. Dated: 03-07-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2011) 62 DTR (Mum.) (Trib.) 349 Free India Assurance Services Ltd. v. DCIT A.Ys.: 2001-02 to 2004-05. Dated: 30-3-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 129 ITD 200 (Delhi) Honda Siel Cars India Ltd. v. ACIT A.Y.: 2003-04. Dated: 16-5-2008

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    (2011) 131 ITD 1 (Ahd.) ITO Ward-2(4), Ahmedabad v. Chandrakant R. Patel A.Y.: 2006-07. Dated: 8-4-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 131 ITD 84 (Hyd.) Sri Venkateswara Bhakti Channel v. ACIT, Circle-1(1) Dated: 26-11-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 1 mins

    2011-TIOL-735-ITAT-PUNE Glaxosmithkline Pharmaceuticals Ltd. v. ITO (TDS) A.Ys.: 2006-07 to 2008-09. Dated: 7-10-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    2011-TIOL-748-ITAT-Mum. ITO v. Taj Services Pvt. Ltd. A.Y.: 2003-04. Dated: 16-9-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    S. 32 r.w. S. 43(1) : Depreciation allowable on second-hand vehicle on original cost to previous owner

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    (2012) 150 TTJ 444 (Mum.) Kishore H.Galaiya vs. ITO ITA No.7326 (Mum.) of 2010 A.Y.2006-07 Dated 13-06-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    (2012) 150 TTJ 581 (Mum.) Dy.CIT vs. Ranjit Vithaldas ITA No.7443 (Mum.) of 2002 A.Y.1998-99. Dated 22-06-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    (2012) 150 TTJ 590 (Pune) Dy.CIT vs. Magarpatta Township Development & Construction Co. ITA No.822 (Pune) of 2011 A.Y.2007-08. Dated 18-09-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    Transportation of goods in international traffic by ships operated by other enterprises under slot-chartering arrangement is entitled to benefit of Article 9 of India-UK treaty where treaty provision matches with that of OECD Model.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    Operations of Hong Kong company in India through its liaison office confined to purchase of goods for export from India is not taxable in terms of provisions of clause (b) of Explanation 1 to S. 9(1)(i) of the Income-tax Act.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    Transportation of goods in international traffic by ships operated by other enterprises under slot-chartering arrangement is not entitled to the benefit of Article 8 of India-Brazil treaty

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    (i) Service charges received by company engaged in operation of aircraft from third-party airline companies are not entitled to benefit of Article 8 of India-USA treaty. (ii) Interest on deposit placed to meet possible tax liabilities is not income from o

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    In the circumstances, reorganization involves transfer of shares of an Indian company for no consideration and hence not chargeable to tax.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 6 mins

    The differential amount on discounting of bills with a non-resident financier are not liable to TDS under Section 195 and hence, Section 40(a)(i) cannot be invoked.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    Conducting of impact tests on cars amounts to rendering of technical services/information; and amounts paid to a French Company were ‘fees for technical services’, chargeable to tax in India.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 6 mins

    S. 2(24) : Amount received in consideration of right to telecast films in five years is taxable equally in five years

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 30 : Expenditure on glass wall for better look of hotel is revenue expenditure

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) : Expenditure pertaining to earlier year period claimed by assessee in the year when demand for same received allowed

    By Ashok Dhere
    aAshok Dhere Jagdish D. Shah Chartered Accountants Jagdish D. Shah
    Reading Time 2 mins

    Income-tax Act, 1961 — Section 2(22)(e) — Whether in a case where a shareholder holding more than 10% of the shareholding in a company in which public are not substantially interested is a debenture holder of such a company and also has current account wi

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — Section 254 — Whether an order of the Tribunal can be recalled on the ground that it has been passed without considering decision cited in the course of hearing — Held : Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 10A of the Income tax Act, 1961 —Exemption to new undertaking in FTZ — (i) Whether receipt by way of reimbursement of expense eligible for exemption — Held : Yes

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 50C the Income-tax Act, 1961 —Substitution of full value of consideration in case of transfer of capital assets — Transfer of factory building by exchange of letter sans execution of agreement —Whether the AO justified in applying the provisions o

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Royalty payment by one Singapore company to another Singapore company for acquiring right to broadcast live cricket matches from Singapore is not income of the recipient arising in India in terms of source rule of the Treaty. Such royalty income could hav

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    Valid and commercially justifiable presence of recipient of income in treaty favourable jurisdiction cannot be disregarded to tax income in the hands of another ent

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    India Mauritius Treaty — Payment for liasoning with legal and financial advisors — commercial services — Not royalty

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    India USA Treaty — Article 12(4) of India-US treaty — Scope of fees for included services

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    S. 163, and India — Japan Treaty

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Whether royalty income earned by the taxpayer can be said to be ‘effectively connected’ with its permanent establishment (PE) in India, so as to be taxable as per the ‘business income’ article of the India-Australia Tax Treaty (Treaty).

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    Whether income earned from transportation of cargo in international traffic by aircraft owned, chartered or leased by other airlines is covered by Article 8 of India-USA Treaty.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Provisions of Section 195 are not attracted where the payment represents reimbursement of expenses having no element of income.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    No income arises to the foreign company in India in the course of deputing personnel to an Indian company, who work under the control and supervision of the Indian company and thus become employee of the Indian company. Amount of salary of deputed employe

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    Payments made towards the share of the cost incurred in respect of research and development activities pursuant to cost contribution arrangement (CCA) is not the payment towards fees for technical services or royalty. Such contribution is not liable to ta

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    Consortium of members formed for the purpose of joint bid does not constitute AOP if each of the members has specified responsibility independent of the other member and consideration flowing to each of the member is separate. Certain common covenants inc

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    2013-TIOL-941-ITAT-DEL Rachna Gupta vs. ITO ITA No. 5527/Del/2012 Assessment Years: 2003-04. Date of Order: 05.07.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-955-ITAT-PANAJI ACIT vs. Joe Marcelinho Mathias ITA No. 43/PNJ/2013 Assessment Years: 2009-10. Date of Order: 26.04.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    [2013] 144 ITD 76 (Mum) Mattel Toys (I) (P) Ltd. vs. Dy. CIT, Mumbai A.Y. 2002-2003 Order dated- 12.06.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    [2013] 144 ITD 461 (Hyd) S. Ranjith Reddy vs. DCIT AY : 2006-07 Date of order : June 07, 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    (2013) 144 ITD 325 (Hyderabad) Vittal Krishna Conjeevaram vs. ITO A.Y. 2009-2010 Dated: 10th July, 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    (2013) 92 DTR 345 (Rajkot)(SB) Bharti Auto Products vs. CIT A.Ys.: 2009-10 & 2010-11 Dated: 06.09.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 7 mins

    S. 158BE — Limitation period cannot get extended by issuing prohibitory order u/s.132(3).

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 80HHC and S. 80IA — Deduction allowed u/s.80IA need not be reduced from the profits of the business in computing deduction u/s.80HHC

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    On facts, matter remanded to tax officer to determine place of effective management of the company incorporated in Mauritius.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    Income of foreign company from golf tournaments on remote basis by hiring independent contractors not taxable in India

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    Income of foreign company from satellite navigation and transponder capacity lease not royalty for equipment hire

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Section 12AA of the Income-tax Act, 1961 — When assessee had not carried out any activity other than running school or hostel and all properties owned by it were held in trust for purpose of carrying on charitable activities, there was nothing unlawful in assessee acquiring assets and buildings and registration u/s.12AA could not be denied to it.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 40(a)(ia) of the Income-tax Act, 1961 — Provisions of section 40(a)(ia) can be invoked only in event of non-deduction of tax at source but not for lesser deduction of tax at source.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 140A r.w.s. 244A — Whether an assessee is entitled to interest on excess payment of selfassessment tax from date of payment upto the date the refund is actually granted — Held, Yes.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 271(1)(c), read with section 10(13A) of the Income-tax Act, 1961 — Mere making of a claim, which is not mala fide but which is not sustainable in law by itself does not amount to furnishing of inaccurate particulars regarding income of assessee so as to attract levy of penalty u/s. 271(1)(c).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 153A read with section 143 — Non-service of notice u/s.143(2) when a return is filed u/s.153(A), AO cannot make addition and is bound to accept income returned.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 80G — Approval for the purpose of section 80G cannot be denied simply because the trust is not registered as charitable trust.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Carry forward and set-off in case of Nil Return v. Reassessment at Loss — Unabsorbed depreciation entitled to be carried forward and set off even if return showing nil income was filed — Also, loss determined in Appellate proceedings and not claimed by assessee eligible to be carried forward.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 263 : Assessed income higher than income determined by CIT — CIT’s order bad

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 140A(3) : Assessee offers explanation for failure to pay S.A. tax — Full tax and interest paid — Penalty not justified

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    Asst. CIT vs. B.V.Raju, Hyderabad(SB) (2012) 135 ITD 1 Date of the order : 13.02.2011 A.Y.2000-01

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    2013-TIOL-632-ITAT-AHM Shrinivas R Desai v ACIT ITA No. 1245 and 2432/Ahd/2010 Assessment Year: 2007-08. Date of Order: 28.06.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    2013-TIOL-641-ITAT-MUM Cinetek Telefilms P. Ltd. v ACIT ITA No. 7834 and 7645/Mum/2010 Assessment Year: 2007-08. Date of Order: 07.06.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    Mutual concern — Income of the association of flat owners is not taxable on the principle of mutuality, despite the fact that most of the flats are let out and tenants are paying the contribution — Interest earned from bank on surplus funds deposited in t

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Basic design services provided by US entity which includes preparation of plan, concept design, schematic design, design development and other related consultancy services during construction phase are part of architectural services provided by the US ent

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    Clinical trial test reports did not ‘make available’ technical knowledge, experience, know-how, etc. — Consideration is not fee for included services under India-Canada DTAA

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    S/s. 43B & 145A – Service tax on unrealised service charges cannot be added back to the income

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 36(1)(vii) r.w.s. 36(2), S. 28 — Whether loss due to irrecoverability of security deposit given for taking godown on rent is allowable as a business loss — Held : Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    India-Australia DTAA; S. 9(1)(vii) — Receipts for monitoring and supervision of project work — Not royalties — Business income, chargeable to the extent attributable to PE

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Section 41(1) — Whether the sum of Rs.1,77,27,681 reflected in the Balance Sheet of the assessee as on 31.3.1996 and thereafter carried forward in all subsequent balance sheets till 31.3.2002, which sum represented untaxed income of A.Ys. 1995-96 and 1996

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 32 — Depreciation — Income assessed applying the net profit rate of 8% to the turnover — Whether the assessee’s claim for allowance of depreciation from the income so determined tenable — Held : Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 36 (i)(iii) — Allowance of interest paid — Where interest-free fund was more than the alleged investment in non-business assets, whether the interest paid could be disallowed —Held : No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 254 — Ex-parte order passed for non-appearance as the assessee’s representative went to attend phone call when the matter came up for hearing – Whether reasonable and sufficient ground for non-appearance — Held : Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 234B — Assessee is not liable to pay interest u/s.234B when by retrospective amendment made later the amount becomes taxable. The fact that administrative relief can be obtained by the assessee cannot erode the powers of the Tribunal while dealing with

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Explanation to S. 73 — For the purpose of deciding whether the case of the assessee is covered by exceptions provided in Explanation to S. 73, speculation loss is to be excluded while computing business income and arriving at the gross total income.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    S. 80-IA — Deduction in respect of profit of the power-generating undertaking — Power generated by the eligible unit captively consumed — Valuation at market price — Rates charged by the State Electricity Board, including the electricity tax levied thereo

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 37(1) — Capital or revenue expenditure — Whether the amount paid for handsets and for talk-time charges were capital in nature — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Canora Resources Ltd. In re 313 ITR 2 (AAR) Section 45(3), 10(2A), 92, 184, 245R of the Income-tax Act and Article 24 of India-Canada DTAA.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Mahindra and Mahindra Limited (M&M) vs. DCIT [ITA Nos. 2606, 2607, 2613 and 2614/Mum/2000] (Mumbai SB).

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Worley Parsons Services Pty. Ltd. 312 ITR 317 (AAR)

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    ITO vs. M/s. Kirtilal Kalidas Diamond Exports (Mumbai) (Unreported). [ITA No 1868/Mum/2005].

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 2 mins

    Consideration paid by Indian Company to American Company under assignment agreement was not capital gains but business profits – Since American Company did not have PE in India, consideration not chargeable to tax in India. Payer not required to withhold

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    S. 272A(2)(e) — Delay in return due to non-availability of accounts condoned.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 115JA — Capital gains credited directly to capital reserve in balance sheet not to be considered in book profit.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 14 — Income from redemption of deep discount bonds taxed as capital gains

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 32(1) read with S. 43(6) — WDV of block brought forward from preceeding year to be reduced by WDV of assets discarded.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 80JJA — Subsidy received from State Government qualifies for deduction.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 147 — AO cannot assess other income noticed in proceedings

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 40(a)(ia) read with S. 194C of the Income-tax Act, 1961 — Tax deductible for the year deducted belatedly on the last day of the accounting year and paid before the due date for filing of return — Whether AO justified in disallowing the expenditure u/s.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — S. 28, S. 37 — Exchange fluctuation loss in respect of unmatured forward contracts on the last date of the accounting period on the basis of rate of foreign exchange prevailing on that date is allowable as a deduction.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 8 mins

    S. 115C, S. 115D, S. 115E : Interest on NRO deposit with banking company is investment income : TDS at 20%.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    (2012) 54 SOT 263 (Bangalore) ITO vs. Mahaveer Calyx ITA Nos.153 & 998 (Bang.) of 2011 A.Ys.2007-08 & 2008-09. Dated 31-08-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    S. 195, S. 245N, S. 245R, and Articles 5, 7, 12 of India-USA DTAA : TDS on hardware and software contracts

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    (2011) 135 ITD 398 (Pune) Patni Computer Systems Ltd vs. DCIT A.Y 2002-03 & 2003-04. Dated : 30th June, 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    (2012) 135 ITD 233 (Mumbai) Pranik Shipping & Services Limited vs. ACIT (Mumbai ITAT) ITA No.5962 /Mum/2009 18th January, 2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    136 ITD 315 (Mum.) Arrow Coated Products Ltd. vs. ACIT A.Y 2006-07 Dated : 14th March, 2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    S. 9 and Article 5 & 7, India-Italy DTAA : Supply of machinery and raw material to WOS, no PE

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Payment towards licence for use of copyrighted software provided as part of equipment supply is not royalty.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Services to Subsidiary in India by deputing personnel of affiliated companies constitute Service PE.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    In absence of emergence of PE, onshore technical services are liable to tax @ 10% of gross fee.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Supervisory PE threshold as prescribed in India-Germany treaty needs to be reckoned w.r.t each separate project.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    (2012) 150 TTJ 159 (Mumbai) BSEL Infrastructure Realty Ltd. vs. Asst. CIT ITA No.6559 (Mum.) of 2011 A.Y.2007-08 Dated 13-04-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    (2012) 54 SOT 44 (Hyd.) J.V.Krishna Rao vs. Dy. CIT ITA Nos.1866 & 1867 (Hyd.) of 2011 A.Y.2008-09. Dated 15-06-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    Mauritius company executing 3 contracts in India. Whether the duration of each contract should be considered separately or should be aggregated —DTAA applied test of PE to each construction site separately—The 3 contracts were not inextricably interconnec

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    Execution of a contract for transportation and installation work for mineral oil exploration platforms—Whether receipts for services outside India, taxable in India u/s 44BB. Presumptive income can be taxed only if it is otherwise taxable under Income-tax

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Fees received by non-resident for performing services in India through a PE are taxable in accordance with Article 7 of DTAA. If Article 7 applies, S. 9(1)(vii), S. 44D and S. 115A would not apply.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Purpose of DTAA may be relevant also in cases involving discrimination. (ii) India-Germany DTAA, Indian subsidiary of German parent company listed on German Stock Exchange considered ‘company in which public are substantially interested’.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    Although services under Secondment Agreement constituted provisions of services of technical personnel, as the essence of transaction was for mutual business development and not to derive income for service, no FTS can be said to have accrued to foreign

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Concept of economic employer — Reimbursement under Secondment Agreement to legal employer on actual cost basis represented salary paid to secondee — No tax was required to be deducted at source.

    By Geeta Jani Dhishat B. Mehta
    Reading Time 4 mins

    Consolidated return filed after due date in S. 139(1), held valid as in substance, a relevant provision complied with

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Capital gains arising on transfer of Indian assets by way of amalgamation of overseas companies with an Indian company, is exempt from tax in the hands of the overseas amalgamating companies under section 47(vi), read with section 2(1B) of the Act.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    Interest-free loans advanced to overseas wholly-owned subsidiaries cannot be regarded as quasi equity capital.

    By Geeta Jani, Dhishat B. Mehta
    Reading Time 4 mins

    Payments received from the supply of software products cannot be considered as ‘royalties’, taxable under the provisions of the Income-tax Act, 1961 or under India-Japan tax treaty.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    Amount received on transfer of carbon credits is a capital receipt

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S/s. 139(1), 139(5), 142(1), 143(2), 145 – Even in cash method of accounting, every receipt is not income but the receipt which is in the nature of income is liable to be assessed as income. Even in the case of an assessee following cash system of accounting, return of income can be revised and the amount received and offered as income can be eliminated to give effect to the decision of the High Court, rendered after the end of the financial year, holding that the said amount is not taxable.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    S/s. 50C, 271(1)(c) – The mere fact that the AO had invoked section 50C(2) and adopted guideline value for computing capital gains ignoring what was disclosed by the assessee ipso facto cannot be the sole basis for imposing penalty.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S/s. 40(a)(ia), 80IB(10), – In case of an undertaking qualifying for deduction u/s. 80IB(10), amount disallowed u/s. 40(a)(ia) is allowable as deduction u/s. 80IB(10).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Trademark/Brand registered in India and nurtured and used in business in India represents property situated in India — Capital gain arising on its transfer taxable in India.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 5 mins

    (2012) 134 ITD 269 (Visakha) Transstory (India) Ltd. vs. ITO Assessment Year: 2006-07 Date of order: 14th July, 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    [2012] 134 ITD 463 (Mum.) Siam Commercial Bank PCL vs. DCIT (International taxation)-2(1), Mumbai A.Y. 2000-2001 Date of Order – 25th February 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2013) 87 DTR 346 (Bang) Tata Teleservices Ltd. vs. DCIT A.Y.: 2006-07 to 2008-09 Dated: 27th November 2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    [2012] 138 ITD 278 (Pune) Ramsukh Properties vs. DCIT A.Y. 2007-08 Dated: 25th July, 2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) — Capital or revenue expenditure — Expenditure incurred on launching of a new model of car — Held as revenue expenditure.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 68 — Cash credit — Loan amount received in earlier year converted into gift — Valid gift.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 115JA — Stock borrowing charges not debited to P & L Account as required under Schedule VI of the Companies Act can be claimed as revenue expenditure even in the case of an assessee who is mandatorily bound to follow the accounting standards as prescri

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 80HHC — Entire amount received on sale of DEPB entitlements does not represent profit chargeable u/s.28(iiid). Computation of profit on sale of DEPB entitlements requires an artificial cost to be interpolated.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 80IB(10) — Amenities provided by the assessee at the time of construction itself, though by way of a separate agreement, are to be treated as part of the housing project undertaken by the assessee — Deduction u/s.80IB(10) is allowable in respect of rec

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 115JA, S. 244A — While computing tax liability u/s.115JA credit for tax paid in foreign country is allowable — Grant of interest u/s.244A can not be denied on the ground that the TDS certificate was filed in the course of assessment proceedings and not

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 14A — Disallowance u/s.14A can be made even in the year in which no exempt income has been earned or received — Disallowance u/s.14A in respect of interest expenditure is to be made with reference to gross interest expenditure and not with reference to

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Liability to deduct tax — Payer not an assessee in default u/s.201 if payee has paid tax on income but payer liable to interest u/s.201(1A).

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 7 mins

    No tax is required to be deducted from commission paid to agent outside India if no services performed in India or no fixed place of business in India.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Explanation (b) to S. 6(1)(c) : (i) Not applicable in case of permanent return (ii) period of visit to India to be excluded (iii) fraction of a day to be excluded.

    By Geeta Jani, Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    S. 28(iv) — Revaluation of assets by firm before conversion into a Company — Value of shares received by partners in excess of their capital was not taxable.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 37(1) — Provision for service warranty expenses on actuarial basis allowed as expense.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S/s. 32, – Depreciation is allowable on paintings which form part of furniture and fixture.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    Sections 50C , 55(2)(b), 251(1)(c): Fair Market value as on 1st April 1981 should be adopted as cost of acquisition while computing the capital gains during the course of assessment even when the assessee has not filed a revised return for the said claim.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 271(1)(c) – Penalty cannot be levied when the dispute is not about the genuineness of the expenditure or the bonafides of the claim but only about the year of its allowability.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S/s. 2(15), 12A, 12AA(3) – In proceedings u/s. 12AA(3) it is not open to the DIT(E) to re-examine the objects of the trust to see if the same were charitable in nature.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2012] 137 ITD 163 (Panaji) DCIT vs. Jayalakshmi Mahila Vividodeshagala Souharda Sahakari Ltd. AY 2007-08 to 2009-10 Dated: 30th March, 2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-800-ITAT-MUM ITO (TDS) vs. Jet Airways (india) Ltd. ITA No. 7439, 7440 and 7441/Mum/2010 Assessment Years: 2009-10, 2007-08 and 2008-09. Date of Order: 17-07-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    Sections 80, 139(1), 139(3) and 139(5) — Where the assessee had filed original return u/s.139(1) declaring positive income and claim for carry forward of long-term capital loss was made only in the revised return filed u/s.139(5), carry forward of loss cannot be denied.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Sections 4, 28(i), 36(1) (iii) and 37(1) — Gross interest received from the Income-tax Department and not the net interest remaining after the set-off of the interest paid to the Income-tax Department is to be included in assessable income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    2013-TIOL-827-ITAT-PUNE GKN Sinter Metal Pvt. Ltd. vs. ACIT ITA No. 3465/M/2010 Assessment Years: 2003-04. Date of Order: 06-05-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-831-ITAT-MUM Administrator of Estate of late Mr. E F Dinsha vs. ITO ITA No. 3019/Mum/2008 Assessment Year: 2005-06. Date of Order: 14-08-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    (2013) 90 DTR 289 (Bang)(SB) Biocon Ltd. vs. DCIT A.Ys.: 2003-04 to 2007-08. Dated: 16-07-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 7 mins

    (2013) 90 DTR 350 (Mum) ACIT vs. Jaimal K. Shah A.Y.: 2007-08 Dated: 30-05-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2013) 90 DTR 197 (Chennai) Madras Motor Sports Club vs. DIT (Exemptions) A.Y.: 2009-10 Dated: 21-12-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    S. 28(iv) & 145 —(i) Dividend on shares held in assessee’s name pending settlement of dispute cannot be taxed in the assessee’s hand u/s.28(iv). (ii) In the absence of trading during the year shares held as stock-in-trade can still be valued at lower of

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 139(5) read with S. 132(9) — Defects in Return filed cured during extended period requested for by assessee — AO not justified in treating Return as defective

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 14A — Whether any part of expenses claimed against remuneration from a partnership firm can be disallowed on account of exempt share of profit — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 40A(2)(b) — Discount on sales given to sister concern not covered.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 28 — Non realisability of balances lying with a bank in FD and current accounts held to be allowable as business loss.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    (2013) 88 DTR 150 (Mum) Windermere Properties (P) Ltd. vs. DCIT A.Y.: 2006-07 Dated: 22.03.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    Whether order of reassessment u/s.147 r.w. S. 143(3) without valid notice u/s.143(2) is null & void — Held, Yes. Whether amendment to S. 148 saves reassessment done without notice u/s.143(2) — Held, No. Whether provisions of S. 292BB are retrospective — H

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    s. 254 — A request made at the time of hearing, which has not been dealt with in the order of the Tribunal, constitutes an error in the order—The action of the Tribunal in setting aside the order of CIT(A) and upholding the action of the AO in a case wher

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    Whether delay of more than 19 months in issuance of notice after completion of assessment order in case of person searched and satisfaction required u/s.158BD not recorded by AO of person searched, proceedings are vitiated and null and void — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Whether violations of Rules & Regulations of NSE by members could be offence or act prohibited by law — Held, No. Whether fine paid by member to NSE can be disallowed under Explanation to S. 37(1) — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 194J — Payments for network services cannot be Technical services’ liable to TDS

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 2(24) – Notional value of advance licences/DEPB credited to P&L account not income

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 37(1) — Expenditure on new technology to replace existing one is revenue expenditure

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Proviso to s. 254(2A) — Tribunal can stay the proceedings before the AO in exercise of its incidental powers as well as in view of the proviso to S. 254(2A)—The Tribunal disposed the stay application by directing the AO to pass the assessment order by 31.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    s. 74(1)(b) — The amendment to s. 74(1)(b) does not apply to long- term capital loss incurred prior to AY 2003-04—Long-term capital loss of an assessment year prior to AY 2003-04 can be set-off even against short-term capital gain of AY 2003-04 or thereaf

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S 50C and 69B– Provisions of S. 50C do not apply to the purchaser of property. S 69B requires collection of independent evidence to show that any undisclosed investment was made by the assessee in purchase of property failing which the buyer could not be

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 37(1) — No interest held to be allowable where firm had advanced Interest free loan to a relative of a partner for purchase of a flat.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Whether stock exchange membership card acquired after 1-4-1998 represents a commercial right/intangible asset and qualifies for depreciation u/s.32 — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 37(1) — Amount spent on the prizes given under the lottery system allowed as business expenditure

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 255(4) — The opinion expressed by the Third Member (TM) is binding on the member in minority — Questions framed by the member in minority while giving effect to the opinion of majority are outside the purview of section 255(4) of the Act and have no relevance.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Sections 147, 154 — Once there is retrospective amendment to the statute, the earlier order which is not in conformity with the amended provisions, can be rectified u/s.154 of the Act — In the absence of any fresh material, sufficient to lead inference of escapement of income, the AO cannot exercise jurisdiction u/s.147 r.w.s. 148 of the Act.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Section 54F of the Income-tax Act, 1961 — Deduction allowable even if the building in which investment was made was under construction and assessee had paid entire amount as advance.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 1 mins

    Section 253 of the Income-tax Act, 1961 — Direct stay application filed before Tribunal is maintainable and it is not a requirement of law that assessee should necessarily approach Commissioner before approaching Tribunal for grant of stay.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 80 DTR 23 (Mum) Genesys International Corporation Ltd. vs. ACIT A.Ys.: 2008-09 & 2009-10 Dated: 31-10-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2011) 132 ITD 604(Mum.) Momaya Investments (P) Ltd. vs. ITO AY : 1996-97 Date of order : 22-06-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    s. 10(38), 70(3), 74 — Non-exempt long-term capital loss cannot be set-off against exempt long-term capital gains.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Reading Time 3 mins

    S. 45 read with S. 10(38) — Profit from delivery-based transactions in shares treated as capital gains and not as business income.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    The scope of ‘services’ in the context of Section 44BB is not restricted and they need not be only those which are other than ‘technical services’ under Section 9(1)(vii).

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    S. 55A of the Income-tax Act, 1961 — Valuation report of Departmental Valuation Officer — To determine fair market value as on 1st April, 1981 whether reference to DVO can be made — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 1 mins

    (I) AO/TPO should establish that the taxpayer had manipulated prices to shift profits. (ii) After taxpayer discharges onus by conducting proper analysis, before determining ALP, AO/TPO should prove that one of four conditions in S. 92C(3) is satisfied. (

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Liaison office of non-resident is chargeable to FBT even if no income is earned in India

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 2 mins

    Sections 45(4) read with section 2(47) of the Income Tax Act, 1961 – Capital gain tax cannot be levied on firm on mere admission of partner if there was no distribution of any capital asset.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 37(1) of the Income-tax Act, 1961 — Business expenditure — Payment of severance pay on closure of manufacturing business and expenditure incurred on market research — Whether allowable — Held, Yes.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    (i) Reimbursement of customs duty by an importer to a service provider is not taxable u/s.44BB. (ii) Interest received by non-resident company on refund of income-tax to be characterised as ‘interest’

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    Interest received by non-resident company having PE in India on refund of income-tax is effectively connected with PE and hence, should be characterised as ‘business profits’ and not ‘interest’ and taxed accordingly

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 2 mins

    Where income accrues or arises u/s.5(2), S. 9(1)(i) would have no application.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    (i) only proportionate credit of tax paid in USA can be claimed in India; and (ii) credit of State income-tax cannot be claimed as it is not a ‘tax covered’.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    University of Texas (UT) is a tax resident of the USA and entitled to treaty benefit even if certain income of UT is not liable to tax in the USA on account of exemption under the provisions of US tax laws.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 5 mins

    Lump sum consideration towards technology transfer amounts to royalty. Sale of technical documentation which is incidental to grant of right to use the know-how does not affect taxability.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 6 mins

    Reimbursement received by non-resident in respect of payment made on behalf of resident was not liable to tax in India.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    Amount paid towards domain name registration, server charges for web hosting are not payment towards technical services

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 5 mins

    (i) Remuneration for processing of seismic data outside India is not taxable in India since not royalty and no PE. (ii) Fees for training for use of software pertaining to exploration/extraction of mineral oil is taxable u/s.44BB.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    Payment for outright sale of drawings and designs is not royalty either u/s.9(1)(vi) or under Article 12(3) of DTAA

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Income from offshore supply of equipment not taxable in India if property in equipment passes outside India.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    (2011) 133 ITD 306 (Mum.) NRB Bearings vs. DCIT A.Y.: 2005-06. Dated : 20th September, 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    (133 ITD 363)(Mum.) Vidyavihar Containers Ltd. vs. Deputy Commissioner of Income Tax AYs. : 2002-03 & 2006-07 Date of Order: 21st October 2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    (2013) 84 DTR 271 (Mum) SKOL Breweries Ltd vs. ACIT A.Y.: 2007-08 Dated: 18.1.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2013) 84 DTR 383 (Pune) Ramsukh Properties vs. DCIT A.Y.: 2007-08 Dated: 25.7.2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Interest on fully convertible bonds till date of conversion, taxable in India as interest.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    No expenditure/allowance can be deducted from royalty/FTS income earned by non resident pursuant to agreement entered into prior to 1st April 2003.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    In view of Explanation 1 in S. 90, higher rate of tax applicable to foreign company cannot be said to be discriminatory.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Unlike sub-clause (ii), sub-clause (i) of S. 245N(a) does not specifically restrict the scope to the tax liability of a non-resident and hence, advance ruling could also be in relation to a transaction by a non-resident even if it does not involve determi

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    On facts, certain services rendered from outside India were not made available and hence, the consideration was not FIS under Article 12. Also, such offshore services could not be linked to PE in India for determining income attributable to the PE.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Sale of goods to non-AEs cannot be taken as comparable under CUP, if there are significant differences in quantity sold, geography and customer profiles.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    The Delhi Tribunal in the case of Microsoft Corporation, US & its affiliates (2010 TII 141 ITAT-Del.-Intl.), recently adjudicated on the issue whether the use of or the right to use (including the granting of licence), in respect of computer program, amou

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Interest paid directly to shareholders by taxpayer’s PE is allowable as a deduction while computing taxable profits of PE in India.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    Compensation received by UK buyer pursuant to arbitration award, on account of failure of Indian entity to meet its export obligation — Business income — In absence of PE, not chargeable to tax in India.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Fees received for assistance/services provided to Indian companies to whom loans, etc. are provided by the financial organisation from UK is business income — In absence of PE, is not chargeable to tax in India.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    A Singapore resident company had a PE in India, which provided information available in public domain to subscribers. The AO held that the income was FTS under the Income-tax Act and taxable on gross basis and not on net basis as claimed by the taxpayer u

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Sections 2(24) read with sections 4 and 28(i) of the Income Tax Act, 1961 – Amount realised on sale of carbon credits is a Capital Receipt and it cannot be taxed as a Revenue Receipt.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Sections 194H read with section 40(a)(ia) of the Income Tax Act, 1961 – Mere distribution of the collected amount of commission does not require tax deduction if it is not shown as an expense.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 77 DTR 89 (Mum) Chemosyn Ltd. vs. Asst. CIT A.Y.: 2007-08. Dated: 07-09-2012

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 77 DTR 235 (Jodhpur) Amit Jain vs. DCIT A.Y.: 2007-08. Dated: 17-09-2012

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 132 ITD 296 (Del) Mrs. Maninder Sidhu vs. ACIT A.Y.: 2004-05. Dated: 09-04-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    2012-TIOL-771-ITAT-KOL DCIT v Rajeev Goyal A.Y.: 2007-08. Dated: 01-06-2012

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    2012-TIOL-703-ITAT-KOL Sri Raajkumar Jain v ACIT A. Y.: 2004-05. Dated: 07-09-2012

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Sections 14A read with section 2(22A) of the Income Tax Act, 1961 – Interest in relation to investment in shares of foreign companies not to be disallowed u/s. 14A.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    A Netherlands resident company received payments for grant of licence for off-the-shelf software to an Indian customer. No right in the copyright was transferred. The AAR held that payments were not royalty or FTS under DTAA and since the company did not

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    S. 148 — Reassessment completed by an AO on the basis of a notice u/s 148 issued by another AO who had no jurisdiction over the assessee is not valid.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 12AA — Registration of Charitable Trust — Whether rejection of registration on grounds of (a) genuineness of appellant; and (ii) alleged violation of S. 13(1)(b) sustainable — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Offshore supply of equipment is not liable to tax in India though it is a part of composite contract involving onshore service component.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    S. 9(1)(i) — Liaison office of USCO acting as buyer’s agent for exports by independent manufacturers to associates of USCO, covered by exclusion

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 4 mins

    S. 195 — Commission paid to foreign selling agents does not trigger tax with-holdings obligation on payer

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 2(31) — AOP is assesable person even when formed without object of deriving income

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 5 mins

    S. 9(1)(vi) —Payment of USCO towards bandwidth for availing standard services not chargeable as equipment royalty.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 6 mins

    S. 92CA — Difference on tangible bearing on costs, price or profit to be given due weightage while comparing controlled & uncontrolled transactions

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Income from hiring of equipments under global usage Bareboat Charter Agreements (BCA) arises at the place where the equipment is delivered. Subsequent use by lessee as per his discretion is not relevant for determination of place of accrual.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 4 mins

    Partnership firms, though assessed as fiscally transparent entities1 in the country of residence, are eligible to claim treaty benefits under the India-UK DTAA.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 7 mins

    Provisions of S. 115JB (MAT) are not applicable to foreign companies that do not have physical presence in India, in the form of an office, branch or a permanent establishment (PE).

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    S. 48 — When interest-bearing borrowed funds are utilised for making an application for allotment of shares and the number of shares allotted is less than the number of shares applied for, the entire interest (including interest on funds borrowed for shar

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Services rendered outside India by R but NOR are not taxable in India if the taxpayer can substantiate that presence outside India does not relate to his employment in India.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    Manning services provided by a Malaysian company are not taxable in India.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    Proportionate cost of technical personnel working at HO for PE in India does not trigger disallowance in terms of S. 44C of the Act.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    On facts, where technical knowledge, etc. was ‘made available’, fees paid held taxable in terms of Article 13(4)(c) of India-UK DTAA.

    By Geeta Jani, Dhishat B. Mehta
    Reading Time 3 mins

    Payments made to American company for supply of personnel are not ‘fees for included services’ under Article 12(4)(b) of India-USA DTAA.

    By Geeta Jani, Dhishat B. Mehta
    Reading Time 4 mins

    S. 195 would not apply to payments made to a resident holding power of attorney from non-residents.

    By Geeta Jani, Dhishat B. Mehta
    Reading Time 3 mins

    If India-specific accounts are furnished to the tax authorities, normative attribution of profits cannot be made.

    By Geeta Jani, Dhishat B. Mehta | Chartered Accountants
    Reading Time 3 mins

    S. 9(1)(ii) : Salary relatable to visits outside India in respect of expatriate deputed to India held taxable.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    (i) S. 44BB : Actual reimbursements cannot be considered as income for the purpose of S. 44BB. 571 (ii) Article 12(2) of DTAA : Interest on Income-tax refund is subject to Article 12(2) of DTAA and not under Article 12(5).

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 4 mins

    (i) Outright sale of documentation pertaining to plant supplied does not constitute royalty, either u/s.9(1)(vi) or under Article 12. 572 (ii) Mere shareholding by foreign supplier of plant in purchaser Indian company does not result in business connect

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Royalty income, where payment is subject to fulfilment of certain conditions, accrues only on fulfilment of conditions specified

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    Articles 5 & 7 of India-Korea DTAA —arrangement between the parties did not give rise to emergence of AOP — Income from offshore supply is not taxable in India — In calculating threshold for Supervisory PE, duration of each project to be considered separa

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Assessee was a mutual concern in the strict sense as all the members were travel agents in India, and convention receipts, membership and subscription fees and interest therefrom were exempt being in the nature of mutual receipts — Hence, having regard to

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 142A r/w S. 143 — Reference to valuation cell u/s.142A can be made during the course of assessment and reassessment, and not for the purpose of initiating reassessment — Where Assessing Officer had not rejected books of accounts by pointing out any def

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 28, S. 45 and S. 56 — Amount of liquidated damages received by the assessee from the vendor of the property under an agreement for purchase of property constitutes a capital receipt not chargeable to tax.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 28, S. 45 — Gain arising on transfer of land held by the assessee as its capital asset in lieu of 50% of the constructed areas to be constructed by the developer at his own cost without any construction activity to be carried on by the assessee is char

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 54 — Where assessee paid advance to a builder for purchase of a house, but due to inability to arrange funds, could not purchase the property and got the advance back, the conditions of purchase/construction within time specified in S. 54 are not satis

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 140C, S. 244A(2) — Where power of attorney has not been attached to the return of income filed by a non-resident Company, which has been processed u/s.143(1)(a) and also assessment made u/s.143(3) without power of attorney, grant of interest u/s.244A(2

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 10B — Gain on account of foreign exchange rate fluctuation qua export proceeds credited/deposited in EEFC account of assessee in foreign exchange is export realisation which constitutes profits derived from export business eligible for exemption u/s.10

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 45, S. 48 and S. 55(2) — Assessee, CHS, owned land and building — Upon enactment of DCR, assessee became entitled to additional FSI which was transferred for consideration — Is right transferred covered by S. 55(2) — Held, No. Whether since right trans

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 145 — Entire amount of time-share membership fee receivable by assessee upfront at time of enrolment of a member is not income chargeable to tax in initial year on account of contractual obligation fastened to the receipt to provide services in future

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    S. 11(1)(a) — Application of income should result and should be for the purpose of charitable purposes in India and application need not be in India.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 80-I r/w S. 80-IA — Where old business is carried on and on growth of business, new units established, benefit of S. 80-I/80-IA available to new unit, if said unit is ‘undertaking’ — A unit qualifies as industrial undertaking when it produces articles

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 5 mins

    S. 80HH and S. 80-I — New industrial undertaking vis-à-vis expansion of production capacity of existing unit.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Capital gains — Since sale consideration of the industrial unit has been arrived at by ‘capitalisation of profits’ and not challenged by any of the authorities below, it cannot be said that the sale of unit is an itemised sale of assets of the unit.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 133(6)—Merely for want of Permanent Account Numbers, the AO is not justified in disbelieving the transactions by doubting the creditworthiness of the karigars and disallowing the payments made to karigars who have confirmed the receipt of amounts.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 55A—Bearing in mind that in the 1980s, it was common practice to pay a part of sale consideration by unaccounted cash, the rates given by independent media and press like Times of India/Accommodation Times is certainly more reliable indicator of the pr

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 271(1)(c) — Mere change of head of income by AO cannot be construed as concealment of income — Valuation made by DVO cannot be construed as basis for levying penalty — Valuation done by DVO can be adopted by AO only when there is material on record tha

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 194C(2) — Assessee hired lorries from other tank lorry owners to carry out the activity of transportation — Whether payments made to the tank lorry owners would amount to sub-contract within the meaning of S. 194C(2) — Held, No.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 80HHC r. w. S. 147 — Assessee filed original return but did not claim deduction u/s.80HHC since no positive business income — Case reopened and certain disallowances made — Consequently business income turned positive — Assessee claimed deduction u/s.8

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Penalty u/s.271(1)(c) — When the explanation offered by the assessee was bona fide but assessee could not establish its case for deduction in quantum proceedings that would not automatically become a case for levy of penalty for concealment or furnishing

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 50C — When the stamp valuation authority has accepted the consideration declared by the assessee in the sale deed, there is no question of once again referring the matter to Departmental Valuation Officer (DVO) u/s.50C.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Reassessment u/s.147 — When the assessee has made full and true disclosure of all the facts to the AO, the assessment cannot be reopened on the same ground of failure to disclose all the material facts. Further, once the assessee has disclosed all the mat

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 194C and S. 194I — Payment made by an assessee for hiring vehicles for transportation of its employees qualifies for TDS u/s.194C.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 80IB(10) — Merely because some flats are larger than 1500 sq. feet, the assessee will not lose the benefit in its entirety — Only with reference to the flats which have area more than the prescribed area the assessee will lose the benefit — While compu

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Security deposit received from the licensee with a view to secure due performance of its obligations under the leave-and-licence agreement is in the nature of loan and is in the capital field — Forfeiture of such security deposit upon premature terminatio

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Deeming fiction in S. 50C in respect of the words ‘full value of consideration’ applicable only to S. 48 — Meaning of full value of consideration in Explanation to S. 54F(1) not governed by S. 50C — For S. 54F, sale deed value is the full value of conside

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 263 — Assessing Officer adopted one of the permissible view — Such order cannot be said to be erroneous.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    In view of specific provision in Indo-Swiss treaty, income from shipping business does not qualify for benefit under DTAA and hence, such income would be taxable in terms of provisions of Income-tax Act.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    I S. 2(47), 54EC- Transfer of shares is completed only on final delivery of shares and upon all covenants of the share purchase agreement becoming finally irrevocable and not on the date of execution of the share purchase agreement.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 5 mins

    S. 147 : In proceedings /s.147, AO cannot probe if any other income had escaped assessment.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 43B : (a) Advance payment of excise duty allowable without incurring of prior liability. (b) Modvat credit available does not amount to payment, hence not allowable.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 6 mins

    Payment of tax by employer on behalf of employee is a non-monetary perquisite — Tax on such tax is exempt u/s.10(10CC)

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    Assessee engaged in loading and unloading iron and steel at railway siding using a mobile crane cannot be said to be carrying on civil construction work within the meaning of S. 44AD and, therefore, she is not liable to penalty u/s.271B for failure to get

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Tax avoidance — For application of Ss.(7) of S. 94, all the three conditions mentioned in clauses (a), (b) and (c) thereof must be cumulatively satisfied; conditions of three months before and after record date for purchase and sale respectively of units

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 10(10D) read with S. 37(1) of the Income-tax Act, 1961 — Keyman Insurance Policy premium paid by firm in respect of policy on lives of partners is an allowable deduction.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 10B of the Income-tax Act, 1961 — Second proviso to S. 10B(1) and Ss.(4) of S. 10B — When the assessee had domestic sales of more than 25% of total sales value during A.Y. 2001-02, is the asses-see still entitled to partial deduction proportionately on

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 23 of the Income-tax Act, 1961 — Annual Value — In respect of a let-out property whether association maintenance charges are deductible while computing annual letting value of the property u/s.23 of the Act — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 194J of the Act are applicable to payments made for availing bandwidth services and port charges — Held, No.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Deductions u/s.80-IB — Conditions stipulated U/ss.(2) of S. 80-IB are to be fulfilled only if eligible assessee is an industrial undertaking within meaning of Ss.(3) to Ss.(5) of said section — Where assessee was engaged in business of carrying out scient

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Collection of tax at source u/s.206C — Collection of octroi under Bombay Provincial Municipal Corporation Act, 1949 was neither for parking lot nor at toll plaza nor for mining or quarrying nor it was for purpose of business, and, therefore, collection of

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 32 — Whether road is eligible for depreciation in category of ‘building’ at rate applicable to buildings — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 40A(3) — Cash payment exceeding prescribed limits — S. 40A(3) read with Rule 6DD — Purchases in cash towards supplies of carcass in business of processing and export of meat and meat products — Allowable under clause (l) of Rule 6DD — Also as per claus

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 120, S. 124(3) and S. 148 — Reassessment initiated by AO not having jurisdiction, completed by AO having jurisdiction — Reassessment invalid.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 234D has no retrospective effect — Applicable only from A.Y. 2004-05.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 10BA — DEPB/DDB credit part of profits of business for S. 10BA(4) and will not enter into total or export turnover for calculating profits derived from business.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 67A — Share of loss of company in AOP could be set-off against other income.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 79 and S. 115JB — In computing book profit u/s.115JB, lower of brought forward loss or unabsorbed depreciation to be reduced, irrespective of whether allowable u/s.79

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 14A — Disallowance of expenditure incurred to earn exempt income — Where no nexus between expenditure & income, expenditure not disallowed.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Sale of depreciable assets — Sale of two units — Consideration for both units based on individual value of land, building, plant and machinery –– Whether sale of two units covered by S. 50 and not by S. 50B — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 145 — Method of accounting — Assessee has more sources of income under head ‘Business income’ — Whether assessee can follow different method of accounting for each source — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) — Whether penalty can be levied in case where rental income is assessed under head ‘Income from House Property’ as against ‘Income from Business’ — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 50C – Transfer of tenancy right – Held such transaction not covered under the provisions of section 50C.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 80IB — Production of masala varieties, is manufacture of goods

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 45 — Conversion of shares into stock-in-trade valid u/s.45(2) even if assessee not carrying on the business of shares and securities before such conversion

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 43B — Business disallowance — Certain deductions to be made only on actual payment — A service provider acts as an agent of the Government and is not entitled to claim deduction on account of service tax — S. 43B not applicable to service tax

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 28(i) read with S. 56 of the Income-tax Act — Whether the amount received by licensed bookmaker from hedge bets placed with another bookmaker was integral part of his business activity as a bookmaker and was not liable to be taxed u/s.115BB — Held, Yes

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 50 r.w. S. 54EC — Since depreciation was never claimed by assessee on the building sold, S. 50 was not applicable.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 2(22)(e) — Deemed dividend can be assessed only in the hands of a person who is a registered shareholder of lender company.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    If assessee offers income or furnishes accurate particulars of income before the AO takes up the issue and comes across information, then there was no concealment of income or furnishing of inaccurate particulars of income.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 6 mins

    S. 271(1)(c) — AO must have definite evidence to refuse assessee’s claim or explanation — Mere non-acceptance of explanation cannot indicate concealment of income.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 37(1) — For the expenditure to be allowable u/s.37(1), it may be incurred ‘voluntarily’ and without any ‘necessity’ and if it is incurred for promoting business and to earn profits, assessee can claim deduction u/s.37(1), even though there was no compe

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 254 — A Division Bench decision which is directly contrary to a Larger Bench decision cannot be said to have any binding force.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 115JA r.w. S. 14A — Provisions of Ss.(2) and Ss.(3) of S. 14A cannot be imported into clause (f) of Explanation to S. 115JA while computing adjusted book profit.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 50B r.w. S. 2(19AA) and S. 2(42C) — Basic condition to be satisfied to qualify as slump sale is that there should be a transfer of undertaking i.e., either business as a whole is transferred or any part of undertaking or unit or division of undertaking

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 263 — In revision proceedings CIT cannot travel beyond reasons for revision given by him in show-cause notice.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) — Premium on Keyman Insurance Policy is allowable business expenditure

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 115JB r.w. S. 2(1A) — Agricultural income does not form part of book profit for purposes of S. 115JB.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 199 : Credit for TDS to be given pro rata in assessment year in which corresponding income assessable

    By C. N. Vaze Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 37(1) : (a) One-time charges paid by assessee company to NSDL for converting shares into demat form, allowed as revenue expenditure (b) Expenditure on installation of traffic signal for benefit of employees is allowable business expenditure (c) Deduc

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 5 mins

    S. 154 r.w. S. 43B: Relief entitled can not be denied merely because omitted by mistake

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 12A, S. 12AA : CIT cannot refuse registration to trust on extraneous considerations, when no fault with objects, genuineness of activities

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 33AC : Profit from business means profit generated during course of business of operation of ships and not only from operation of ships

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 36(1)(iii) r.w. S. 43(1) : Interest on capital borrowed for acquiring machinery, deductible u/s.36(1)(iii), whether put to use or not

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 115JA : Lease equalisation charges debited not to be added back for book profit

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 12AA r.w. S. 12A : If order u/s.12AA not passed within stipulated period, registration deemed to have been granted

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 23 : If property held with intention to let out and efforts made to let it out, annual letting value to be calculated u/s.23(1)(c)

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 143 r.w. S. 133A : Assessee can retract offer of additional income by furnishing details of income in course of assessment proceedings

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) : Expenses to keep company afloat is allowable business expenditure

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 14A and S. 44 — S. 44 provides for application of special provisions for computation of profits and gains of insurance business in accordance with Rule 5 of Schedule 1 and, therefore, Assessing Officer cannot make disallowance by applying S. 14A.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 246A — An order giving effect to the order of CIT(A) is an assessment order and therefore it is amenable to the jurisdiction of the CIT(A).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 40(a)(ia) — When there is no element of income and the payment is only as a reimbursement of expenses incurred by the payee, then no disallowance can be made u/s. 40(a)(ia).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 40(a)(ia) — After applying a net profit rate on gross receipts, there is no further scope for making any other addition in view of S. 44AD of the Act.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 32(1) — exercising of option under Rule 5(1A) for higher depreciation — Claim made in return of income is sufficient — No separate procedure to exercise the option of higher depreciation is required.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 244/244A, Proviso to S. 115JAA and Circular No. 763 issued by CBDT — Income-tax Act, 1961 — Assessment Year 2003-04 — Whether where after giving credit for MAT paid in earlier years, there is still tax payable and further credit is given to TDS an

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 115JAA, S. 234C and S. 244A — MAT credit which is available for set-off falls within the meaning of ‘advance tax’. If the credit of MAT u/s.115JAA has to be allowed first before working out the liability of the assessee to pay advance tax, the refund g

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    S. 195, S. 234B — Once the income is subjected to TDS provision, then that amount is outside the provisions of the advance tax as per the mandate of S. 209 of the Act. Merely because there is a failure on the part of the person who made payments to the as

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    S. 153A — In an assessment u/s.153A of the Act addition can be made only on the basis of material found as a result of search.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    S. 144 — CIT(A) set aside the assessment — No direction to re-do the assessment given — Assessing Officer has no jurisdiction to re-do the assessment.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 1 mins

    S. 271(1)(c) read with S. 271(1B) — The penalty was initiated for filing inaccurate particulars of income, but it was levied for concealment of income

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    The ratio of Supreme Court’s judgment in the case of Arun Kumar vs. UOI – amended Rule 3 – retrospective amendment – is valid for levy of tax on employee, but not on employer for deduction of tax at source.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Exemption u/s 10(10C) to be allowed even if the scheme is not in accordance with Rule 2BA

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Disallowance u/s 40A(3) to be made only when there is expenditure claimed in return of income. Mere entries in books will not change the character of transaction.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 32 of the Income Tax Act, 1961: Depreciation is allowable on goodwill u/s 32 (1)(ii).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 50 r.w.s. 32 and 50C 1961: Depreciation u/s. 32 can be claimed on WDV only if on the last day of the year: (1) there is at least one asset in the block, and (2) there is some value of the block.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 54F r.w.s. 54 Investment in vacant land appurtenant to and forming a part of a residential unit is eligible for exemption u/s.54F, even if no construction is done on the appurtenant land.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 292BB — Notice by an AO not having jurisdiction over the assessee — Not a mere irregularity, but an incurable illegality, incapable of being cured by recourse to S. 292BB.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 44AE — Assessee engaged in transport business employing own as well as the hired vehicles S. 44AE can be applied to business carried with own vehicles.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 201(1) and S. 201(1A) — Where deductees have paid taxes, assessee not liable to make good short deduction. Interest not chargeable for period after payment by deductees.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 244A — Interest on excess payment of S.A. tax becomes due from the date of payment of S.A. tax.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 40(a)(ia) as amended w.e.f. 1-4-2010 is clarificatory and to be treated as retrospective w.e.f. 1-4-2005.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 68 — cannot be invoked when source of the gift is properly explained and when the donor himself appears before the AO, confirming the gift.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 45 r.w. S. 28(i) — Assessee in business of real estate — Land held as investment — Agreement of sale entered in F.Y. 2002-03 — Full consideration received by F.Y. 2004-05 — Capital gains offered to tax in A.Y. 2005-06 — Taxed as business income in A.Y

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) r.w. S. 2(24) and S. 10(10D) — Taxability of assignment of Keyman Insurance Policy based on surrender value was highly debatable as to the year of taxability and also as to the amount — Penalty not leviable u/s.271(1)(c).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 194J — Various charges like VSAT charges, lease line charges, BOLT charges, Demat charges, etc. paid to stock exchange by member — Not in the nature of fees for technical services.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Capital gains vis-à-vis business income — Transactions in shares.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 115JB — Long-term capital gain which is exempt u/s.47(iv) cannot be excluded from the book profits for the purpose of S. 115JB.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — S. 251, S. 254. While the powers of CIT(A) are co-terminus with the powers of Assessing Officer, AO has no power to admit fresh claim otherwise than by way of revised return but Appellate Authorities including CIT(A) and ITAT have p

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 36(1)(vii), S. 36(2) — If brokerage is offered to tax, a sharebroker is entitled to deduction by way of bad debts u/s. 36(1)(vii) r.w. S. 36(2) in respect of the amount which could not be recovered from its clients in respect of

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    Income-tax Act, 1961 — S. 10A. Hiving off of a unit which was in the form of a branch office into a subsidiary company does not cause conversion of an existing unit into a new unit so as to disentitle the claim of deduction u/s.10A.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 40(a)(ia), S. 44AE. Provisions of S. 44AE will be applicable to a person who has entered into an agreement with truck owner, by virtue of which he became owner of the trucks for the period of contract and his accounts are not aud

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    S. 4 of the Income-tax Act, 1961 — If goodwill of business is damaged and later on some compensation is awarded in lieu of that, it would fall in category of loss to source of income and such receipt would be a capital receipt.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 69 read with S. 5(2)(b) of the Income-tax Act, 1961 — When assessee brings money into India through banking channel, onus on assessee u/s.69 stands discharged and S. 5(2)(b) does not apply.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 254 of the Income-tax Act, 1961 read with Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 — Rule 29 of ITAT Rules permits Tribunal to admit additional evidence for any substantial cause and for said purpose there is no requirement therein th

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 2(14), 45 – For charging income under the head ‘capital gains’ it is not necessary for an assessee to be owner of the asset transferred.

    By Jagadish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Whether CIT can pass order u/s.263 on grounds different from those in notice for revision — Held, No

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Whether claim for deduction made for first time before Commissioner (Appeal) is to be considered by him — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Assessment done u/s.16(3) — Whether it can be done after 4 years from end of A.Y. without assessee’s failure to disclose facts — Held, No.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 32(1)(i) and (ii) — Catering right acquired for consideration was tool for business and eligible for depreciation u/s.32(1)(ii).

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 41(1) — Remission of principal of loan cannot be waiver of trading liability and not within purview of S. 41(1); remission not remission of depreciation claimed by assessee on assets acquired by loan amount

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 72A r.w. S. 35 — On demerger, unabsorbed capital expenditure on research u/s.35(1)(iv) not different from unabsorbed depreciation for S. 72A(4) and assessee entitled to carry forward unabsorbed research expenditure.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 194J r.w. S. 40(a)(ia) — S. 194J does not apply to fees paid by stockbroker to exchanges.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Allowabilty of provision for warranties u/s.37 — Provisioning done by the assessee was made against ascertained liability, very much reasonable and made on relevant data.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    If the capital asset is acquired out of borrowed funds and the interest paid on such amount borrowed has not been claimed as deduction, then the same may be added to the cost of asset while computing cost of acquisition on sale of asset.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S.194C and S. 194I — Payment made for hiring vehicles for transportation of its employees covered by S. 194C.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 271(1)(c) — A mere addition made by the Assessing Officer cannot be a ground to levy penalty.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 1 mins

    S. 28(i) — Business Loss v. Capital Loss — securities held as current asset should be treated as stock-in-trade. The loss incurred on the same should be treated as business loss.S. 145 — Method followed by the assessee was cost or market price whichever

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Interest on loan taken for purchase of motor cars — In the absence of a specific provision in clause (H) of S. 115WB(2), the expenditure on payment of interest on loan taken for purchase of motor cars cannot be included to compute fringe benefits.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Interest u/s.234B was not payable on advance tax liability due to sum payable on account of retrospective amendment.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Trading in derivatives — Derivatives are not a contract for purchase and sale — Consequently, trading in derivatives not speculative in terms of section 43(5) — Set-off of loss of derivative trading against gains of share trading permissible.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 22 and S. 28 — Income earned by company from leasing infotech park constructed by it on land (initially taken on lease and later acquired), construction financed by borrowings from banks secured on immovable property, providing various amenities charge

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 6 mins

    S. 147 r.w. S. 158BC — If Assessing Officer makes any additions in block assessment proceedings, then he cannot include said income either on substantive or protective basis for initiating re-assessment proceedings.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 254 — When pendency of Department’s appeal not pointed out at hearing of appeal, no error in hearing only assessee’s appeal.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 145 r.w. S. 35E — Change in method of accounting — Assessee engaged in prospecting and exploring minerals changed its method of capitalising expenditure incurred to charging same to P/L A/c. — Change bona fide.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 70 read with S. 10A — Exemption u/s.10A was of income earned without setting off of loss of non-STPI unit — Loss of the non-STPI unit is allowed to be carried forward.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) — Penalty for concealment of income — Additions/disallowances sustained by the appellate authority — Whether sufficient ground for levy of penalty — Since full disclosure of particulars of transactions were made and additions were on ac-count

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi Chartered Accountants
    Reading Time 4 mins

    S. 50C in the event of the assessee contending that valuation as done by Stamp Valuation Authority is not acceptable to him and asking the Assessing Officer to make a reference to the Valuation Officer, it is mandatory on the part of the Assessing Officer

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi Chartered Accountants
    Reading Time 4 mins

    S. 28 and S. 45 — Gains arising to the society on sale of 50% of the areas constructed by the builder, at his own cost, by utilising additional FSI received by society from BMC in lieu of roads taken over by BMC are chargeable to tax as Capital Gains.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    S. 28 and S. 37(1) — Exchange loss arising on application of AS-11 — Allowable as business loss/expenditure — Ultimate utilisation of fund for investment purpose would not affect the al-lowability of loss.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi Chartered Accountants
    Reading Time 3 mins

    S. 40A(3) read with S. 145(3) — Assessment made u/s.143(3) read with S. 145(3) — No disallowance made u/s.40A(3) — Whether AO’s order could be considered as erroneous — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 11 read with S. 12A(1)(b) — Non-filing of Auditor’s Report in Form 10B — Whether AO’s action of denying exemption justified — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    S. 143(3) read with S. 252 — De novo Assessment pursuant to order of the Tribunal — Whether AO justified in enhancing assessed income while doing de novo assessment — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S 45. Beneficial ownership of the balance FSI and right to use TDR was that of the members of the society. The members transferred the rights and received consideration for such transfer.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Provisions of clause (d) of S. 43(5) inserted with effect from 1-4-2006 which deem derivative transactions as non-speculative are clarificatory in nature and have retrospective application.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 43(5) r.w. S. 28 and S. 73 — In case of a company, if part of its business consists of dealing in shares, then all types of transactions, whether delivery-based or non-delivery-based, would be treated as speculative transactions.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 28(iv) : Gift received by assessee in return for helping the donor on various occasions was not income

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 14A : Interest paid on funds invested in shares which yielded no dividend income cannot be disallowed.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 115JB : Capital receipts which do not constitute income, cannot be brought to tax by S. 115JB.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 234B read with S. 208 & S. 209 : Assessee having only salary income not liable to pay advance tax.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Sum received under non-compete agreement — Capital receipt.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    Concept of ‘Real Income’ — Assessee-company did not recognise interest income on debentures due to financial difficulties of issues — No interest income accrued to the assessee.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    No contract between assessee transporter and agents/suppliers who enabled the assessee to get the truck hired, but with truck owners and drivers — Deduction of tax u/s.194C not applicable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    Income-tax Act, 1961 — S. 36(1)(v), S. 40A(7) and S. 263 — Whether it is necessary for CIT to make further inquiries before cancelling the assessment order of the AO — Held, No. Whether the CIT can regard an order as erroneous on the ground that the AO sh

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 6 mins

    Income-tax Act, 1961 — S. 158BFA — Whether for levy of penalty u/s.158BFA issuance of notice is mandatory — Held, Yes. Whether in the absence of issuance of pre-requisite notice, the entire penalty proceedings are to be held as illegal and without jurisdi

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 40(a)(ia) and S. 194C — Whether an agreement entered into by the assessee with distributors whereby revenue was shared was a works contract and therefore liable to TDS u/s.194C — Held, No.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 194A — Whether a chit fund agreement is not a money lending contract but a special type of contract — Held, Yes. Whether in a scheme of chit fund there is neither any money borrowed nor any debt incurred, the dividends paid by th

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 28(i) and S. 45 of the Income-tax Act, 1961 — Profit from sale of shares out of investment portfolio was taxable as capital gains and not as business income.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 14A and S. 48 of the Income-tax Act, 1961 (i) Interest on funds borrowed for acquisition of shares is to be taken into account towards the cost of acquisition for the purpose of computation of capital gains as prescribed u/s.48(ii)

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 56(2)(v) of the Income-tax Act, 1961 — Interest-free loan obtained by assessee from sister concerns for purchase of a flat from one of them cannot be said to be without consideration because while the assessee was benefited by interest-free loan, lende

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 32 of the Income-tax Act, 1961 — Commercial right comes into existence whenever the assessee makes payment of non-compete fee and such non compete right is an intangible asset eligible for depreciation.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 143(1) and S. 263 of the Income-tax Act, 1961 — Provisions of S. 263 are not applicable where only intimation u/s.143(1) has been issued.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 22 and S. 24 of the Income-tax Act, 1961 — Rent, being only a surrogate measure of annual value, has to be reduced by the expenses not connected with property but incurred by landlord for enjoyment of property by tenants, such as salary and bonus to sw

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 254(2) — The order pronounced at the conclusion of the hearing is an order of the Tribunal — It cannot be called a tentative order or a prima facie view — If there is mistake apparent on record, the order pronounced in the Court which is an oral order

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Powers of CIT(A) — Rule 24 of Appellate Tribunal Rules, 1963 — Whether CIT(A) can dismiss appeal for want of prosecution by assessee — Held, No. Whether CIT(A) is bound to dispose of appeal on merits, even when there is default of non-appearance — Held, Y

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 147 — Reopening of the assessment for the second time to take a different view on the same matter is bad in law and liable to be quashed.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Even though assessee might have committed a serious economic offence, yet he could not be charged to income unless it was proved beyond doubt that said income was generated to him alone.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 80, S. 139(3) and S. 139(5) — Loss return filed within time could be revised and loss carried forward.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 70(3), S. 111A, S. 115D. As per the provisions of S. 70(3) r.w. S. 111A and S. 115AD, the assessee has an option to set off the short term capital loss against the short term capital gains. Short term capital loss suffered after 1-10-2004 could be set

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 195, S. 244A. When tax which was deducted at source and deposited with the Government pursuant to an order passed u/s. 195(2) of the Act is refunded to the assessee, upon the CIT(A) deciding the appeal in favor of the assessee, the assessee is entitled

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) — Penalty for concealment of income — Whether non bifurcation of short term capital loss from the overall business loss amounted to concealment of income and furnishing of inaccurate particulars of income — Held, No.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 28, S. 36(1)(vii), S. 37. Amount paid by the assessee under Performance Guarantee Bond is allowable as a business loss/expenditure. Mere fact that the assessee has claimed the amount written off in the course of business as ‘bad debt’ does not preclude

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 37(1) — Business expenditure — Reimbursement of expenditure incurred in running the school — Whether allowable — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 48 — Capital gains on sale of land — Land purchased out of borrowed funds — Whether registration charges and interest paid on borrowings eligible for deduction and indexation — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 234C — Interest u/s.234C is not payable if, on the date of payment of advance tax it is not known whether the demerger scheme will be sanctioned or not and from which date it would be sanctioned.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 142(2A) and S. 142(2C). The amendment to S. 142(2C) by insertion of the words ‘suo moto or’ w.e.f. 1-4-2008 is prospective and prior to this date AO could not grant extension of time except on an application by the assessee.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 1 mins

    German company is not liable to pay tax in respect of its supervision activity in India which is expected to last for about 2 months.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 5 mins

    Payments made for charter hire charges to a non resident shipping company for transporting merchandise from one foreign port to another foreign port is not royalty chargeable to tax in term of provision of S. 9 of the Act.

    By Geeta Jani, Dhishat B. Mehta, Chartered Accountants
    Reading Time 3 mins

    S. 55A : AO cannot make reference to valuation officer when value returned as at 1-4-1981 is more than fair market value determined by valuation officer

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 263 : Commissioner has no power to revise AO’s order by giving additional reasons for sustaining same additions

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(b) : Penalty for non-compliance with notices deleted, where inadequate notice given

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    S. 6(6) : The two conditions specified in the provision are not cumulative

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 3 mins

    S. 272A(2)(e) : No penalty imposable where net income before deduction u/s.11 below taxable limit

    By Ashok Dhere
    Jagdish D. Shah
    Chartered Accountants
    Reading Time 11 mins

    Rule 8D read with S. 14A of the Income-tax Act, 1961 — Expenditure disallowable with reference to exempt income — Disallowed expenditure is the subject matter of appeal before the Tribunal — Whether Revenue justified in its contention to apply the ratio o

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 80IB of the Income-tax Act, 1961 — Whether income from DEPB and drawback eligible for deduction — Held, Yes.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Income-tax Act, 1961 — S. 50C — Whether provisions of S. 50C are applicable only in respect of computation of income under the head ‘Income from Capital Gains’ and that the said Section cannot be invoked where the income is assessed as business income und

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) of the Income-tax Act, 1961 — Penalty for concealment — Claim made under bona fide belief rejected and penalty imposed — Whether penalty can be levied — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 133A of the Income-tax Act, 1961 — Whether an addition can be sustained merely on the basis of statement made at the time of Survey — Held, No.

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Income-tax Act, 1961 — S. 32(1)(ii) — Depreciation on Intangible Assets — Payment for Non-compete fees — Whether by payment of non-compete fees the assessee can be said to have acquired a commercial or business right similar to the intangible assets enume

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 41(1) — Remission or cessation of liability — Receipt of advance money against order remaining unclaimed — Creditor under liquidation — Whether AO justified in treating the unclaimed sum as income — Held, No.

    By Jagadish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 40(b) — Remuneration to working partner as per the partnership deed — Partnership deed gave power to modify the terms of remuneration — Whether the existence of such term would render remuneration not qualified for deduction — Held, No.

    By Jagadish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 36(1)(va), S. 43B, S. 37(1) — Delayed payment of employees contribution to PF/ESIC beyond the grace period but before due date of filing return of income is allowable. Unrecoverable advances made for purchase of capital asset are allowable as revenue e

    By Jagadish D. Shah, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 2(22)(e) — Whether deemed dividend can be assessed in hands of person other than a shareholder of lender — Held, No — Whether words ‘such shareholder’ in S. 2(22)(e) refer to shareholder who is both registered and also beneficial — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Section 45(3)- Provisions of S. 45(3) are attracted even when an asset held as stock-in-trade is introduced by an assessee into a partnership firm as its capital contribution.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Section 37(1)- Amount paid towards discharge of corporate guarantee obligation, which guarantee was issued for its subsidiary company and was in the interest of the assessee’s business, is allowable as a deduction while computing `Business Income’.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — Sections 40(a)(i) and S. 195 — Whether provisions of S. 195 apply only to income chargeable to tax in India — Held : Yes. Whether in a case where amount paid to non-resident is not chargeable to tax in India and therefore provisions

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — Section 6(1)(c) and Explanation to S. 6(1) — In the case of an assessee who is sent on deputation by his Indian employer to a company outside India and his salary is borne and paid by the foreign company, can it be said that the ass

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 35DDA — Claim for deduction of 1/5th of the expenditure incurred on VRS cannot be denied merely on the ground that there was no manufacturing activity during the year, particularly when similar expenses are allowed in the previous year.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 194C — Payments made to producers, directors, actors for financing film production are not covered by S. 194C.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 2(15) — Provisions of proviso to S. 2(15) are prospective and not retrospective — not applicable to donations received up to 31-3-2009.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Explanation 1 to S. 17(2), S. 192 — Assessee employer is not hit by the retrospective insertion of Explanation 1 to S. 17(2) in the absence of any such extension of retrospective effect either in S. 192 or S. 201.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    The AO observed that the assessee has earned an amount of Rs.1,31,39,526 on account of trading in shares and also earned brokerage of Rs.1,49,75,135. He held that according to Explanation to S. 73, the nature of share trading business of the assessee is d

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Undisclosed income on the basis of cheques found during the course of search — Cheques received from various parties as security against advances made in cash out of undisclosed income — Amount not recovered by assessee telescoped against undisclosed inco

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 80P(2)(a)(i) — Interest on income-tax refund — Assessable under the head ‘Income from other sources’ — Since it is covered within the expression ‘profits and gains attributable to banking business’, deduction u/s.80P(2)(a)(i) is available.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Exemption available under the law should be granted by the Assessing Officer, even if the assessee has not claimed it in its return of income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Additions made by AO u/s.40A(2)(b) — Penalty levied — Held : it is not a case of concealment of income or furnishing of inaccurate particulars.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 50C — Difference between sale consideration of the property shown by assessee and FMV determined by DVO u/s.50C(2) was less than 10% — AO not justified in substituting value determined by DVO for sale consideration disclosed by assessee.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 143 — Notice under Section 143(2) is required to be served on assessee within 12 months from end of month in which return of income has been filed and mere issuance of notice within a period of 12 months is not sufficient —The onus to prove servic

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — Section 271(1)(c) — Concealment penalty — Impact of the decision of the Apex Court in Dharmendra Textile Processors on the scheme of S. 271(1)(c) — Whether even a civil liability for penalty can be invoked only when the conditions f

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Income-tax Act, 1961 — Section 139A(5B) and S. 272B — Whether Press Release dated September 25, 2007 and February 12, 2008 issued by CBDT brings down the rigours of S. 139A(5B) —Held : Yes. Whether penalty u/s. 272B cannot be levied in a case where an ass

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 80-I/80-IA : Assessee manufacturing gutka and pan masala containing tobacco not entitled to deduction

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 234B : Advance tax : Interest on shortfall in payment of advance tax — Interest is payable up to the date of regular assessment and not up to the date of AO consequential to the Tribunal order

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    U/s. 80-IB : Profit out of processing, selling and exporting marine products is profit attributable to cold storage and hence entitled to deduction

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 44AA : Assessee in contract business : Provision for compulsory maintenance of books of accounts not applicable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 147 — Differences in account balances of various creditors added to the income of the assessee in re-assessment — Since neither the reassessment order nor the order of CIT(A) gave details of nature of differences in accounts, amount could not be ‘any o

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    “Recommendation of getting accounts audited u/s.142(2A) should come from AO only — can not be substituted by another officer’s opinion.”

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Block assessment : If in course of search of husband, any material incriminating his wife (assessee) had been found, proper course for AO was to issue notice u/s.158BD — he could not bypass prescribed procedure and issue notice u/s.158BC on assessee who w

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 41(1) — Loan taken by the assessee from a group company — Waiver of the loan by the group company — Whether the same should be taxable u/s.41(1) — Held, No.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 36(1)(iii) — Issue of secured premium notes — Premium payable on the same — Allowable as it was very much in the nature of interest payable on the borrowings made.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 40(a)(ia) — If the assessee has paid the impugned amount and the amount is not payable at the end of the year on the date of balance sheet, then the provisions of S. 40(a)(ia) are not applicable.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 153C read with S. 153A — Documents found during search at the premises of another person which were in his own handwriting though may refer to the works proposed on behalf of the assessee, the same cannot be considered as ‘documents belonging to the as

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 48 capital gains — Tax on capital gains would arise in respect of only those capital assets in acquisition of which an element of cost is actually present or is capable of being reckoned — Since rulers of yester years did not acquire their kingdoms by

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 147, S. 148 : (a) Notice not valid if issued on basis of transaction not made by assessee. 144 (b) Notice invalid if issued in status of individual while assessment in status of HUF

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 37 r.w. S. 43B — Interest on account of default in repaying interest-free sales tax loan is compensatory in nature and allowable — S. 43B are not applicable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 115JB — Extra-ordinary items in profit and loss a/c to be deducted for MAT

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 11 r.w. S. 2(15) and S. 13 — Objects for benefit to a section of public are charitable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    ‘Provision for expenses’ on project claimed by estimating liability, substantial part of which incurred within six months from the end of previous year — Balance amount offered for taxation u/s.41(1) — Held, the estimation of liability was reasonable, an

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 69 — Unexplained investments — Seizure of silver bullion in search explained as inherited by the assessee’s two sons from assessee’s mother — wnership affirmed by the assessee’s sons — Held, the addition in the hands of the assessee was not justified,

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 253 — Faulty internal working in a department not sufficient cause for condoning delay in filing appeal — Department’s contention of communication gap could not be accepted and the appeal being time barred by limitation was to be dismissed

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 69 — On-money received on surrender of leasehold rights in agricultural land is capital receipt and cannot be brought to tax u/s.69 as income from undisclosed sources & S. 45 r/w S. 55 — The gain on surrender of tenancy right could not be taxed u/s.45

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 54EC — Exemption is allowable even though investment of gains in specified bonds is done in joint names

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    II. Travelling expenses incurred by non-employees allowable if for business. 691 IV. Sponsorship, prize money revenue expenditure for business purposes. 691 VI. Repairs of building owned by assessee used by directors for residence, allowable expenditu

    By C. N. Vaze
    Shailesh Kamdar
    Chartered Accountants
    Reading Time 5 mins

    S. 195 — Interest payable for failure to deduct tax at source only on sum not paid and not on sum deductible

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 54 — Where several flats in same building and contiguous with each other, treated as one house for purposes of S. 54.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 48 r.w. S. 147 — Capital gain to be taxed on basis of provisions of S. 48 and not on basis of fair market value as determined by valuation officer — assessment on the basis of DVO report not permissible.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 115JB—provision made for premium payable on mezzanine capital is an ascertained liability.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Capital gains vis-à-vis business income — If shares are held for more than a month, they should be treated as investment and profit on the sale should be charged as short-term capital gain — When shares are held for less than a month, gain on them should

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 147 — Reassessment proceedings cannot be initiated if time limit for issue of notice u/s.143(2) has not expired.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 254(1) — If decision not relied upon by parties at hearing and Bench desires to apply ratio of such decision, natural justice demands that Bench should confront parties with decision and should give opportunity to make submissions w.r.t. such decisio

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 254(1) — Oral pronouncement during hearing not order; Tribunal has power to refix cases to prevent miscarriage of justice — Only condition is aggrieved party must get opportunity of hearing.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 2(22)(e) — Amount given by company to director to purchase business premises, returned since deal could not materialise — Could not be treated as deemed dividend.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 145A — If a change per se is forced upon assessee in valuation of closing stock, corresponding adjustment in opening stock to be carried out for consistency

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    (a) S. 48 — Option to avail benefit of indexation or not is with assessee. (b) S. 70 — Capital gain computed with indexation can be set off against capital gain computed without indexation.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    (a) Ss.(2) and (3) of S. 14A are procedural in nature and, hence, retrospective. (b) All direct and indirect expenses are disallowable u/s.14A, which have relation with income not chargeable to tax. (c) S. 14A applicable to dividend earned by assessee

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Whether grant of excessive credit of TDS amounts to escapement of income — Held, No. Whether it can be construed as grant of excessive relief under sub-clause (iii) of Explanation 2(e) to S. 147 — Held, No

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Whether while computing book profit u/s. 115JB, lower of unabsorbed loss or depreciation as per profit and loss account of amalgamated company can be set off against profits of amalgamating company — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 143(2), S. 158BC, S. 292BB — For period prior to 1-4-2008 where notice not issued, whether block assessment order without jurisdiction — Held, Yes. Whether S. 292BB applicable to A.Y. 2008-09 and subsequent years — Held, Yes

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 10A — Assessee owned two STP units — Whether deduction to be computed w.r.t. profits of one unit without setting off loss of other unit — Held, Yes. Whether deduction to be allowed w.r.t. profits and gains derived — Held, Yes. Whether order of CIT u/s.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 10B, as amended w.e.f. 1-4-2001 — Deduction to be computed w.r.t. profits of EOU unit after reducing losses of non-EOU units — Held, No

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Set-up date of business is question of fact and depends upon circumstances involved.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    I. By holding shares, assessee entitled to exercise rights of owner of flat — Whether entitled to depreciation — Held, Yes. II. Forfeiture of application money on non-payment of call money on issue of debentures —Held, Capital receipt

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 115JA — AO has no power to scrutinise accounts except as per Explanation — No addition can be made due to reduction in value of inventory and obsolescence loss.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 201(1A) — When no tax is payable by payee, no interest can be charged from payer

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 139A, S. 272B — Penalty u/s.272B cannot be levied on the deductor for not quoting PAN of deductee in the quarterly statements filed in Form No. 26Q.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 2(42A), S. 48, S. 49(1)(e), Explanation III to S. 48 — Where assessee transferred the shares held by it to its 100% subsidiary which shares were retransferred by the subsidiary to the assessee and thereafter were sold by the assessee, the assessee was

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 115JA(3), CBDT Circular No. 763, dated 18-2-1998 — Credit for MAT can be carried forward for a total of six years and not ‘five assessment years’ mentioned in sub-para 2 of para 45.4 of CBDT Circular No.763 — Statutory provisions prevail over a Circula

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 271(1)(c) — Deduction claimed on the basis of advise of the tax consultant supported by tax audit report — Penalty cannot be levied on the disallowance of the same.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 40(a)(i), read with section 2(28A) — Discounting charges paid, cannot be treated as interest in terms of section 2(28A) and, therefore, such amount is not liable for TDS u/s.195.– Also, the same cannot be disallowed u/s 40(a)(i).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 271B : If income of a partner, excluding the income from the firm, less than Rs.10 lacs, not liable to audit u/s.44AB — Penalty deleted.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    Section 40(b) — Since section 40(b) uses the term “authorise” and not “quantify”, salary to partners cannot be disallowed merely because amount of salary is not quantified in partnership deed.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 254 of the Income-tax Act, 1961 — If an order passed by the Tribunal is not in conformity with the judgment of the Supreme Court or that of the jurisdictional High Court rendered prior to or subsequent to the impugned order, the same constitutes a

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 54EC and Circular No. 142/9/2006 TPL, dated 30.6.2006 — Non-availability of bonds qualifying for deduction u/s 54EC is a reasonable cause for not purchasing the bonds within the time specified in s. 54EC—Since the assessee purchased the bonds as s

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Section 10A — Section 10A grants a deduction and not an exemption, and section 80AB is not applicable to s. 10A—Deduction u/s 10A is to be allowed while computing income under the head `Profits and gains of business or profession’ and not under `Gross tot

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Block of assets, s. 32, 38(2) — Under the scheme of block of assets, (i) Depreciation cannot be disallowed on the ground that some of the assets contained in the block have not been used for the purpose of the business; (ii) the user of an individual asse

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Payments for hiring of trucks does not come within the purview of “works contract”—Hence, provisions of section 194C are not applicable.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    When neither any deduction is claimed nor any charge is made to the profit and loss account of any tax or duty, there is no question of disallowing the amount u/s 43B.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    Section 271(1)(c) of the Income-tax Act, 1961 — Penalty u/s.271(1)(c) would arise only when return of income is scrutinised by the Assessing Officer and he finds some more items of income or additional income over and above what is declared in return.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 234B of the Income-tax Act, 1961 — Once assessee’s bank account was put under attachment, the amount therein is to be considered to be lying with the Department which would indicate constructive payment of advance tax and, therefore, interest u/s.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 41(1) of the Income-tax Act, 1961 — Deferred sales tax liability being difference between payment of net present value and future liability credited by assessee to capital reserve account in its books of account would be a capital receipt and cann

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Exemption u/s.10B — Expenses incurred on on-site development of computer software outside India cannot be excluded from the export turnover for computing deduction u/s.10B — Export proceeds retained abroad in accordance with RBI guidelines is to be includ

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Medical reimbursement does not constitute fringe benefit as defined in section 115WB

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 48 — Actual value of sale consideration cannot be substituted by fair market value without any evidence.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 40 (a)(i), read with S. 195, of the Income-tax Act, 1961 – In view of Board’s Circular No. 786, dated 7-2-2000, no income had accrued or arisen in India either u/s.5(2) or u/s.9 in respect of selling commission, brokerage and other related charges paid

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    (a) S. 69 — Investments not recorded in books of account are covered. 695 (b) S. 28(iv) — Condition that chargeable income should arise from business — Purchase of investment, at lower value not covered

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Section 4 — Compensation awarded for loss of income earning apparatus is in the nature of capital receipt. However interest awarded on delay in receipt of compensation is revenue in nature and is to be treated as income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    University established and adopted by Assembly of State and with the character of a body corporate as per the relevant Act, will fall within the definition of person in section 2(31)(vii).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 158BC and S. 158BD — Search warrant having been issued in the name of assessee’s husband, proceedings u/s.158BC cannot be initiated against the assessee

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 32(2) — Effect of substitution of S. 32(2) w.e.f. A.Y. 2002-03 is that unabsorbed depreciation of the earlier period is allowable under the new provision, but has to be dealt with in accordance with the old provision and is subje

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 7 mins

    Income-tax Act, 1961 — S. 147, S. 148, S. 263. When CIT has after considering the explanations offered by the assessee dropped the proposed proceedings u/s.263, the AO has no locus standi to issue notice u/s.148 on the same set of facts.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — S. 70(1), S. 80IA(5). An assessee running two separate undertakings can set off depreciation of the undertaking whose income is eligible for deduction u/s.80IA against business income of the other undertaking whose income is not eli

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 80-IA — The eligibility for the claim of deduction u/s.80-IA by applying the restraints of S. 80-IA(3) cannot be considered for every year of the claim of deduction u/s.80-IA, but can be considered only in the year of formation of the business.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 271(1)(c) — The constitution of Special Bench itself suggests that there was some force in the claim of the assessee — If there is a debatable issue and action of the assessee is bona fide being based on adoption of one of the possible views, the penal

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 271(1)(c) — Deduction u/s.80HHC — Assessee included miscellaneous income without reducing 90% — Penalty cannot be levied simply because assessee had not reduced 90% of other incomes.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 28(iv) — Gifts received by social reformer and philosopher from followers could not be taxed u/s.28(iv).

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    (a) S. 23 — Notional interest on interest- free deposit cannot be considered for determining annual letting value. (b) Standard rent under Rent Control Act, can be taken as ALV; in absence of standard rent, municipal rateable value to be taken — If muni

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 32 r.w. S. 147, S. 133A — Depreciation cannot be denied on asset forming part of block of assets is not used

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 10B — For claiming deduction the assessee need not own the plant and machinery by itself.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 40A(9) — Where the contribution made to any fund is a bona fide one, the same should not be hit by the disallowance of S. 40A(9).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S. 271(1)(c) — Deduction u/s.80HHC — Assessee included miscellaneous income without reducing 90% — Penalty cannot be levied simply because assessee had not reduced 90% of other incomes

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Reading Time 3 mins

    Credit for TDS to be allowed even when the income is capitalised and not directly offered to tax.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 10(16) — Scholarship/stipend paid to assessee — Whether can be termed as salary — Held, No. The same is exempt u/s.10(16).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 43(6), S. 45(1A) and S. 50 — Insurance claim received on damaged tanks and terminals — S. 43(6) does not include the word ‘damage’ — Hence the same should not be reduced from the WDV.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 10A — Free trade zone — An assessee need not set off unabsorbed depreciation and brought forward losses of non-STPI unit against profit of STPI unit as there is no deduction u/s.10A for non-STPI unit.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 43B — The assessee issued Deep Discount Bonds in 2000 — During the relevant assessment year, it claimed deduction of interest accrued on above bonds — AO was of the view that since no interest was paid in the period and eventually, the interest will be

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (a) S. 37(1) — Expenditure on implementation of new ERP package is revenue expenditure. (b) Only expenditure of capital nature on repairs of leased premises is covered by Explanation 1 to S. 32(1)

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 50C does not apply where transferred property is not the subject-matter of registration and question of valuation for stamp duty has not arisen

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 2(29B), S. 2(42A) and S. 48 — When ownership rights transferred partly and later some floors of new building sold with proportionate share in land, sale consideration has to be apportioned between land and superstructure to determine capital gains

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Gain on exchange fluctuation under EEFC account, interest thereon and FDRs maintained as guarantee for export and DEPB credits eligible for deduction u/s.80HHC

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) — Software in disk is tangible asset — Ownership, enduring benefit and functional tests to be applied to decide nature of expenditure on software — Whether capital or revenue

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Whether mesne profits received under consent decree by Apex Court was revenue receipt chargeable to tax or capital receipt not chargeable — Held, Not chargeable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 5 mins

    Section 28(i) — Penalty paid on account of failure to maintain margin money and not recovered from client, was an allowable loss.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 32 & S. 43(6) : Assessee claiming depreciation for first time on assets purchased and used in earlier year, entitled to claim on the original cost of assets

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 54EC : Exemption cannot be denied when investment in bonds made in joint names

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 10B, S. 32(2) & S. 72 : Set off of business loss and unabsorbed depreciation of earlier assessment years allowable against the profits and gains of unit eligible for deduction u/s.10B.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    If Commissioner does not pass order granting/refusing registration within time limit u/s.12AA, then Commissioner is deemed to have allowed registration, though the Act does not provide as to what could be done if Commissioner does not pass order

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 2 mins

    Advance tax — Shortfall in payment due to enhancement on reassessment — Interest cannot be charged u/s.234B — Held, Yes

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 2(ea) — Office premises on leave-and-licence basis used for business are commercial establishments not includible in net wealth

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    S. 2(14) r.w. S. 45 : Receipt on sale of immovable property is capital gain, irrespective of imperfect title

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 292B r.w. S. 80, S. 139(1) and S. 139(3) — Assessee company having filed four returns in respect of its four units correctly disclosing all relevant information without causing any prejudice to Revenue, such mistake or defect stood removed by operation

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 80-IB of the Income-tax Act, 1961 — Whether amendment by Finance Act, 2000 in provision of S. 80-IB(10) extending period for completion of eligible projects to 31-3-2003 was made with effect from 1-4-2001 apparently because as per pre-amended provision

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 32 of the Income-tax Act, 1961 — Expression ‘any other business or commercial rights of similar nature’ appearing in clause (ii) of S. 32(1) would include such rights which can be used as a tool to carry on business — Assessee entitled to claim depreci

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Whether as per S. 26, any income which is chargeable under head ‘Income from house property’ is to be assessed in hands of co-owners if their shares are ascertainable and such income cannot be taxed in hands of AOP — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Whether if application filed by assessee for additional time for removing the defect in the return u/s.139(9), is not disposed of or no action is taken and if Assessing Officer remains silent then time asked for by assessee would be treated as granted by

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 80IA of the Income-tax Act, 1961 — Whether S. 80-IA(2) gives an option to assessee to claim relief u/s.80-IA for any 10 consecutive assessment years out of 15 years beginning from year in which undertaking or enterprise develops or begins to operate an

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 36(1)(vii) of the Income-tax Act — Since debts could not be recovered in spite of best efforts, whether assessee was entitled to deduction u/s.36(1)(vii) — Held, Yes.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 11 read with Section 12A — An Institution or Trust having mixed activities of charity as well as religion cannot be denied exemption u/s.11(1)(a).

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 2(22)(e) — Inter Corporate Deposits (ICDs) are different from loans or advances and would not come within purview of deemed dividend u/s.2(22)(e).

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Section 194D does not apply to each and every payment made by any person by way of commission or otherwise; it applies to remuneration or reward paid for soliciting or procuring insurance business.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 271(1)(c) — When Assessing Officer recalculates total income in accordance with law and such total income is different from that calculated by the assessee, there is no concealment of particulars of income or furnishing of inaccurate particulars o

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Whether fee received from clients in advance by advocate following a cash method is income of the year in which it is received, Held : No. Whether a mistake in one assessment year should be carried over to the assessment proceedings of the next assessment

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Payments made by assessee, a co-operative society running sugar mills, to Zone Samitis formed by the cane growers, for spending the same on harvesting, cutting and transporting sugarcane to assessee’s factories on behalf of cane growers, which were debite

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Whether Assessing Officer can make a reference to DVO u/s. 142A where he is of the opinion that the figure of investment in property is overstated; Held : No.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    Once an assessee is maintaining its accounts as per the mercantile system, any liability which has accrued in a year, though to be discharged at a future date, would be a proper deduction while working out the profits and gains of business.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Section 271(1)(c) of the Income-tax Act, 1961 —Concealment penalty — Whether in a case where an assessee in penalty proceedings successfully explains his position and is not trapped within the parameters of clause (c) of S. 271(1)(c) along with the Explan

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Section 10B of the Income-tax Act, 1961 — Formula under S. 10B(4) — Whether any expenses on freight, telecommunication charges or insurance attributable to the delivery of articles or things or computer software outside India or any expenses incurred in f

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Section 80IB(10) — Assessment Year 2003-04 — Whether in a case where a project comprising residential housing units and also commercial establishments has been approved by a local authority as a ‘housing project’, deduction under S.80IB(10), as applicable

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    S. 115JB of the Income-tax Act, 1961 — Whether while computing book profits u/s.115JB of the Act, provision for diminution in value of investments can be added back by invoking clause (c) of Explanation below S. 115JB on the ground that it is not an ascer

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 149(3) of the Income-tax Act, 1961 — Whether the time limit provided u/s.149(3) applies to the asses-see who has voluntarily filed the return of his principal non-resident, and in whose case no order u/s.163 has been passed treating him as the agent of

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    S. 10A/S. 10B – Deduction u/s.10A/10B cannot be denied to software developer exporting software merely on the ground that it hires IT professionals on man-hour basis whenever it has assignments and does not have many employees on payroll.

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 244A – Interest is payable even on refund arising out of self-assessment tax paid from the date of payment of self-assessment tax.

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 17(2) – Employer’s contribution towards social security scheme, made under a statutory provision, is not a perquisite —Even in ex-parte cases the CIT(A) is required to decide appeal on merit after considering material on record — For computing tax effe

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 54F — Assessees sold shares and earned long-term capital gains — The said gains were invested in purchasing land and building — The building was demolished and a new building was constructed — Whether the cost of construction of new building was eligib

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 28(i) — Letting out of property used to run business centre — Whether rent income or business income.

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 54F — Long-term capital gains invested by purchasing a row house — Subsequently, agreement to purchase row house cancelled — Another agreement entered with S company to purchase shares of S company engaged in building — Through this agreement assessee

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 36(1)(vii) read with S. 263 — Bad debts written off — Assessing Officer allowed it after due verification of all facts and evidence — CIT invoked S. 263. Held : CIT has no power to rectify assessment order u/s.263 when Assessing Officer has duly verifi

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — Section 40(a)(ia), section 194C — The provisions of section 194C are not applicable to a case where the transporters are hired by the vendors of the goods, who directly made supplies to the factory of the assessee and charged the am

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Income-tax Act, 1961 — In the absence of any contrary material brought by the Revenue Authorities that the assessee has received professional fees more than what has been declared by him, no addition should have been made by the AO on account of non-furni

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Income-tax Act, 1961 — Section 244A — Assessee is entitled to interest on delayed payment of interest. Whenever there is a delay in granting refund to the assessee, the Department has to pay compensation by way of interest for the delay in payment of amou

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — Section 10A, section 155(11A) — Once the assessee has complied with all formalities and the request of the assessee for extension of time is not rejected, it could be presumed that after reasonable time, the extension of time has be

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Amount of liability in dispute when fixed by the Court in the concerned assessment year is an ascertained liability even though not provided in the books of account.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Whether CIT(A) was justified in refusing to admit additional evidence — Held, No

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 6 mins

    S. 43B – Interest on Custom duty not covered in S. 43B

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 14A – Where surplus earned is more than the investment made, no disallowance u/s.14A could be made

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 2(14) and S. 45 : Amount received by a member of the housing society from a developer who constructed additional floors in a building owned by the housing society not liable to capital gains tax

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 5 mins

    S. 220(2) — Liability to pay interest by assessee — AO not justified in charging interest for the intervening period when the CIT(A) allowed the appeal in favour of the assessee to the period when the Tribunal allowed the appeal in favour of the revenue

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 145A — Valuation of inventory — Assessee following exclusive method of accounting for modvat valued its inventory excluding modvat credit — AO valued closing stock inclusive of modvat credit, but refused to similarly value opening stock — AO not justif

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 37(1) — Treatment of deferred revenue expenditure — Expenditure on brand promotion and brand building classified in the books of account as deferred revenue expenditure — Allowable as revenue expenditure.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 145 — Accounting Standard 7 issued by ICAI — In case of an assessee following mercantile system and ‘percentage completion method’ deduction is allowable of ‘foreseeable losses’ on incomplete projects in respect of which a major part of work was not co

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    Project completion method of accounting — AO cannot adopt two methods of accounting in one project to determine income of assessee — In case of an assessee following project completion method, profit arising on sale of TDR, which was received as considera

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    Income-tax Act, 1961 — S. 143(1)(a), S. 147. Even when the original assessment is u/s.143(1) and even when reassessment proceedings are initiated within a period of four years, it is still necessary that there should be reasons to believe that income had

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 4 mins

    Whether assessee who participated in block assessment is precluded from taking objection that notice u/s.143(2) was not served or not served in time in view of provisions of S. 292BB w.e.f. 1-4-2008 and if so, since when he can be precluded — Held, S. 292

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 4 mins

    Provisions of S. 45(5) relating to compulsory acquisition do not apply to compulsory requisition of land and building, and the compensation received is also not taxable as rent, as there was no element of income.

    By C. N. Vaze , Shailesh Kamdar, Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 2 mins

    S. 234B — Amounts paid in foreign countries under DTAA would be treated as advance tax and not self-assessment tax even for the period before Explanation 1 to S. 234B was introduced.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Tribunal has power to direct the Assessing Officer to consider the allowance of the expenditure under altogether different Section.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Reassessment — Non-supply of reasons recorded by AO — AO having failed to follow the procedure laid down by the Apex Court, the matter is restored back to the AO with a direction to follow the procedure laid down by the Apex Court.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    S 40(a)(ia). Provisions of S. 40(a)(ia) are not applicable to expenditure which has accrued prior to 10-9-2004 when the Finance Act, (No. 2) 2004 got the presidential approval — Amendment to S. 40(a)(ia) by the Finance Act, 2010 which extends the time lim

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 154 read with S. 115JA of the Income-tax Act, 1961 — Rectification of mistake apparent from record — Provision for doubtful debts debited to Profit and Loss account — Book profit as per S. 115JA assessed without making any adjustment qua the said provi

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 45. According to Circular No. 9, the legal ownership in flats vests in individual members and not in the co-operative society – Flat owners have proportionate interest in the land and building – Amount received for permitting developer to construct add

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    S. 115JB of the Income-tax Act, 1961 — Liability to pay income tax based on book profit — Whether banking company liable to pay tax u/s.115JB — Held, No.

    By Jagdish D. Shah
    Jagdish T. Punjabi
    Chartered Accountants
    Reading Time 3 mins

    Payment by PE to head office towards reimburse-ment of technical expenses, being not on account of any specific technical services which were ‘made available’, it was not covered under Article 13. Also, on facts, the payment was not attributable to PE.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    Capital gains arising from sale of movable property of a PE are chargeable to tax u/s.9(1)(i) of Income-tax Act as well as under Article 13(2) of India-Mauritius DTAA. Mere deferral of either receipt of sale consideration or even the sale transaction itse

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 3 mins

    On facts, Indian branch of American company carrying on research and development activity in India was a PE. Consequently, profit attributable to it was to be computed following arm’s-length principle.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    On facts, payments made to Singapore company for certain services were, neither FTS nor royalty. As it did not have PE in India they were not taxable as business profits.

    By Geeta Jani
    Dhishat B. Mehta
    Chartered Accountants
    Reading Time 2 mins

    S. 80IB(10) — Land purchased in 1996 — Revised plan approved, commencement certificate issued, and use of land for non-agricultural purposes permitted after 1-10-1998 — Whether AO justified in denying deduction u/s.80IB(10) on ground that commencement of

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 4 mins

    Penalty proceedings being separate and independent, the assessee can show that finding recorded in the quantum proceedings is not reliable and sufficient to impose penalty.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 254(1) of the Income-tax Act, 1961 — Principle of consistency qua judicial forums is not unexceptionable; if the subsequent Bench finds it difficult to follow the earlier view due to any convincing reason, the earlier view cannot be thrust upon it; whe

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Income-tax Act, 1961 — Principle of mutuality — Principle of mutuality is applicable to the assessee even though it is an incorporated company —Interest earned by the mutual association from banks, bonds, etc. on surplus funds is not liable to tax.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 32 — Router and switches when used along with a computer and when their functions are integrated with a ‘computer’ would be included in the block of ‘computer’ entitled to depreciation at the rate of 60%.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Income-tax Act, 1961 — S. 45 — The gain arising on transfer of FSI/TDR is chargeable to tax under the head ‘capital gain’ and not under the head ‘Other Sources’ — However, as there is no cost of acquisition of the asset transferred, there will be no liabi

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    When the assessee converted his immovable property into stock-in-trade and entered into development agreement, the said transaction cannot be said to be a sale of immovable property.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    S. 145 — In terms of MOU the assessee liable to refund of earnest money received with interest on cancellation of MOU — During previous year assessee cancels MOU and refunds amounts received under MOU with interest — Whether interest paid for period of ea

    By Jagdish D. Shah, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 12A(a) — Once CIT is satisfied about objects of the trust and genuineness of activities, he is required to grant registration w.e.f. date of creation

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 43 (5) — Loss suffered in F&O transactions could not be considered as speculation loss.

    By Jagdish D. Shah, Jagdish Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 264 and S. 246A — Appeal against assessment made consequent to order passed u/s.264 is maintainable u/s.246A, but only to the extent of issues which have not attained finality in order passed u/s.264.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    S. 36(1)(vii) r/w S. 36(2) — Money-lending activity of non-banking finance business — Where assessee provided funds to sister entity, and amount became irrecoverable, allowable as bad debts — Where assessee gave certain amount to entity for allotment of

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Where assessee had advanced amounts to sister concerns as prevented by regulations from prepaying its ECBs, interest income assessable under head ‘business income’ — Post-amendment to S. 10B, assessee entitled to deduction of interest income, and expenses

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 4 mins

    Mere inclusion of land in industrial zone could not convert agricultural land into NA land, given no infrastructure development, and use for non-agricultural purposes not established — Gain arising on sale of land by assessee exempted from tax

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 2(22)(e) — Payment made by a co. out of its share premium a/c. cannot be taxed as deemed dividend.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 45 r.w. S. 28(i) — Where stock-in-trade is converted into investment and later sold on profit, formula favourable to assessee to be accepted

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 54F — Investment in flat in building under construction was a case of ‘construction’ and time limit of 3 years (and not 2 years) applicable

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 5 mins

    S. 48 r.w. S. 45 and S. 55 — Right to construct additional floors acquired without incurring any cost and had no inherent quality of being available on expenditure of money — Such right is outside scope of S. 45.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 6 mins

    (a) S. 68 — Since no new amount credited in accounts of creditors during year, addition could not be made u/s.68. (b) S. 41(1) — Brought forward balances of creditors could not be added to assessee’s income.

    By C. N. Vaze, Shailesh Kamdar, Chartered Accountants
    Reading Time 3 mins

    S. 41(1) — Limitation of time is not a determining factor in matters relating to remission or cessation of liabilities.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 234B r.w. S. 195 and S. 209 — No interest can be levied where advance tax is not paid in respect of income on which tax is not deducted at source by payers who were obliged to deduct the same.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 2 mins

    S. 14A r.w. S. 143(3) and S. 147 — Proviso to S. 14A inserted by Finance Act, 2002 w.e.f. 11-5-2001 does not confer any jurisdiction on Assessing Officer to make reassessment u/s.147 for any assessment year beginning on or before 1-4-2001.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 28, S. 41 — Waiver of amount of loan taken for acquiring capital asset is not taxable under the Act.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 115JB — For purpose of computing book profits u/s.115JB, although provisions made by an assessee are not allowable as deduction, yet certain provisions which are capable of estimation with a reasonable certainty without quantification are allowable, as

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 45, S. 47, Explanation (iii) to S. 48 — In respect of a capital asset received as a gift, indexed cost of acquisition needs to be computed by applying cost inflation index of the year in which the previous owner had first held the asset.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 80IA(4), Explanation to S. 80IA(13), S. 255(3) and S. 255(4) — There is a material difference in the circumstances where a reference is made to a Special bench u/s.255(3) and a Third Member or Larger Bench u/s.255(4) — A Third Member/Larger Bench is co

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 5 mins

    CBDT Circular No. 14, dated 11-4-1955 — In the case of an assessee following mercantile system of accounting interest expenditure which has accrued during the previous year is allowable as deduction even if it was not debited to P&L Account and also not c

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Chartered Accountants
    Reading Time 3 mins

    S. 37(1), S. 28, S. 36(1)(vii) : Access fee for usage of software is not capital expenditure; Claims for bad debts and alternatively, as business loss, of dues receivable against sales value of shares of clients allowed.

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 4 mins

    S. 80IB : DEPB receipt eligible for relief

    By Ashok Dhere, Jagdish D. Shah, Chartered Accountants
    Reading Time 2 mins

    [2015] 152 ITD 533 (Jaipur) Asst. DIT (International taxation) vs. Sumit Gupta. A.Y. 2006-07 Order dated- 28th August 2014.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2013] 145 ITD 491(Mumbai- Trib.) Capital International Emerging Markets Fund vs. DDIT(IT) A.Y. 2007-08 Order dated- 10-07-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    [2014] 151 ITD 642 (Mum) ITO vs. Gope M. Rochlani AY 2008-09 Order dated – 24th May, 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    (2011) TIOL 197 ITAT-Mum. Bharat Bijlee Ltd. v. Addl. CIT ITA No. 6410/Mum./2008 A.Y.: 2005-06. Dated: 11-3-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2011) TIOL 209 ITAT-Mum. ACIT v. American School of Bombay Education Trust ITA No. 136 to 138/Mum./2010 A.Ys.: 2000-01 to 2002-03. Dated: 4-2-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    136 TTJ 263 (Mumbai) (TM) ACIT v. Dharti Estate ITA Nos. 2808 (Mum.) of 2002 and 5056 (Mum.) of 2003. A.Ys.: 1998-99 and 1999-2000 Dated: 29-10-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2010) 127 ITD 217 (Agra.) (SB) S. K. Jain v. CIT A.Y.: 2000-01. Dated: 13-4-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    127 ITD 257 (Mum.) Torrential Investments (P.) Ltd. v. ITO, Ward-2(3)(3), Mumbai A.Y.: 1996-97. Dated: 11-8-2009

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    51 DTR (Mumbai) (Trib.) 283 DCIT v. Ushdev International Ltd. A.Y.: 2002-03. Dated: 9-10-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    51 DTR (Bang.) (Trib.) 173 Hewlett Packard India Sales (P) Ltd. v. CIT A.Y.: 2006-07. Dated: 16-8-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2011) 132 ITD 98 ACIT v Rolta India Ltd (Mum) (TM) A.Y 1998-99 Date of Order: 04-06-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2011) 132 ITD 122 (Mum.) Amartara Plastics (P) ltd. v ACIT Assessment Year: 2005-06 Date of order: 19-01-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    (2011) 132 ITD 236 (Mum.) ITO v Galaxy Saws (P) Ltd. AY 2005-06 Date of Order: 11-03-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2011) TIOL 196 ITAT-Mum. Essem Capital Markets Ltd. v. ITO ITA No. 6814/Mum./2006 and 5349/Mum./2007 A.Ys.: 2003-2004 and 2004-2005 Dated: 25-2-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    S. 43(5)(d), Rules 6DDA and 6DDB, Notification dated 22.5.2009 recognizing MCX as a recognized stock exchange – Transactions in commodity derivatives carried out on MCX are not speculative transactions w.e.f. 1.4.2006 though MCX has been notified, vide notification dated 22.5.2009, as a recognised stock exchange prospectively.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 72 DTR (Mum)(Trib) 167 ITO v. Yasin Moosa Godil A.Y.: 2006-07 Dated: 13-04-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2012) 72 DTR (Mum)(Trib) 175 Sandvik Asia Ltd. v. JCIT A.Y.: 1994-95 Dated: 29-11-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2012] 23 taxmann.com 347 (Mum) Ashok C. Pratap v Addl CIT ITA No. 4615/Mum/2011 Assessment Year: 2007-08. Date of Order: 18.07.2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2012-TIOL-530-ITAT-MUM DCIT v BOB Cards Ltd. Assessment Year: 2007-08. Date of Order: 18-09-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2012-TIOL-559-ITAT-DEL ITO v Indian Printing Packaging & Allied Machinery Manufacturers Association ITA No. 2934/Del/2012 Assessment Year: 2003-04. Date of Order: 31-08-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2012) 73 DTR (Mum)(Trib) 265 Kotak Securities Ltd. v DCIT A.Y.: 2004-05 Dated: 3-2-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    S/s 56(2)(v) – Gift of India Millennium Deposit Certificate (IMD) received by an assessee is not taxable u/s. 56(2)(v) since the same is not money.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Sections 50C of the Income Tax Act, 1961 – Section 50C cannot be invoked on receipt of refund of booking advance paid earlier to a builder.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) 135 TTJ 357 (Mumbai) Bhumiraj Constructions v. Addl. CIT ITA No. 3751 (Mum.) of 2009 A.Y.: 2006-2007. Dated: 12-4-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    [2012] 23 taxmann.com 93 (Del) ACIT v Result Services (P) Ltd. ITA No. 2846/Del/2011 Assessment Year: 2008-09. Date of Order: 28.06.2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2011) 135 TTJ 419 (Mumbai) Digital Electronics Ltd. v. Addl. CIT ITA No. 1658 (Mum.) of 2009 A.Y.: 2005-2006. Dated: 20-10-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 135 TTJ 663 (Mumbai) ACIT v. Delite Enterprises (P.) Ltd. ITA No. 4813 (Mumbai) of 2006 A.Y.: 2003-2004. Dated: 20-10-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2012] 23 taxmann.com 226 (Mum) DCIT v Ranjit Vithaldas ITA No. 7443/Mum/2002 Assessment Year: 1998-99. Date of Order: 22.06.2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    (2011) 50 DTR (Mumbai) (Trib.) 158 Yatish Trading Co. (P) Ltd. v. ACIT A.Y.: 2004-05. Dated: 10-11-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    (2010) 127 ITD 133 (Chennai) (TM) V. Narayanan v. Dy./ACIT A.Ys.: 1987-88 & 1990-91. Dated: 27-8-2009

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2010) 127 ITD 160 (Chennai) (TM) Hemal Knitting Industries v. ACIT A.Y.: 2001-02. Dated: 30-8-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    127 ITD 211 (Mum.) DDIT (IT) v. Stork Engineers & Contractors B. V. A.Y.: 1999-2000. Dated: 16-6-2009

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 131 ITD 396 (Mum.) Capgemini Business Services (India) Ltd. v. DCIT (ITAT, Mumbai) A.Y. 2006-07 Dated: 26-11-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2011) 131 ITD 471 (Mum.) Chika Overseas (P) Ltd. v. ITO A.Y. 2000-01 Dated: 25-02-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2011) 132 ITD 34 (Allahabad) Asst. CIT v. A.H.Wheelers & Co. (P) Ltd. A.Y. 2004-05 Dated. 18-05-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2012) 146 TTJ 543 (Mumbai) Pranit Shipping & Services Ltd. v. Asst.CIT ITA No.5962 (Mum.) of 2009 A.Y.2005-06. Dated 25.01.2012.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2011) 130 ITD 296 (Pune) Maharashtra Rajya Sahakari Sangh Maryadit v. ITO, Ward 1(2), Pune A.Y.: 2003-04. Dated: 30-4-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 75 DTR (Mum)(SB)193 Kotak Mahindra Capital Co. Ltd. vs. ACIT A.Y.: 2003-04 Dated: 10-8-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    (2012) 65 DTR (Mum.) (Trib.) 39 DCIT v. Eversmile Construction Co. (P) Ltd. A.Y.: 2001-02. Dated: 30-8-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 130 ITD 11/19 taxmann.com 138 (Cochin) Prasad Mathew v. DCIT A.Y.: 2005-06. Dated: 30-7-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2012) 65 DTR (Ahd.) (Trib.) 342 ITO v. Parag Mahasukhlal Shah A.Y.: 2005-06. Dated: 30-6-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Exemption u/s.54EC — Granted even in respect of bonds purchased in wife’s name where repayment was to be received by the assessee.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Loss on account of valuation of interest rate swap as on the balance sheet date is deductible.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 11 r.w.s 12A — Whether the accumulated funds along with all the assets and liabilities transferred to a new institution or section 25 company formed shall be taxable as deemed income u/s.11(3)(d). Held, No.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 263 — Without examining detailed records submitted by assessee and in absence of finding of any factual mistake or any legal error or any instance which could have shown as to how the order of AO was erroneous and prejudicial to interest of Revenue, the proceedings initiated by Commissioner u/s.263 were not justified.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 40(a)(i) r.w.s 195 — Whether no tax is deductible u/s.195 on the commission payable to a non-resident for services rendered outside India — Held, Yes.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Sections 194I, 199 — Tax is not deductible at source on payment received as an obligation and not as an income — If the amount is paid by the payer to the payee, not directly but indirectly, through the medium of some other person, then such other person receives the amount as an obligation and not as income — Payment received as an obligation is not taxable as income and credit for TDS was allowable u/s.199 in the year in which the amount was received by such other person after deduction of ta<

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Section 22 r.w.s 28(1) — Principle of res judicata though not applicable to income tax proceedings, principle of consistency applicable and in absence of any change of circumstances or non-consideration of material facts or statutory provisions, Department cannot change the stand taken in earlier years.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 11 of the Income-tax Act — Accumulation @ 15% should be calculated on the gross income and before deducting other expenses.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 1 mins

    Section 12A of the Income-tax Act, 1961 — Registration under charitable institutions — Trust formed for propagating the knowledge of Vedas cannot be said to be benefiting only a particular community — Registration cannot be denied on this ground.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 130 ITD 219 (Cochin) (TM) Dy. CIT, Circle 2(1), Range-2, Ernakulam v. Akay Flavours & Aromatics (P.) Ltd. A.Y.: 2004-05. Dated: 20-9-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 26 — Income of co-owners of house property — Cannot be assessed as income of an association of persons (AOP) in spite of the fact that a return was filed in the legal status of AOP.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 54 — Exemption u/s.54 can be claimed when under a development agreement an assessee exchanges his old flat for a new flat. Such acquisition amounts to construction of new flat and therefore time period of 3 years is available for such acquisition.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 54F — Exemption u/s.54F can be claimed in respect of deemed long-term capital gain u/s.54F(3) arising on transfer of new house if net consideration thereof is again invested in purchase of a residential house within a period of two years.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2012) 75 DTR (Chennai)(Trib) 113 Smt. V.A. Tharabai vs. DCIT A.Y.: 2007-08 Dated: 12-1-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2011) 130 ITD 255 (Jp.) Dy. CIT v. Abdul Latif A.Y.: 2005-06. Dated: 30-4-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 130 ITD 287/9 taxmann.com 69 (Mum.) Ashok Kumar Damani v. Addl. CIT A.Y.: 2005-06. Dated: 3-12-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 130 ITD 137/9, Chennai Bench D ACIT v. Harshad Doshi A.Y.: 2006-07. Dated: 23-4-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) TIOL 65 ITAT-Mum. Tanna Agro Impex Pvt. Ltd. v. Addl. CIT A.Y.: 2007-08. Dated: 29-7-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2012) TIOL 63 ITAT-Mum. Savita N. Mandhana v. ACIT A.Y.: 2006-07. Dated: 7-10-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) TIOL 64 ITAT-Bang. Shakuntala Devi v. DCIT A.Y.: 2007-08. Dated: 20-12-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 49 SOT 312 (Delhi) Dhoomketu Builders & Developers (P.) Ltd. v. Addl. CIT A.Y.: 2006-07. Dated: 30-11-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2012) 49 SOT 387 (Delhi) Harnam Singh Harbans Kaur Charitable Trust v. DIT (Exemption) Dated: 16-12-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 65 DTR (Mum.) (Trib.) 104 Ramesh R. Shah v. ACIT A.Y.: 2005-06. Dated: 29-07-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 142 TTJ 86 (Pune) Drilbits International (P.) Ltd. v. Dy. CIT A.Y.: 2006-07. Dated: 23-8-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    (2011) 142 TTJ 252 (Visakha) Dredging Corporation of India Ltd. v. ACIT A.Ys.: 2006-07 to 2008-09. Dated: 25-7-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 142 TTJ 358 (Hyd.) Four Soft Ltd. v. Dy. CIT A.Y.: 2006-07. Dated: 9-9-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2012) TIOL 25 ITAT-Bang.-SB Nandi Steels Ltd. v. ACIT A.Y.: 2003-04. Dated: 9-12-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2012) TIOL 44 ITAT-Mum. Mithalal N. Sisodia HUF v. ITO A.Y.: 2005-06. Dated: 5-8-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) 131 ITD 263 DCIT v. Jindal Equipment Leasing & Consultancy Services Ltd. A.Y.: 2003-04. Dated: 25-2-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 80IB(10) — If conditions prescribed u/s.80IB(10) are satisfied, claim cannot be denied merely because the assessee had not carried on construction activity itself.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 27 taxmann.com 111 (Coch Trib) E.K.K. & Co. v ACIT Assessment Year: 2009-10. Dated: 16-11-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    Sections 2(47) and 45 — Purchase and sale of land and flat necessary parts of business of construction. Loss arising on sale of these properties is business loss.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 40(a)(ia) — Disallowance can be made only in respect of an amount which is sought to be deducted u/ss.30 to 38 and not in respect of reimbursement simplicitor which is profit neutral and not routed through the P & L a/c.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 254(2) and Rules 23 and 25 of Income Tax (Appellate Tribunal) Rules, 1963 — Assessee’s chartered accountant having filed an affidavit stating that he did not appear at the time of hearing as he had wrongly recorded the date of hearing in his diary and also furnished a photocopy of the diary showing the wrong noting, it has to be accepted that there was sufficient cause for his non-appearance on the date of hearing.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 80-IB(10) — There is no precondition that the assessee should be the owner of the land for claiming deduction — Terrace in front of penthouse should not be considered while measuring built-up area.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 194C — Where the arrangement was more of a sharing of fees under contract, provisions of section 194C cannot be applied. Section 36(1)(ii) — Bonus paid to directors could not have been otherwise paid as dividend. Hence provisions of section 36(1)(ii) cannot be applied. Income v. receipt — Only that part of the receipt as has accrued during the year should be taxed as income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Sections 143(3), 147, 254 — In an assessment completed u/s.143(3) r.w.s. 254, the AO should confine himself to the directions issued by the Tribunal. He does not have jurisdiction to go beyond the directions given by the Tribunal.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Sections 200(3), 272(2)(k), Rule 31A — When assessee derives no benefit from failure to file e-TDS return, no penalty is called for. In a case where assessee has deposited TDS on time but failed to file e-TDS return because of delay in collecting PANs from landowners, such breach is only technical in nature and no penalty is warranted.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2012) 27 taxmann.com 104 (Chennai Trib) ACIT v C. Ramabrahmam Assessment Year: 2007-08. Dated: 31-10-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2012) 26 taxmann.com 265 (Mumbai Trib) Shrikant Real Estates (P.) Ltd. v ITO Assessment Year: 2008-09. Dated: 19-10-2012

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    Section 37(1) — Whether payments towards noncompete fees can be claimed as deferred revenue expenditure — Held, Yes.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 132 ITD 338 (Del.) Innovative Steels Pvt. Ltd vs. ITO A.Y. : 2006-07 Dated: 31-05-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2011) TIOL 330 ITAT-Mum. DCIT v. Telco Dadajee Dhackjee Ltd. MA No. 509/Mum./2010 A.Y.: 1998-1999. Dated: 11-3-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 128 ITD 1 (Delhi) ITO v. Dharamshila Cancer Foundation and Research Centre A.Y.: 2002-03. Dated: 27-3-2009

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 128 ITD 24/ (2010) 8 taxmann.com 286 (Mum.) Ms. Nita A. Patel v. ITO A.Y.: 2004-05. Dated: 15-7-2009

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 22 STR 41 (Tri.-Ahmd.) — Aditya Birla Nuvo Ltd. v. CCEx., Vadodara.

    By Puloma Dalal
    Jayesh Gogri
    Chartered Accountants
    Reading Time 2 mins

    (2011) 129 ITD (Ahd.) Tarika Exports v. ACIT A.Y.: 1994-95. Dated: 30-11-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) TIOL 323 ITAT-Mum. ITO(TDS) v. Moraj Building Concepts Pvt. Ltd. ITA No. 1232/Mum./2010 A.Y.: 2006-07. Dated: 18-3-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    [2013] 154 ITD 455 (Pune – Trib.) Bharat Forge Ltd. vs. Addl. CIT A.Y. 2007-08 & 2008-09 Date of Order : 31st January, 2013

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 7 mins

    (2011) 137 TTJ 573 (Mumbai) ACIT v. Safe Enterprises Misc. Application No. 413 (Mum.) of 2010 in ITA No. 2278 (Mum.) of 2009 A.Y.: 2005-06. Dated: 4-11-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 137 TTJ 741 (Del.) ACIT v. Bulls & Bears Portfolios Ltd. ITA No. 2727 (Del.) of 2008 A.Y.: 2005-06. Dated: 28-1-2011

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) TIOL 251 ITAT-Mum. Capgemini Business Services (India) Ltd. v. DCIT ITA No. 1164/Mum./2010 A.Y.: 2006-07. Dated: 26-11-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) TIOL 262 ITAT-Mum. Purvez A. Poonawalla v. ITO ITA No. 6476/Mum./2009 A.Y.: 2006-07. Dated: 9-3-2011

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    (2011) TIOL 266 ITAT Mum.-SB ITO v. United Marine Academy ITA No. 968/Mum./2007 A.Y.: 2003-2004. Dated: 25-4-2011

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) 52 DTR (Jab.) (TM) (Trib.) 346 DCIT v. Vishwanath Prasad Gupta A.Y.: 2004-05. Dated: 15-6-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 128 ITD 108/ (2010) 8 taxmann.com 209 (Delhi) Escorts Heart Institute & Research Centre Ltd. v. ACIT A.Y.: 2005-06. Dated: 9-10-2009

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 137 TTJ 188 (Mumbai) Inter Gold (India) P. Ltd. v. JCIT ITA No. 441 (Mum.) of 2004. A.Y.: 1998-99. Dated: 5-1-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) TIOL 583 ITAT-Kol. Sushil Kumar Das v. ITO A.Y.: 2005-06. Dated: 13-5-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) TIOL 648 ITAT-Mum. De Beers India Pvt. Ltd. v. DCIT A.Y.: 2005-06. Dated: 5-9-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    (2011) TIOL 662 ITAT-Mum. Sureshchandra Agarwal v. ITO & Sushila S. Agarwal v. ITO A.Y.: 2005-2006. Dated: 14-9-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    (2011) 60 DTR (Chennai) (TM) (Trib.) 306 Sanghvi & Doshi Enterprise v. ITO A.Ys.: 2005-06 & 2006-07. Dated: 17-6-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 7 mins

    (2011) 137 TTJ 249 (Jab.) (TM) ACIT v. Smt. Mukta Goenka IT (SS)A No. 23 (Jab.) of 2007 A.Ys.: 1-4-1996 to 12-12-2002 Dated: 28-5-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) 137 TTJ 508 (Coch.) F.C.I. Technology Services Ltd. v. ACIT ITA No. 616 (Coch.) of 2008 A.Y.: 2003-04. Dated: 4-6-2010

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 57 DTR (Visakha) (Trib.) 299 Swaraj Enterprises v. ITO A.Y.: 1999-2000.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 194C — As per explanation III(c) to section 194C(2) payment made by assessee for using facility for movement of goods should be categorised as payment for carriage of goods and not as technical fees u/s.194J.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Sections 40(a)(ia), 194C — Service contracts have not been specifically included in Explanation III below section 194C. Provisions of section 194C are not applicable to the payments to C & F agents. Payments made by the assessee to C & F agents towards reimbursement of statutory liability paid by C & F agent on behalf of the assessee cannot be considered to be covered by section 194C as they are not for any work of the nature mentioned in Explanation III.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Project Completion Method, AS-7 — In the case of an assessee following project completion method of accounting, receipts arising from sale of TDR received, directly linked to the execution of the project, will go to reduce the cost of the project.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) TIOL 511 ITAT-Mum. Manali Investments v. ACIT A.Y.: 2005-06.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    (2011) TIOL 530 ITAT-Kol. ITO v. Rajesh Kr. Garg A.Y.: 2006-2007.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 128 ITD 459/ 9 taxmann.com 121 (Mum.) ACIT v. Safe Enterprises A.Y.: 2005-06.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 55 DTR (Mumbai) (Trib.) 241 Porwal Creative Vision (P) Ltd. v. Addl. CIT A.Ys.: 2006-07 & 2007-08. Dated: 18-3-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 56 DTR (Ahd.) (Trib.) 89 Valibhai Khanbhai Mankad v. DCIT A.Y.: 2006-07. Dated: 29-4-2011

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 128 ITD 345 (Mum.) Smt. Bharati Jayesh Sangani v. ITO A.Y.: 2005-06. Dated: 4-11-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2013) 96 DTR 220 (Del) ACIT vs. Meenakshi Khanna A.Y.: 2008-09 Dated: 14-06-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2014) 98 DTR 281 (Hyd) Fibars Infratech (P) Ltd. vs. ITO A.Y.: 2007-08 Dated: 03-01-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    (2011) 128 ITD 81 (Cochin) V. K. Natesan v. Dy. CIT (TM) Third Member A.Y.: 2004-05. Dated: 14-7-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 128 ITD 275 (Mum.) Piem Hotel Ltd. v. Dy. CIT A.Y. 2004-05. Dated: 13-8-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    (2011) 52 DTR (Del.) (Trib.) 14 DCIT v. Select Holiday Resorts (P) Ltd. A.Ys.: 2004-05 & 2005-06. Dated: 23-12-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2011) 52 DTR (Mumbai) (Trib.) 295 Sri Adhikari Brothers Television Networks Ltd. v. ACIT A.Y.: 2000-01. Dated: 22-9-2010

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Set-off of long-term capital loss against short-term capital gains u/s.50 — U/s.74(1)(b) the assessee is entitled to the claim of set-off of long-term capital loss against the income arising from the sale of office premises, the gain of which is short-term due to the deeming provision, but the asset is longterm.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 45 — Gain arising on sale of shares, acquired under an ESOP Scheme whereby right was conferred on the assessee, but the purchase price of shares was to be paid at the time of sale of shares or their redemption, after a period of 3 years from the date of grant of right under ESOP Scheme is chargeable as long-term capital gain.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Sections 143(3), 144, — Non-refundable amounts received for services to be provided in future cannot be taxed as income in the year of receipt. Such amounts received cannot be regarded as debt due till such time as services are provided.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 48 of the Income-tax Act, 1961 — Benefit of indexation is available in respect of preference shares.Section 48 of the Income-tax Act, 1961 — Benefit of indexation is available in respect of preference shares.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 1 mins

    (a) Section 40(b) r.w.s 36(1)(iii) and 14A of the Income-tax Act, 1961 — The section for allowing deduction of interest is section 36(1)(iii) and, therefore, payment of interest to partners is also an expenditure only and same is also hit by provisions of section 14A if it is found that the same has been incurred for earning exempt income. (b) Section 28(v) of the Income-tax Act, 1961 — Proviso to section 28(v) comes into play only if there is some disallowance in hands of firm under clause (b)<

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 80-IB(10) of the Income-tax Act, 1961 — Once flats were sold separately and two flat owners themselves combined separate flats whereby the total area exceeded 1,500 sq.ft., deduction u/s.80-IB(10) cannot be denied to the assessee-developer on this ground.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 10(23C) read with section 12A — Rejection of an application u/s.10(23C)(vi) cannot be a reason to cancel registration u/s.12A.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 154, read with section 68 — Rectification of mistakes and unsatisfactory explanation given by the assessee about the nature and source of income.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Section 41(1) — Remission or Cessation of Trading Liability — On settlement of dispute the cost of machinery had reduced by two crore — Depreciation allowed in earlier years on two crore cannot be taxed u/s.41(1) or 41(2).

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    2013-TIOL-959-ITAT-DEL ITO vs. Tirupati Cylinders Ltd. ITA No. 5084/Del/2012 Assessment Years: 2004-05. Date of Order: 28.06.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-885-ITAT-MUM Citicorp Finance (India) Ltd. vs. Addl. CIT ITA No. 8532/Mum/2011 Assessment Years: 2007-08. Date of Order: 13-09-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-802-ITAT-AHD Kulgam Holdings Pvt. Ltd. vs. ACIT ITA No. 1259/Ahd/2006 Assessment Years: 2002-03. Date of Order: 21.06.2013

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 9 mins

    [2013] 145 ITD 111 (Hyderabad – Trib.) SKS Micro Finance Ltd. vs. DCIT A.Y. 2006-07 & 2008-09 Order dated- 21-06-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    [2013] 145 ITD 491(Mumbai- Trib.) Capital International Emerging Markets Fund vs. DDIT(IT) A.Y. 2007-08 Order dated- 10-07-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    2014-TIOL-150-ITAT-MUM Sudhir Menon HUF vs. ACIT ITA No. 4887/Mum/2012 Assessment Year: 2010-11. Date of Order: 12-03-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    S/s. 54B, 54F – Assessee is not entitled to claim exemption under s/s. 54B/54F in respect of investments made in the name of major married daughters. The term `assessee’ used in section 54B/54F cannot be extended to mean the major married daughters.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 54F – Since assessee had entered into a registered agreement within time period prescribed u/s. 54F, he was entitled to claim exemption even in respect of amounts paid at the time of booking which was more than one year prior to the date of transfer. New house vests in the assessee by registered deed and not by availing of housing loan or payment of booking amount.

    By K. B. Bhujle
    Advocate
    Reading Time 3 mins

    Section 40A(3) – In a case where liability for an expense is incurred in one year and the payment thereof is made in a subsequent year, the law applicable in the year in which the liability was incurred would be applicable and not the law applicable in the year in which the payment is made.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 7 mins

    Section 5(2): Salary received by a non-resident from a foreign employer for rendering services outside India, is not taxable in India merely because said salary was credited to NRE bank account of the assessee in India.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    Section 80-IB – Assessee engaged in development of Geographical Information System software, claimed deduction u/s. 80IB –AO and CIT(A) denied deduction u/s. 80IB holding that the assessee was not engaged in the manufacture or production of any article– Tribunal held that the software came into existence after carrying on several processes and was transferred only on completion of the said processes. When transfer of property is an ongoing process at each stage of work, then it will amount to p<

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    2014-TIOL-110-ITAT-MUM Jagannath K. Bibikar vs. ITO ITA No. 2735/Mum/2012 Assessment Years: 2005-06. Date of Order: 11-12-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-119-ITAT-DEL ACIT vs. Lakhani India Ltd. ITA No. 2657/Del/2011 Assessment Year: 2006-07. Date of Order: 31- 12-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2014) 99 DTR 162 (Agra) DCIT vs. Gupta Overseas A.Y.: 2008-09 Dated: 04-02-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2013] 147 ITD 41 (Jaipur – Trib.) (TM) Escorts Heart Institute & Research Centre Ltd. vs. DCIT(TDS), Jaipur A.Y. 2008-09 & A.Y. 2009-10 Order dated-3th November 2013

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 10 mins

    161 TTJ 742 (Mum) Jamsetji Tata Trust vs. JDIT(Exemption) ITA No. 7006/Mum/2013 Assessment Years: 2010-11. Date of Order: 26- 03-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 6 mins

    161 TTJ 283 (Del) Bharati Airtel Ltd. vs. Addl CIT ITA No. 5636/Del/2011 Assessment Years: 2007-08. Date of Order: 11.03.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    [2013] 144 ITD 668 (Delhi – Trib.) ITO vs. Indian Newspaper Society A.Y. 2007-08 & 2009-10 Date of Order – 20.06.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2013-TIOL-1063-ITAT-DEL ITO vs. Smt. Bina Gupta ITA No. 4074/Del/2012 Assessment Years: 2009-10. Date of Order: 18.10.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-1054-ITAT-DEL DCIT vs. Usha Stud & Agricultural Farms (P) Ltd ITA No. 910 to 912/Del/2010 Assessment Years: 1998-99, 1999-2000 and 2003-04. Date of Order: 25.10.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 6 mins

    2013-TIOL-1045-ITAT-HYD NCC Maytas JV vs. ACIT ITA No. 812/Hyd/2013 Assessment Years: 2006-07. Date of Order: 13.09.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2013-TIOL-1038-ITAT-MUM DCIT vs. Weizmann Ltd. ITA No. 770/Mum/2011 Assessment Years: 2008-09. Date of Order: 31.10.2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2013] 144 ITD 57 (Mumbai-Trib.) IGFT Ltd. vs. ITO-2(2)(1), Mumbai A.Y. 2001-02 Date of Order: 13th May 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2014-TIOL-225-ITAT-PUNE DCIT vs. The Nashik Merchant Co-operative Bank Ltd. ITA No. 950/PN/2013 Assessment Years: 2009-10. Date of Order: 30-04-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-237-ITAT-DEL Vijaya Bank vs. ITO ITA No. 2672 to 2674/Del/2013 Assessment Years: 2007-08 to 2009-10. Date of Order: 14-03-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-270-ITAT-AHD Gujrat Carbon & Industries Ltd. vs. ACIT ITA No. 3231/Ahd/2010 Assessment Years: 2003-04. Date of Order: 13-09-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2014) 102 DTR 151 (Mum) 3i Infotech Ltd. vs. ACIT A.Y. 2003-04 Dated : 21-08-2013

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2014] 150 ITD 440 (Jd) Jeewanram Choudhary vs. CIT A.Y. 2006-07 Date of Order – 22nd February, 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2014] 150 ITD 502 (Mum) Urban Infrastructure Venture Capital Ltd. vs. DCIT A.Y. 2008-09. Date of Order – 21st May, 2014.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2014] 149 ITD 169 (Hyderabad) Binjusaria Properties (P) Ltd vs. ACIT A.Y. 2006-07 Order dated- 4th April, 2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2014] 149 ITD 363 (Agra) Rajeev Kumar Agarwal vs. Addl CIT A.Y. 2006-07 Order dated – 29th May, 2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    49 taxmann.com 578 (Cochin) Three Star Granites (P.) Ltd. vs. ACIT ITA No. 11/Cochin/2011 Assessment Years: 2007-08. Date of Order: 25.4.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    51 taxmann.com 1 (Mumbai) Johnson & Johnson Ltd. vs. Addl. CIT SA No. 288 /Mum/2014 Assessment Year: 2009-10. Date of Order: 31.10.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2014] 148 ITD 619 (Delhi) Vineet Sharma vs. CIT (Central)-II, New Delhi. A.Y. 2005-06 and 2006-07 Order dated- 8th November 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2014-TIOL-656-ITAT-MUM ACIT vs. Gagandeep Infrastructure Pvt. Ltd. A. Y. : 2008-09. Date of Order: 23-04-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2014-TIOL-630-ITAT-DEL Jcdecaux Advertising India Pvt. Ltd. vs. DCIT A. Y. : 2007-08. Date of Order: 08-09-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    (2014) 104 DTR 289 (Del) DCIT vs. Messe Dusseldorf India Pvt. Ltd. A.Y.: 2005-06 Date of order: 19-03-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    (2014) 105 DTR 1 (Del) Sahara India Financial Corporation Ltd. vs. DCIT A.Y.: 2009-10 Date of order: 10-01-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2013] 148 ITD 70 (Ahmedabad – Trib.) GE India Industrial (P.) Ltd. vs. CIT(A) A.Y. 2004-05: Date of order: 04-01-2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-396-ITAT-COCHIN Kerala Vision Ltd. vs. ACIT ITA No. 794/Coch/2013 A.Y.: 2009-10. Date of Order: 06-06-2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-391-ITAT-AHM General Mechanical Works vs. ACIT ITA No. 2032 /Ahd/2010 A.Y.: 2002-03. Date of Order: 14-03-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-324-ITAT-MUM Javed Akhtar vs. ACIT ITA No. 39/Mum/2011 A.Y.: 2006-07. Date of Order: 07-05-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2014) 107 DTR 357 (Mum) Ramesh Gunshi Dedhia vs. ITO A.Y.: 2008-09 Order dated: 14-03-2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 7 mins

    (2014) 108 DTR 255 (Pune) Malpani Estates vs. ACIT A.Ys.: 2008-09 to 2010-11 Dated: 30-01-2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 7 mins

    [2014] 150 ITD 48 (Bangalore) Smt. T. Gayathri vs. CIT(A) A.Y. 2009-10 Order dated – 8th Aug 2013

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 8 mins

    2014] 150 ITD 34 (Mumbai) Agrani Telecom Ltd. vs. Asst. CIT A.Y. 2006-07 Order dated – 13th Sept 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-757-ITAT-MUM ITO vs. Dr. Jaideep Kumar Sharma ITA No. 3892/Del/2010 and 5784/Mum/2011 Assessment Years: 2007-08 and 2008-09. Dateof Order: 25.7.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2014-TIOL-723-ITAT-DEL Rajasthan Petro Synthetics Ltd. vs. ACIT ITA No. 1397 /Del/2013 Assessment Year: 2008-09. Date of Order: 22.8.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2014] 151 ITD 642 (Mum) ITO vs. Gope M. Rochlani AY 2008-09 Order dated – 24th May, 2013

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    [2014] 151 ITD 726 (Del) Himalya International Ltd. vs. DCIT A.Y. 2005-06 Order dated- 14th March, 2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2015-TIOL-286-ITAT-MUM Tata Realty and Infrastructure Ltd. vs. DCIT ITA No. 6380/Mum/2011 Assessment Years: 2007-08. Date of Order: 9.1.2015

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2015-TIOL-250-ITAT-MUM Schrader Duncan Ltd. vs. Addl CIT ITA No. 8223/Mum/2010 Assessment Year : 2004-05. Date of Order: 1.1.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2015] 152 ITD 533 (Jaipur) Asst. DIT (International taxation) vs. Sumit Gupta. A.Y. 2006-07 Order dated- 28th August 2014.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2015-TIOL-416-ITAT-DEL ITO vs. Bhupendra Singh Monga ITA No. 3031/Del/2013 Assessment Years: 2007-08. Date of Order: 30.3.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2015-TIOL-419-ITAT-AHM Dashrathbhai V.Patel vs. DCIT MA No. 174/Ahd/2014 arising out of CO No. 177/Ahd/2009 Block Period : 1.4.1989 to 16.11.1999. Date of Order: 23.1.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2015-TIOL-408-ITAT-DEL ITO vs. JKD Capital & Finlease Ltd. ITA No. 5443/Del/2013 Assessment Year : 2005-06. Date of Order: 27.3.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2014] 151 ITD 481(Mumbai – Trib.) ITO vs. Shiv Kumar Daga A.Y. 2003-04, A.Y. 2006-07 and A.Y. 2007-08.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2014] 151 ITD 490 (Delhi – Trib.) Soham For Kids Education Society Centre vs. DIT (Exemptions)

    By Puloma Dalal, Jayesh Gogri, Mandar telang Chartered Accountants
    Reading Time 3 mins

    (2015) 115 DTR 99 (Del) ITO vs. Modipon Ltd. A.Y.: 2005-06 Dated: 09.01.2015

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2015) 117 DTR 340 (Del) Jindal Steel & Power Ltd. vs. ACIT A.Y.: 2008-09 Dated: 25.03.2015

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2015) 117 DTR 99 (Pune) Chakrabarty Medical Centre vs. TRO A.Y.: 2008-09 Dated: 30.01.2015

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    (2015) 118 DTR (Mumbai) (Trib) 227 ITO vs. Vinay P. Karve (L/H of Late Mrs. Asha Pramila Wagle) A.Y.: 2005–06 Dated: 12.09.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 5 mins

    (2014) 112 DTR 265 (Del) Thyssenkrupp Elevators (India) (P) Ltd. vs. ACIT A.Y.: 2003-04 Date of order: 29.08.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    166 TTJ 627 (Cochin) ITO vs. Beacon Projects (P.) Ltd. Assessment Years: 2012-13 & 2013-14. Date of Order: 8.8.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    66 SOT 266 (Mumbai – Trib) Tupur Chatterji vs. ACIT Assessment Year : 2018-09. Date of Order: 16.9.2014

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 152 ITD 181 (Chandigarh) DCIT vs. Vikas Sharma A.Y. 2006-07 and A.Y. 2010-11 Date of Order – 19th June 2014.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 153 ITD 613 (Pune) ITO, Ward 1(3), Jalna vs. MSEB Employees Coop Credit Society Ltd. A.Y. 2008-09 Date of Order – July 18th , 2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2015] 154 ITD 161 (Mumbai – Trib.) Assistant CIT vs.Yusuf K. Hamied A.Y. 2009-10 Date of Order: 21st January, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2015] 154 ITD 299 (Guwahati) Assistant CIT vs. Murlidhar Gattani A.Y. 2007-08 Date of Order: 22nd January, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 70 SOT 92 (Mum) Shivalik Venture (P.) Ltd. vs. DCIT ITA No. 2008(Mum) of 2012 Assessment Year: 2009-10. Date of Order: 19th August, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2015] 173 TTJ (Pune)(UO) 17 Bhavarlal Hiralal Jain & Others vs. DCIT ITA No. 735 to 738 & 778 to 780/Pn/2013 Assessment Year: 2009-10. Date of Order: 28th November, 2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    Section 271E – Order passed u/s. 271E levying penalty for violation of provisions of section 269T was required to be passed within six months from the end of the month in which penalty proceedings were initiated.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdis h T. Punjabi
    Bhadresh Doshi
    Reading Time 4 mins

    Sections 22, 56 – Rent received for renting of terrace for installation of mobile antennas is chargeable to tax under the head `Income from House Property’. It is wholly irrelevant as to whether the antenna is part of the building or land appurtenant thereto. As long as the space which has been rented out is part of the building the rent is required to be treated as `income from house property’.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdis h T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    [2015] 171 TTJ 145 (Asr) Sibia Healthcare (P) Ltd. vs. DCIT ITA No. 90/Asr/2015 Assessment Year: 2013-14. Date of Order: 9.6.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2015] 68 SOT 550(Mumbai) Archana Parasrampuria vs. ITO ITA No. 1196 (Mum) of 2009 Assessment Year: 2005-06. Date of Order: 26.11.2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    2015-TIOL-1376-ITAT-HYD ACIT vs. Manjeera Hotels & Resorts Ltd. A. Y.: 2008-09. Date of Order: 10th July 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2015-TIOL-1467-ITAT-MUM ACIT vs. Tops Security Ltd. A. Y.: 2008-09. Date of Order: 27th May 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2015-TIOL-1363-ITAT-HYD C. H. Govardhan Naidu Prodduturu vs. DCIT A. Ys.: 2007-08 to 2011-12. Date of Order: 5th August 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 152 ITD 828 (Mumbai – Trib.) Navi Mumbai SEZ (P.) Ltd. vs. Assistant CIT A.Y.: 2008-09 Date of Order: 22nd December 2014.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 1 mins

    [2015] 153 ITD 664 (Mumbai – Trib.) DIT (Exemptions) vs. Critical Art and Media Practices A.Y.: 2012 – 13 Date of Order: 11th March 2015.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 7 mins

    [2015] 152 ITD 850 (Cochin) Muthoot Finance Ltd. vs. Additional CIT A.Y. 2009-10 Date of Order – 25th July 2014.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 153 ITD 153 (Chennai) DDIT (Exemptions) vs. Sri Vekkaliamman Educational & Charitable Trust A.Y. 2009 – 10 Date of Order – 27th September 2013.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2015] 68 SOT 338 (Agra)(SMC) ACIT vs. Krafts Palace ITA No. 2 & 60 of 2015 CO Nos. 3 & 4 (Agra) of 2015 Assessment Year: 2003-04. Date of Order: 31st March 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 69 SOT 25 (Chennai) DCIT vs. Sucram Pharmaceuticals ITA Nos. 804 & 806 (Mds)of 2014 Assessment Years: 2010-11 and 2011-12. Date of Order: 18th August 2014

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2016] 177 TTJ 1 (Mumbai.) Crompton Greaves Ltd. vs. CIT A.Y.: 2007-08 Date of Order: 1st February, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2016-TIOL-547-ITAT-DEL Hindustan Plywood Company vs. ITO A.Y.: 2009-10 Date of Order: 19th February, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    [2016] 177 TTJ 18 (Chandigarh) H. P. State Electricity Board vs. Addl. CIT A.Y.s.: 2007-08 to 2010-11 Date of Order : 10th December, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2016] 156 ITD 793 (Kolkata ) Manoj Murarka vs. ACIT A.Y.: 2007-08 Date of order: 20th November, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2016] 156 ITD 770 (Mumbai ) GSB Capital Markets Ltd. vs. DCIT A.Y.: 2010-11 Date of Order: 16th December, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 154 ITD 803 (Chennai) DCIT vs. Ganapathy Media (P.) Ltd. A.Y.: 2009-10 Date of Order: 19th June 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2015] 154 ITD 768 (Mumbai) ITO vs. Structmast Relator (Mumbai) (P.) Ltd. A.Y.: 2009-10 Date of Order: 25th March, 2015.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 155 ITD 140/61 taxmann.com 178 (Chandigarh) DCIT vs. Gulshan Verma A.Y. 2005-06. Date of Order : 14th July, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2015] 155 ITD 167/61 (Chandigarh) Harpreet Singh vs. ITO A.Y. 2010-11. Date of Order – 31st July, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2016-TIOL-54-ITAT-AHM Ishwarcharan Builders Pvt. Ltd. vs. DCIT – CPC TDS, Ghaziabad A. Ys.: 2013-14 and 2014-15. Date of Order: 23.12.2015

    By K. B. Bhujle Advocate
    Reading Time 2 mins

    [2015] 173 TTJ 507 (Mum) Hasmukh N. Gala vs. ITO A. Y.: 2010-11. Date of Order: 19.8.2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    2016-TIOL-306-ITAT-MAD ACIT vs. Encore Coke Ltd. ITA No. 1921/Mds/2015 A. Y.:2010-11.Date of Order: 22nd January, 2016

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punja bi, Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    2016-TIOL-303-ITAT-KOL Apeejay Shipping Ltd. vs. ACIT ITA No. 761/Kol/2013 A.Y.: 2004-05, Date of Order: 20th January, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punja bi
    Bhadresh Doshi Chartered Accountants
    Reading Time 4 mins

    (2016) 156 ITD 528 (Delhi .) A.K. Capital Markets Ltd. vs. Deputy CIT A.Y.: 2006-07. Date of Order: 4th December, 2015.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    (2016) 156 ITD 524 (Delhi ) ITO (Exemption) v. Satyug Darshan Trust A.Y.: 2009-10. Date of Order: 4th November, 2015

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 2 mins

    [2016] 67 taxmann.com 65 (Hyderabad ) Virtusa (India)(P.) Ltd. vs. DCIT A.Y.: 2012-13 Date of Order: 4th March, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi Chartered Accountants
    Reading Time 3 mins

    [2016] 69 taxmann.com 244 (Pune – Trib.) Cooper Corporation (P.) Ltd. vs. DCIT A.Y.: 2008-09 Date of order: 29th April, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 69 taxmann.com 122 (Kolkata – Trib.) New Alignment vs. ITO ITA No. 504/Kol/2014 A.Y.: 2010-11 Date of Order: 6th April, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    (2016) 134 DTR 113 (Mum) Sunil Gavaskar vs. ITO A.Ys.: 2001-02 & 2002-03 Date of Order: 16th March, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 157 ITD 626 (Delhi Trib.) Chander Shekhar Aggarwal vs. Asst. CIT A.Y. 2011-12. Date of Order:11th January, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    16. [2016] 161 ITD 527 (Pune Trib.) Knox Investments (P.) Ltd. vs. ITO A.Y.: 2007 – 08 Date of order: 26th August, 2016

    By C. N. Vaze
    Shailes h Kamdar
    Jagdis h T. Punjabi
    Bhadres h Doshi
    Reading Time 6 mins

    21. [2017] 78 taxmann.com 152 (Kolkata – Trib.) Twenty First Century Securities Ltd. vs. ITO ITA Nos. 464 & 465 (Kol) of 2014 A.Ys.: 2008-09 & 2009-10Date of Order: 3rd February, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    22. [2017] 78 taxmann.com 123 (Mumbai – Trib.) Goldberg Finance (P.) Ltd. vs. ACIT ITA No. : 7496 (Mum) of 2013 A.Y.: 2009-10 Date of Order: 19th January, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Sections 10(38), 28(i), 45 and CBDT Circular No. 6 of 2016 – If the assessee so desires, the Assessing Officer has to treat the capital gain earned on listed shares and securities held for a period of more than 12 months, as income from capital gains. However, once such a stand is taken by the assessee it shall remain applicable in subsequent assessment years also.

    By C. N. Vaze, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    17. [2016] 161 ITD 546 (Chennai Trib.) DCIT vs. Suthanther Assumtha A.Y.: 2010-11 Date of Order: 9th September, 2016.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    19. [2016] 76 taxmann.com 165 (Bangalore – Trib.) S. K. Properties vs. ITO A.Y.: 2007-08 Date of Orderd: 4th November, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    20. [2017] 77 taxmann.com 153 (Kolkata – Trib.) BMW Industries Ltd. vs. DCIT A.Y.: 2011-12 Date of Order: 2nd December, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    18. [2017] 77 taxmann.com 49 (Delhi – Trib.) Gopal Saran Darbari vs. ITO A.Ys.: 2007-08 & 2008-09 Date of Order: 25th October, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Section 54F – The assessee cannot be denied deduction u/s. 54F, if the assessee makes investment in residential house within the time limit prescribed u/s. 54F but is unable to get the title of the flat registered in his name or unable to get the possession of the flat due to fault of the builder.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    Sections 51 and 56 – Clause (ix) of section 56(2) (inserted w.e.f. 01.04.2015) which lays down that amount of advance received for sale of property shall be treated as income if the same is forfeited and negotiations do not result in transfer of such capital asset and corresponding proviso to section 51 (inserted with effect from 01-04-2015) which states that if the amount of advance received was treated as income in pursuance of section 56(2)(ix), then no deduction of the said amount shall be done in computing the cost of acquisition when the said property is ultimately sold, do not have a retrospective effect.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    Section 271AAA – Penalty u/s. 271AAA cannot be levied in a case where the revenue had not asked the assessee the manner of earning undisclosed income.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 54G – Unutilised amount of capital gain deposited on or before date of filing of return u/s. 139(5) will qualify for deduction u/s. 54G.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    Sections 22 and 24(a) – Where in terms of lease deed, lessee on expiry of lease term; is required to handover land and building as then standing free from any lien or encumbrance back to the lessor (assessee), then income from leasing of land with a building constructed thereon is chargeable to income tax under the head “Income from house property” and assessee is entitled to claim deduction u/s. 24(a) even if lessee demolishes old building and constructs a new building thereon.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Section 145 – An assessee who follows mercantile system of accounting can, at the time of finalisation of accounts of any relevant assessment year, claim deduction of actual figure of loss on account of short realisation of export proceeds even though such export proceeds are outstanding as receivable as on the end of the relevant year and are actually realised in the subsequent assessment year.

    By C. N. Vaze, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 54 – Assessee is entitled to deduction u/s. 54 in respect of the entire entire payment for purchase of new residential house though the new residential house is purchased jointly in the name of the assessee and his brother.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    Section 15 – Actual salary received after deduction of notice period pay, as per agreement with the employer, is taxable in the hands of the employee.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    Section 54 – Deduction u/s. 54 is available even if land, which is appurtenant to residential house, is sold and it is not necessary that whole of residential house should be sold.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    13 Section 45 – Where conduct of an assessee reveals that he was into the business of real estate, merely because the books of account did not record conversion of capital asset to stock-in-trade or that such a conversion was not mentioned in the tax audit report will not change the characteristics of the income arising from the transactions in question.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    14 Section 37(1) – Licence fee paid by assessee, a partnership law firm; to a private limited company for use of goodwill, which was gifted to private limited by an individual for perpetuity, is an allowable deduction u/s. 37(1) and cannot be disallowed on the grounds that the gift of goodwill by individual, of his profession of law, to a company would possibly be violating the Advocates Act, 1961 or the Bar Council Rules.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    15 Section 12A(2) : Proceeding pending in appeal before the CIT (A) should be deemed to be assessment proceedings pending before the AO for the purposes of first proviso to section 12A(2)

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    12. [2016] 161 ITD 211 (Ahmedabad Trib. – SMC) Nanubhai Keshavlal Chokshi HUF vs. ITO A.Y.: 2008-09 Date of Order: 1st August, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    13. [2016] 161 ITD 217 (Pune Trib.) Quality Industries vs. JCIT A.Y.: 2010-11 Date of Order: 9th September, 2016.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 8 mins

    14. [2016] 75 taxmann.com 136 (Visakhapatnam – Trib.) B. Subba Rao vs. ACIT A.Ys. : 2004-05 to 2006-07 Date of Order: 8th November, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    15. [2016] 75 taxmann.com 270 (Visakhapatnam – Trib.) DCIT vs. Dr. Chalasani Mallikarjuna Rao A.Y.: 2007-08 Date of Order: 21st October, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    1. [2017] 78 taxmann.com 188 (Mumbai – Trib.) Bharat Serum & Vaccines Ltd. vs. ACIT ITA Nos.: 3091 & 3375 (Mum) of 2012 A.Y.: 2008-09 Date of Order: 15th February, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    2. [2017] 78 taxmann.com 242 (Delhi – Trib.) EIH Ltd. vs. ITO ITA Nos.: 2642 to 2645 (Delhi) of 2015 A.Ys.: 2004-05 to 2007-08 Date of Order: 14th February, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    3. [2017] 79 taxmann.com 67 (Mumbai – Trib.) Anita D. Kanjani vs. ACIT ITA No.: 2291 (Mum) of 2015 A.Y.: 2011-12Date of Order: 13th February, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    4. [2017] 79 taxmann.com 170 (Pune – Trib.) Asara Sales & Investments (P.) Ltd. v. ITO ITA No. 1345 (Pune) of 2014 A.Y.: 2009-10 Date of Order: 8th March, 2017

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 6 mins

    5 Section 56(2)(viia), Rule 11UA – As per Rule 11UA, for the purposes of section 56(2)(viia), fair market value of shares of a company in which public are not substantially interested, is to be computed with reference to the book value and not market value of the assets.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 3 mins

    6 Sections 200, 201 – Since no retrospective effect was given by the legislature while amending sub-section (3) by Finance Act, 2014, it has to be construed that the legislature intended the amendment made to sub-section (3) to take effect from 1st October, 2014 only and not prior to that.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 6 mins

    7 Sections 71, 72, 73 and Circular No. 23D dated 12.9.1960 issued by the Board – Business losses brought forward from earlier years can be adjusted against speculation profits of the current year after the speculation losses of the current year and also speculation losses brought forward from earlier years have been duly adjusted.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    14 Section 56(2)(vi) – Amount received by the assessee, at the time of her retirement, from the firm, after surrendering her right, title and interest therein, is for a consideration and therefore, not taxable u/s. 56(2)(vi).

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    15 Section 37, CBDT Circular No. 5 of 2012 – Expenditure incurred on AMP by a pharma company, on organising conferences and seminars of doctors, with the main object of updating the doctors of latest developments and to create awareness about new research in medical field which is beneficial to the doctors, cannot be disallowed.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    16 Section 54 – Acquisition of a flat in a building under construction is a case of `construction’ and not `purchase’. Construction of new house may commence before transfer of old house but should be completed within a period of 3 years from the date of transfer of old house.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    Sections 23, 198, 199 – Credit has to be granted even in respect of TDS on the part of annual value which has been claimed as unrealised rent.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 5: Where foreign employer directly credited the salary, for services rendered outside India, into the NRE bank account of the non-resident seafarer in India, same cannot be brought to tax in India u/s. 5.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 6 mins

    Sections 43(5), 271(1)(c) – Penalty cannot be levied in a case where set off of loss against normal business income was not allowed because the AO assessed the loss to be speculative loss as against normal business loss claimed by the assessee in its return of income. Such a change amounts to change in sub-head of loss and not furnishing of inaccurate particulars of income invoking penal provisions.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    1 Section 253 – An erroneous disallowance made by the assessee in its return of income on account of non-deduction of tax at source which disallowance was not contested before CIT(A) can be challenged by the assessee, for the first time, before the Tribunal.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    2 Sections 2(29A) r.w.s. 2(42B) and 251 – Gain arising on sale of shares of a private limited company, offered in the return of income as `short term capital gain’ can be claimed, for the first time, to be `long term capital gain’ before appellate authority even without filing a revised return of income.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    3 Section 47(iv) – Transaction of transfer of shares by a company to its second step down 100% subsidiary cannot be regarded as ‘transfer’ in view of the provisions of section 47(iv) of the Act. A second step down subsidiary company is also regarded as subsidiary of the assessee company under Companies Act, 1956 as the term ‘subsidiary company’ has not been defined under the Act.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    4 Section 54 – The exemption u/s. 54 cannot be denied even in a case where the assessee has utilised the entire capital gain by way of making payment to the developer of flat but could not get possession of the flat as the new flat was not completed by the developer. Section 54(2) does not say that in case assessee could not get possession of property, he was not entitled for exemption u/s. 54.

    By Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 2 mins

    4 Section 68 – Addition u/s. 68 cannot be sustained in respect of share application money received from shareholder who is a daughter of a director and is therefore, not a stranger. Also, shareholder was a resident of USA, earnings statement of her husband were on record, the payments were made through banking channels and receipts in bank account of the shareholder were also through banking channels.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 2 mins

    5 Section 54 – Investment made upto due date of filing return u/s. 139(4) of the Act qualifies for deduction u/s. 54 provided the investment is made upto date of filing of return of income.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    6 Section 54B – Deduction u/s. 54B cannot be denied on the ground that entering into agreement to sell does not amount to `purchase’.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    10 Section 201(1)/201(1A) r.w.s 191- Before treating the payer as an assessee in default u/s. 201(1), since the ITO(TDS) did not requisition information from the recipients of income to ascertain whether or not taxes have been paid by them, there is violation of mandate of explanation to section 191 and thus invocation of jurisdiction u/s. 201(1)/(1A) is void.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    11 Section 201(1A) – Interest u/s. 201(1A), on delay in deposit of TDS, is to be calculated for the period from the date on which tax was deducted till the date on which the tax was deposited.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    12 Sections 115JAA, 234B – For the purposes of calculating the levy of interest u/s. 234B of the Act, amount of “assessed tax” is to be determined after reducing the entire MAT credit (including surcharge and cess) u/s. 115JAA.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    13 Section 12A(2) – First proviso to section 12A(2) inserted by the Finance Act, 2014, with effect from 1.10.2014, being a beneficial provision intended to mitigate hardships in case of genuine charitable institutions, has to be applied retrospectively.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    1 Section 153C – AO cannot assume jurisdiction u/s. 153C on the basis of loose paper, seized in the course of search on a person (other than the assessee), which loose paper neither makes any reference to the assessee company, nor of any transaction entered into by the assessee. Amendment made by the Finance Act, 2015 to section 153C is prospective and is applicable w.e.f. 1.6.2015.

    By C. N. Vaze, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    Section 37– Expenses on account of provident fund contribution of employees employed through the sub-contractor of the assessee-contractor are allowable if the same are incurred as per the conditions of contract entered into by the assessee-contractor and rendering of services by labourers of sub-contractors for the purposes of business of assessee was not doubted.

    By C. N. Vaze, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    3 Section 115BBE– Amendment made by the Finance Act, 2016 to section 115BBE(2), with effect from 01.04.2017, whereby set-off of loss against the income referred to in sections 68, 69, 69A, 69B, 69C or 69D is denied, is prospective and is effective from 01.04.2017.

    By C. N. Vaze, Jagdish T. Punjabi, Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    6 Section 40a(i) read with section 195 – Sales commission paid to foreign agent is neither technical service nor managerial, hence not covered under Explanation to section 9(2). No tax required to be deducted u/s. 195.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    17 Section 32 read with Explanation 3 – Expenditure incurred on construction of road on Built, Operate and Transfer (“BOT”) basis gives rise to an intangible asset in the form of right to operate the road and collect toll charges, which is in the nature of licence or akin to licence as well as a business or commercial right as envisaged u/s. 32(1) read with Explanation 3 and hence assessee is eligible to claim depreciation on said intangible asset.

    By Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 7 mins

    7 Section 271(1)(c) – Penalty levied on account of depreciation wrongly claimed deleted.

    By C. N. Vaze
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    [2016] 158 ITD 179 (Hyderabad Trib.) Heritage Hospitality Ltd. vs. DCIT A.Y.: 2007-08. Date of order: 22.01.2016.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi; Chartered Accountants
    Reading Time 4 mins

    [2016] 158 ITD 329 (Bangalore Trib.) T. Shiva Kumar vs. ITO A.Y.: 2009-10. Date of order: 19.02.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi; Chartered Accountants
    Reading Time 5 mins

    2016 – TIOL – 1063 – ITAT – VIZAG ITO vs. Mother Theresa Educational Society ITA No. 326/Vizag/2013 A. Y.: 2009-10 Date of order: 31.03.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 70 taxmann.com 33 (Ahmedabad – Trib.) Urvi Chirag Sheth vs. ITO ITA Nos. 630 /Ahd/2016 A.Y.: 2012-13 Date of order: 31.05.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 74 taxmann.com 99 (Mumbai – Trib.) Voltas Ltd. vs. ITO A.Y.: 2005-06 Date of Order: 16th September, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 74 taxmann.com 90 (Kolkata – Trib.) Soma Rani Ghosh vs. DCIT A.Y.: 2012-13 Date of Order: 9th September,2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    [2016] 73 taxmann.com 363 (Pune – Trib.) Quality Industries vs. ACIT A.Y.: 2010-11 Date of Order: 9th September, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 5 mins

    [2016] 70 taxmann.com 389 (Raipur) ACIT vs. Jindal Power Ltd. A.Y.: 2008-09 Date of order: 23 June, 2016

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi; Chartered Accountants
    Reading Time 4 mins

    [2016] 70 taxmann.com 261 (Pune- Trib.) S. R. Thorat Milk Products (P.) Ltd. vs. ACIT A.Ys.: 2004-05, 2005-06, 2007-08 to 2009-10 Date of order: 20 May, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi; Chartered Accountants
    Reading Time 3 mins

    [2016] 70 taxmann.com 265 (Chandigarh – Trib.) Sanjeev Aggarwal vs. DCIT A.Y.: 2011-12 Date of order: 25 May, 2016

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi; Chartered Accountants
    Reading Time 3 mins

    [2016] 158 ITD 480 (Mumbai Trib.) Siemens Nixdorf Informationssysteme GmbH vs. DDIT (International Taxation) A.Y.: 2002-03 Date of order: 31 March, 2016

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi; Chartered Accountants
    Reading Time 5 mins

    [2016] 159 ITD 199 (Ahmedabad – Trib.) Urvi Chirag Sheth vs. ITO A.Y.: 2012-13. Date of order: 31st May, 2016.

    By C. N. Vaze, Shailesh Kamdar, Jagdish T. Punjabi, Bhadresh Doshi; Chartered Accountants
    Reading Time 6 mins

    [2016] 71 taxmann.com 136 (Delhi-Trib)(SMC) Sushil Kumar Jain vs. ACIT A.Y.: 2006-07 Date of order: 24th June, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi; Chartered Accountants
    Reading Time 3 mins

    [2016] 159 ITD 165 (Pune Trib.) Cooper Corporation (P.) Ltd. vs. Deputy CIT A.Y.: 2008-09. Date of order: 29th April, 2016.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi; Chartered Accountants
    Reading Time 8 mins

    [2016] 72 taxmann.com 147 (Delhi – Trib.) Sanjeev Puri vs. DCIT A.Y.: 2010-11 Date of order: 11th July, 2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi; Chartered Accountants
    Reading Time 4 mins

    [2016] 159 ITD 255 (Pune Trib.) S.R.Thorat Milk Products (P.) Ltd. vs. Asst. CIT A.Ys.: 2004-05, 2005-06, 2007-08 to 2009-10, Date of Order: 20.05.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    [2016] 159 ITD 743 (Mumbai Trib.) ITO (TDS) (OSD) vs. Fino Fintech Foundation A.Y.: 2011-12 – Dated: 22.06.2016.

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 5 mins

    [2016] 73 taxmann.com 68 (Mum-Trib)(SMC) Smt. Manasi Mahendra Pitkar v. ACIT ITA No. 4223 & 4224/Mum/2015 A.Y.: 2011-12, Dated: 12.08.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi, Chartered Accountants
    Reading Time 4 mins

    [2016] 72 taxmann.com 91 (Kol – Trib.) Union Bank of India v. ACIT ITA Nos. 7589 (Mum) of 2014 A.Y.: 2008-09, Dated: 11.08.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    [2016] 73 taxmann.com 36 (Mum – Trib.) Kamlesh M. Kanungo HUF v. DCIT- TDS ITA Nos.: 4045 & 4046 (Mum) of 2015 A.Ys.: 2011-12 and 2012-13, Dated: 19.09.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 3 mins

    [2016] 73 taxmann.com 91 (Kol – Trib.) Bombay Plaza (P.) Ltd. v. ACIT ITA Nos. 1641 & 1203 (Kol) of 2014 A.Ys.: 2006-07 and 2007-08, Dated: 02.09.2016

    By C. N. Vaze
    Shailesh Kamdar
    Jagdish T. Punjabi
    Bhadresh Doshi
    Chartered Accountants
    Reading Time 4 mins

    Section 68 – Additions made to income of assessee, who was a non-resident since 25 years, were unjustified since no material was brought on record to show that funds were diverted by assessee from India to source deposits found in foreign bank account.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 8 mins

    Section 194IA – The limit of Rs. 50 lakh in section 194-IA(2) is qua the transferee and not qua the amount as per sale deed. Each transferee is a separate income-tax entity and the law has to be applied with reference to each transferee as an individual transferee/person.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 37(1) – Premium paid on keyman insurance policy, under which in the event of death of the directors assured sum had to be received by the assessee, is allowable expenditure u/s. 37(1) of the Act.

    By JAGDISH T. PUNJABI I BHADRESH DOSHI Chartered Accountants
    Reading Time 3 mins

    Section 115JB – For computing book profits u/s. 115JB, no adjustment can be made in respect of depreciation provided at a rate higher than that prescribed under Schedule XIV of Companies Act provided the assessee shows how and on what basis the specified period and the higher rate of depreciation was arrived at.

    By JAGDISH T. PUNJABI I BHADRESH DOSHI Chartered Accountants
    Reading Time 3 mins

    Section 271AAA r.w.s 132 and 153C – Where no search and seizure operation u/s. 132(1) was carried out in assessee’s case, initiation of penalty proceeding u/s. 271AAA by Assessing Officer was invalid.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 234A – When the taxes have been deposited before the original due date of filing of return of income even though the return has been filed within the extended due date so notified by the CBDT, there would not be any levy of interest u/s. 234A where the returned income has been accepted or where the taxes deposited are higher than the taxes finally determined by the AO.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Sections 11, 12 – Tax exemption u/s. 11/12 cannot be denied merely for receiving sponsorship from a corporate business entity.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 234E – Assessing Officer cannot make any adjustment by levying fee u/s. 234E prior to 01.06.2015

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Sections 28, 40A(2)(b) – If the assessee derives income from developing properties and leasing them out, income is chargeable to tax as ‘business income’ following the concept of consistency. No disallowance u/s. 40A(2)(b) can be sustained if the AO fails to specifically bring the actual fair market value on record on basis of corroborative evidences.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    15. [2018] 194 TTJ (Mumbai) 122 All India Federation of Tax Practitioners vs. ITO ITA NO. : 7134/MUM/2017 A. Y.: 2013-14 Dated: 04th May, 2018

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG Chartered Accountants
    Reading Time 2 mins

    16. [2018] 193 TTJ (Mumbai)(UO) 36 ACIT vs. Zee Media Corporation Ltd ITA NO. : 2166/MUM/2016 A. Y. : 2011-12 Dated: 16th April, 2018

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    17. [2018] 193 TTJ (Mumbai) 214 Asia Investments (P.) Ltd. vs. ACIT ITA NO. : 7539/MUM/2013 & 4779/Mum/2014 A. Y.: 2003-04 Dated: 23rd February, 2018

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 2 mins

    1 Section 56(2)(viia) – Provisions of section 56(2)(viia) are attracted only in case of “shares of any other company”

    By Jagdish T. Punjabi, Devendra Jain, Tejaswini Ghag, Chartered Accountants
    Reading Time 3 mins

    2 Section 11 & 13(1)(d) – It is only the income from such investment or deposit which has been made in violation of section 11(5), that is liable to be taxed; violation of section 13(1)(d) does not result in the denial of exemption u/s. 11 to the total income of the assessee.

    By Jagdish T. Punjabi, Devendra Jain, Tejaswini Ghag, Chartered Accountants
    Reading Time 3 mins

    3 Section 271(1)(c) –Where satisfaction of AO while initiating penalty proceedings u/s. 271(1)(c) is with regard to alleged concealment of income by assessee, whereas imposition of penalty is for ‘concealment/furnishing inaccurate particulars of income’, levy of penalty is not sustainable

    By Jagdish T. Punjabi
    Devendra Jain
    Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    4 Section 23(1)(a) – Provisions of section 23(1)(a) cannot be applied to a property constructed by the assessee, construction whereof was completed in the month of February and property remained unsold and vacant, as it is not possible to let out property just after its completion i.e. only after one month.

    By Jagdish T. Punjabi
    Devendra Jain
    Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    5 Section 23 – In case of a property construction whereof is not fully in accordance with the sanctioned plan and some alteration is required to bring it under proper plan, benefit of vacancy allowance u/s. 23(1)(c) of the Act needs to be allowed in respect of the period taken for carrying out necessary alterations.

    By Jagdish T. Punjabi, Devendra Jain, Tejaswini Ghag, Chartered Accountants
    Reading Time 4 mins

    6 Section 37(1) – In the absence of any evidence brought on record by the AO to substantiate that the payment of insurance premium of employees’ family members in terms of employment rules framed by the assessee company had no nexus with business of the assessee, it could hardly be said that the impugned expenditure was not incurred wholly and exclusively for the purposes of business, which is the real intent of section 37(1).

    By Jagdish T. Punjabi, Devendra Jain, Tejaswini Ghag, Chartered Accountants
    Reading Time 5 mins

    Section 40A(2) – Where AO made disallowance u/s. 40A(2)(a) without placing on record any material which could prove that payments made by assessee were excessive or unreasonable, having regard to fair market value of services for which same were made or keeping in view legitimate needs of business of assesee or benefit derived by or accruing to assessee therefrom, said disallowance could not be sustained.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 2(24) r.w. section 12AA – Corpus specific voluntary contributions being in nature of ‘capital receipt’, are outside scope of income u/s. 2(24)(iia) and, thus, same cannot be brought to tax even in case of trust not registered u/s.12A/12AA

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 54 r.w. section139 and 143 – There is no bar/restriction in provisions of section 139(5) that assessee cannot file a revised return after issuance of notice u/s. 143(2). The AO could not reject assessee’s claim for deduction u/s. 54 raised in revised return on ground that said return was filed after issuance of notice u/s. 143(2)

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 68 – No addition u/s. 68 can be made when assessee is not liable to maintain books of accounts, further bank passbook cannot be regarded as books maintained by assessee.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 10(1) – Cultivation of Mushroom, although in controlled condition using trays placed above land, is an agricultural activity and income derived there from is exempt u/s. 10(1).

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 145(3) – Books of Accounts cannot be rejected u/s. 145(3) merely because Gross profit from a particular segment was lower and assessee was not in possession of proper documentary evidences in respect of expenses where the genuineness of expenses was not doubted.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Sections 22, 24 – Income earned by assessee, society, by letting out space on terrace for installation of mobile tower / antenna is taxable as “Income from House Property” and consequently, deduction u/s. 24(a) is allowable in respect of such income.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Sections 50, 54F – Deemed short term capital gains, calculated u/s. 50, arising on transfer of a depreciable asset, which asset was held for more than 36 months before the date of transfer qualify for exemption u/s. 54F, subject to satisfaction of other conditions mentioned in section 54F. Assessee having utilised the net consideration by the due date as specified u/s. 139(4), is entitled to exemption u/s. 54F though he failed to deposit the net consideration in the capital gain account scheme within the time specified u/s. 139(1).

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    10 Section 45 – Capital gains – Settlement of accounts of partners on their retirement, and payment of cash by firm to retiring partners after revaluation of firm’s assets did not attract section 45(4) – there could be no charge of capital gains on assessee firm in such a case.

    By Jagdish T. Punjabi, Chartered Accountant
    Reading Time 4 mins

    11 Section 32 read with section 43(3) – Depreciation – Assessee being in the business of manufacture and sale of soft drinks and required to supply the product to far off places in chilled condition. Visicoolers purchased by it and installed at the site of distributors to keep the product in cold saleable condition was entitled for additional depreciation.

    By Jagdish T. Punjabi, Chartered Accountant
    Reading Time 3 mins

    12 Section 45 read with section 28(i) – Where assessee sold a property devolved on him after death of his father as a consequence of automatic dissolution of partnership firm in which his father was a partner, since there was nothing to suggest that assessee had undertaken any business activity, profit arising from sale of same was not taxable as business income.

    By Jagdish T. Punjabi, Chartered Accountant
    Reading Time 4 mins

    13 Section 14A – Assessee having furnished details showing that its own funds were sufficient to cover the investments in shares and securities, no disallowance u/s. 14A was called for, more so when no objective satisfaction was recorded by AO before invoking the provisions of section 14A

    By Jagdish T. Punjabi, Chartered Accountant
    Reading Time 3 mins

    14 Section 56(2)(vii)(b) – The provisions of section 56(2)(vii)(b) are applicable to only those transactions which are entered into on or after 1.10.2009.

    By Jagdish T. Punjabi
    Chartered Accountant
    Reading Time 4 mins

    18. [2018] 193 TTJ (Jp) 898 ACIT vs. Safe Decore (P.) Ltd ITA No.: 716/Jp/2017 A. Y.: 2014-15 Dated: 12th January, 2018 Section 56(2)(viib) read with Rule 11UA – Fair market value of shares determined by assessee as per discounted cash flow method being higher than the fair market value under net asset method, CIT(A) was justified in deleting addition made by AO u/s. 56(2)(viib)

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    19. [2018] 193 TTJ (Jd) 751 ITO vs. Estate of Maharaja Karni Singh of Bikaner ITA NO.: 241/Jodh/2017 A. Y.: 2011-12 : 20th February, 2018 Section 50C- Capital gains – Assessee having contested the enhanced valuation of the property made by the stamp valuation authority and the AO having denied the request of the assesse to refer the matter to the DVO u/s. 50C(2), CIT(A) was justified in deleting the addition on account of capital gain on the sale of land.

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    20. [2018] 194 TTJ (Mumbai) 225 Fancy Wear vs. ITO ITA No.: 1596 & 1597/Mum/2016 A. Ys.: 2010-11 and 2011-12 Dated: 20th September, 2017 Section 69C – Assessee having not been allowed to cross-examine witnesses whose statements were recorded by AO and accounts of assessee having not been rejected, addition made u/s. 69C by AO was invalid for violation of the principles of natural justice as also on merits.

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    21. [2018] 194 TTJ (Mumbai) 102 Owais M Husain vs. ITO ITA No.: 4320/Mum/2016 A. Y.: 2006-07 Dated: 11th May, 2018 Section 23(1)(a)- Income from house property –– AO is directed to compute the deemed rent of the house property as per the municipal rateable value and assess the income from house property accordingly instead of estimating the letable value on the basis of the prevailing rate of rent of the building situated in the surrounding areas.

    By JAGDISH T. PUNJABI I DEVENDRA JAIN I TEJASWINI GHAG
    Chartered Accountants
    Reading Time 2 mins

    Section 271AAA – Penalty proceeding u/s. 271AAA can be initiated only if the person has been subjected to search u/s.132(1) If penalty proceedings u/s. 271AAA are initiated against a person who is not subjected to search action u/s. 132(1) of the Act, the provision itself becomes unworkable as no declaration u/s. 132(4) of the Act is possible from any person other than the person against whom search and seizure action u/s. 132(1) is carried out.

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Section 23 – Annual value of property of the assessee which property had remained let out for 36 months and thereafter could not be let out and had remained vacant during whole of the year under consideration, but had never remained under self-occupation of the assessee, has to be rightly computed at `nil’ by taking recourse to section 23(1)(c) of the Act

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 6 mins

    Section 54F – AO having accepted the returned income despite the fact that the assessee neither admitted capital gains on sale of property nor claimed exemption under any of the provisions and the CIT having given direction to the AO in his revisional order to verify the facts and to redo the assessment as per law, the claim for exemption u/s. 54F could not be denied in the fresh assessment

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 4 mins

    Section 140A(3) and 221 – AO was not justified in levying penalty u/s. 140A(3) r.w.s. 221(1) for failure to pay self-assessment tax as per the provisions of section 140A(3) as amended w.e.f. 1st April, 1989 as the amended section 140A(3) does not envisage any penalty for non-payment of self-assessment tax

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 4 mins

    Section 153A, Rule 27 – Any issues other than those relating to undisclosed income which come to the AO’s knowledge while conducting enquiries relating to Search shall not be considered by AO for making assessment u/s. 153A if normal assessment for such relevant assessment years had already been completed earlier. Rule 27 gives liberty to the respondent to raise any ground which had been decided against him by the first appellate authority.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 68 – Mere non production of Director of Shareholder Company cannot justify adverse inference u/s. 68 of the Act.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 69 r.w.s.5 & 6 –Where additions were made to income of assessee, who was a non-resident since 25 years, since, no material was brought on record to show that funds were diverted by assessee from India to source deposits found in foreign bank account, impugned additions were unjustified.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 194H –Where assessee, engaged in business of providing DTH services, sold set top Box (STB) and recharge coupon vouchers to distributors at a discounted rate, discount so offered could not be considered as commission and, hence, not liable for deduction of tax at source under provisions of section 194H.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 50C – Proviso to section 50C inserted by Finance Act, 2016 w.e.f. 1.4.2017 being curative in nature is retrospective.

    By Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
    Chartered Accountants
    Reading Time 6 mins

    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) irrespective of whether the same falls within the definition of capital asset u/s. 2(14) of the Act or otherwise.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    CBDT Circulars – CBDT Circular No. 3 of 2018 dated 11th July, 2018 which specifies the revised monetary limits for filing appeal by the department before Income-tax Appellate Tribunal, High Courts and SLPs/appeals before the Supreme Court is applicable even in respect of the appeals filed prior to the date of circular

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 1 mins

    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 and the property remained vacant despite such efforts made by the assessee.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    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 deduction u/s. 54F on the capital gains arising on the sale of depreciable assets as these assets were held for a period of more than thirty-six months.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 153A – Copies of sale deeds of land found during the course of search operation which were already considered by the AO while framing the assessment u/s. 143(3) cannot be considered as incriminating material and, therefore, the assessment framed u/s. 153A on the basis of the contents of the same sale deeds is bad in law.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 40(a)(ia) – No Disallowance u/s. 40(a)(ia) for non-deduction of TDS u/s. 194C if no oral or written contract between the contractor and contractee.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 40A(3) – No Disallowance u/s. 40A(3) when genuineness of the transaction is not doubted and incurring of such cash expenses was necessary as part of business expediency.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 12AA – At the time of granting of registration u/s 12A, the only requirement is examining the objects of the trust / society and genuineness of its activities

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 54 – Condition of not owning more than a residential house on the date of transfer of the original asset would mean absolute ownership and does not cover within its sweep a case where the assessee jointly owns residential house together with someone else

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Sections 28(ii), 45 – Amount of Rs. 1.75 crores received by assessee towards professional goodwill was not chargeable u/s 28(ii)(a) as no case was made out by AO to establish that the assessee was the person who was managing the whole or substantially the whole of the affairs of the company Section 55(2) does not specify cost of acquisition of management right. There is no deemed cost of acquisition in the statute. Therefore, the charge u/s 45 never intended to levy a tax on transfer of management rights

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 54F r.w.s. 45, 2(29B) and 2(42B) – Assessee having acquired rights in a flat vide allotment letter dated 26.02.2008 issued by the builder which was an unconditional allotment, and since the agreement to sell executed by the builder in assessee’s favour subsequently on 25.03.2010 was mere improvement in assessee’s existing rights to acquire a specific property, the gains arising on the sale of the said flat on 04.04.2012 were long term capital gains; assessee was entitled to exemption u/s. 54F

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Section 143 – Assessment order passed in the name and status of the HUF where the notice was issued in the name and status of an individual is invalid and such an assessment order deserves to be quashed

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 37 – Lease rent paid for taking on lease infrastructure assets under a finance lease, which lease deed provided that the assessee would purchase them upon expiry of the lease period, was allowable as a deduction since the assets were used exclusively for the purpose of the business of the assessee

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 69 – No addition u/s 69 could be made in year under consideration in respect of investment in immovable property made in earlier year(s)

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 143 r.w.s. 148 – Failure to issue notice u/s. 143(2) of the Act after the assessee files the return of income renders the re-assessment order illegal and invalid

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 154 – Non-consideration of decision of Jurisdictional High Court or of the Supreme Court can be termed as ?mistake apparent from the record’ which can be the subject matter of rectification application u/s. 154 even if not claimed earlier by the assessee during assessment proceedings or appellate proceedings

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 234E – In case of default in filing TDS statement for a period beyond 1st June, 2015, fees u/s. 234E cannot be levied for the period before 1st June, 2015

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 148 – Mere reliance on information received from Investigation Wing without application of mind cannot be construed to be reasons for reopening assessment u/s. 148

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 2(15) r.w.s. 10(23C) – Where assessee was conducting various skill training programmes for students to get placement, activities would fall within definition of education u/s. 2(15), thus entitling it for exemption u/s. 10(23C)(iiiab)

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Sections 37, 263 – Foreign exchange loss arising out of foreign currency fluctuations in respect of loan in foreign currency used for acquiring fixed assets should be allowed as revenue expenditure

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 45 – Capital gains arise in the hands of owners and not in the hands of general power of attorney holder

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    CBDT circular dated 8th August, 2019 – The relaxation in monetary limits for departmental appeals vide CBDT circular dated 8th August, 2019 shall be applicable to the pending appeals in addition to the appeals to be filed henceforth

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 194J, section 40(a)(ia) – Payment made by film exhibitor to distributor is neither royalty nor FTS and is not covered by section 194J and, consequently, does not attract disallowance u/s 40(a)(ia)

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 43CA applies only when there is transfer of land or building or both – In a previous year, when an assessee engaged in the business of construction of a commercial project entered into agreements to sell flats / offices (which were under construction) and there was no transfer of any land or building or both in favour of buyers, provisions of section 43CA would not apply

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 115JAA r.w.s. 263 – Amalgamated company is entitled to claim set-off of MAT credit of the amalgamating company

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 143 r.w.s. 131 and 133A – Assessing Officer could not make additions to income of the assessee company only on the basis of a sworn statement of its managing director recorded u/s. 131 in the course of a survey without support of any corroborative evidence

    By Jagdish T.Punjabi|Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 56(2)(viia) – Value of tangible or intangible assets once substantiated would be replaced with the book value for the purposes of FMV regardless of the book entries in this regard

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 13(1)(c) – Payments made to trustees in professional capacity cannot be considered as for the benefit of trustees

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 271AAB – Mere disclosure and surrender of income in statement recorded u/s 132(4) would not ipso facto lead to the conclusion that the amount surrendered by the assessee was undisclosed income in terms of section 271AAB of the Act, when the entry and the income were duly recorded in the books of accounts

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 41(1) r.w.s. 28(iv) – Where assessee assigned its loan obligation to a third party by making a payment in terms of present value of future liability, surplus resulting from assignment of loan was not cessation or extinguishment of liability as loan was to be repaid by third party –The same could not be brought to tax in the hands of the assessee

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 148 – Issue of notice u/s 148 is a foundation for reopening of assessment and to be sent in the name of living person – Where notice is issued in the name of deceased person, the deceased person could not participate in assessment proceedings and even provisions of section 292BB could not save such invalid notice

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 80-IB(10) – Deduction u/s 80-IB(10) cannot be denied even if the return of income is filed beyond the due date u/s 139(1) owing to bona fide reasons

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 22 r.w.s. 23 –Under section 22 annual value is chargeable to tax in the hands of the owner – The assessee, SPV, promoted by the State Housing Board, was merely a developer and not the owner. Accordingly, notional annual value of unsold flats, held as stock-in-trade by the assessee, could not be assessed u/s 23

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Section 72 r.w.s. 254, Section 154 – Business loss determined and carried forward by the AO pursuant to an order passed in accordance with directions of the Tribunal u/s 143(3) r.w.s. 254 can be set off in subsequent years though such claim is not made in the return of income. The AO is duty-bound to give relief to the assessee which has resulted pursuant to the order passed by the appellate authority and which has a cascading effect on the subsequent assessment years

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Sections 47 r.w.s. 2(47), 271(1)(c) – Entire material facts relating to computation of total income having been disclosed by the assessee before the AO – The disallowance of partial relief u/s 47(xiv) on a difference of opinion would not make it a case of furnishing inaccurate particulars of income attracting penalty u/s 271(1)(c)

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 5 mins

    Section 68 – Bank account of an assessee cannot be held to be ‘books’ of the assessee maintained for any previous year, and therefore, no addition u/s. 68 can be made in respect of a deposit in the bank account.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 22, 24(4) and 56 – Income earned by assessee from letting out space on terrace for installation of mobile tower/antenna was taxable as ‘income from house property’ and, therefore, deduction u/s. 24(a) was available in respect of it.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 54F – Deposit of the amount of capital gains in a separate savings bank account and utilisation thereof for the purposes specified u/s. 54F is said to be substantial compliance with the requirements of section 54F.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 154 – What is permissible is merely rectification of an obvious and patent mistake apparent from record and not wholesale review of an earlier order.

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Sections 50, 72 and 74 – Brought-forward business loss and brought-forward long-term capital loss can be set off against deemed short-term capital gains u/s. 50 arising on sale of factory building

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Explanation 2 to section 37(1) – Explanation 2 to section 37(1) inserted with effect from 01.04.2015 is prospective

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Sections 10(37), 45 – Interest on enhanced compensation received from government on compulsory acquisition of agricultural land is exempt u/s. 10(37) of the Income-tax Act, 1961 and consequently TDS deducted on account of enhanced compensation was liable to be refunded

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 12A read with section 11 and 12 – Where return of income had been filed in response to notice u/s. 148, requirement u/s. 12A filing of return of income stood fulfilled

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Section 54 – An assessee is entitled to claim deduction u/s. 54 if he purchases a new house property one year before or two years after the date of transfer of the original asset, irrespective of the fact whether money invested in purchase of new house property is out of sale consideration received from the transfer of original asset or not

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 4 mins

    Even in a limited scrutiny case there is no bar on the AO as regards adjudication of issues raised by the assessee

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 251 – Power of enhancement conferred on CIT(A) can be exercised only on the issue which is the subject matter of the assessment. The CIT (Appeals), even while exercising its power for enhancement u/s. 251, cannot bring a new source of income which was not subject matter of assessment

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 2 mins

    Section 48 – Legal and professional expenditure incurred by assessee, a foreign company, for sale of shares of its Indian subsidiary is an expenditure incurred wholly and exclusively in connection with transfer and is allowable as deduction while computing capital gains

    By Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 54 r.w.s. 139 – Assessee would be entitled to claim exemption u/s 54 to extent of having invested capital gain on sale of old residential flat towards purchase of new residential property up to date of filing of his revised return of income u/s 139(5)

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 4 mins

    Section 263 – If a matter is examined by the Assessing Officer during the course of assessment and consciously accepts the plea of the assessee, the order can still be subjected to revision u/s. 263 of the Act if the view adopted by the A.O. is unsustainable in law

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Section 54 – Investment, for purchase of new residential house, made up to date of filing of revised return of income qualifies for exemption u/s. 54

    By JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
    Chartered Accountants
    Reading Time 3 mins

    Sections 200A, 234E – Prior to amendment of section 200A, with effect from 1st June, 2015, late fee leviable u/s 234E for default in furnishing TDS statement could not be effected in course of intimation while processing TDS statement u/s 200A

    By Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
    Chartered Accountants
    Reading Time 3 mins

    Section 5 – When an assessee had an obligation to perform something and the assessee had not performed those obligations, nor does he even seem to be in a position to perform those obligations, a partial payment for fulfilling those obligations cannot be treated as income in the hands of the assessee

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 6 mins

    Section 143(3), CBDT Instruction No. 5/2016 – Assessment order passed upon conversion of case from limited scrutiny to complete scrutiny, in violation of CBDT Instruction No. 5/2016, is a nullity

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 5 mins

    Rule 34 of the Income-tax Appellate Tribunal Rules – The period of 90 days prescribed in Rule 34(5) needs to be computed by excluding the period during which lockdown was in force

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Sections 11, 12, 139, 148 – A failure on the part of the Trust to file its return of income u/s 139(4A) cannot lead to withdrawal of exemption under sections 11 and 12 – Having filed a return of income u/s 139, subsequently, where a return is furnished in response to notice u/s 148, it replaces the return filed u/s 139, including section 139(4A), and all the other provisions of the Act including sections 11 and 12 are applicable – There was no time limit prescribed for submission of return of income and audit report in respect of a Trust whose income before claiming the exemption exceeded the basic exemption limit Clause (ba) to Section 12A, which prescribes time limit for submission of return of income and audit report to be time available u/s 139(1), is effective from A.Y. 2018-19 and is prospective in its application

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 4 mins

    Sections 2(14), 2(47), 45, 56 – Giving up of a right to claim specific performance by conveyance in respect of an immovable property amounts to relinquishment of capital asset. It is not necessary that in all such cases there should have been a lis pending between the parties and in such lis the right to specific performance has to be given up. The payment of consideration under the agreement of sale, for transfer of a capital asset, is the cost of acquisition of capital gains. Amount received in lieu of giving up the said right constitutes capital gains and is exigible to tax

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 45 – Amount received by assessee in its capacity as a partner of a firm from the other partners on account of reduction in profit-sharing ratio of the assessee, is a capital receipt not chargeable to tax

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 68 r/w/s 194J – Merely because an amount is reflected in Form 26AS, it cannot be brought to tax in the hands of the assessee where an error was made by a third person

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 56 r/w Rule 11UA – Fair Market Value of shares on the basis of the valuation of various assets cannot be rejected where it has been demonstrated with evidence that the Fair Market Value of the assets is much more than the value shown in the balance sheet

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 2 mins

    Sections 23, 24(b) – Where assessee is receiving rent from his own son and daughter who are financially independent, property is both a self-occupied and a let-out property – Consequently, interest claim cannot be allowed in full and shall have to be suitably proportioned, restricting the interest claim relatable to the self-occupied part thereof to Rs. 1.50 lakhs

    By JAGDISH T. PUNJABI | Chartered Accountant
    DEVENDRA JAIN | Advocate
    Reading Time 6 mins

    Sections 144C(1), 143(3) – For the period prior to 1st April, 2020 in case of an eligible assessee, draft assessment order u/s 143(3) r.w.s. 144C(1) is not required to be passed in cases in which no variation in returned income or loss is proposed Mere issuance of draft assessment order, when it was legally not required to be issued, cannot end up enhancing the time limit for completing the assessment u/s 143(3)

    By JAGDISH T. PUNJABI | Chartered Accountant
    DEVENDRA JAIN | Advocate
    Reading Time 4 mins

    I – Section 115JB – Provision for leave encashment is not to be added back to the book profit for computation u/s 115JB as it is an ascertained liability determined on actuarial basis II – Provision for wealth tax was not to be reduced from book profit to be computed u/s 115JB

    By JAGDISH T. PUNJABI | PRACHI PAREKH
    Chartered Accountants
    DEVENDRA JAIN | Advocate
    Reading Time 5 mins

    I.Section 43(6), Explanation 2 – In Explanation 2 to section 43(6), deprecation actually allowed shall not include any unabsorbed depreciation – The WDV in the hands of the amalgamated company is to be calculated without considering the unabsorbed depreciation of the amalgamating companies, for which set-off was never allowed II.When a receipt is held to be capital in nature and not chargeable to tax under the normal provisions of the Act, the same cannot be taxed u/s 115JB of the Act as well III.Section 234B r/w/s 115JB – Interest u/s 234B cannot be levied where liability arises on account of retrospective amendment in the Act

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 12 mins

    Section 64 – Entire loss arising to wife of assessee in the business of Futures and Options (F&O) which business was started by her during the previous year with contribution from assessee in shape of gifts, was liable to be clubbed in hands of assessee in terms of Explanation 3 read in conjunction with section 64(1)(iv) – Assessee was entitled to club full loss from business of F&O in his personal income

    By JAGDISH T. PUNJABI | PRACHI PAREKH
    Chartered Accountants
    DEVENDRA JAIN | Advocate
    Reading Time 6 mins

    Section 147, Explanation 3 & Section 154 – The powers conferred on the A.O. by Explanation 3 to section 147 cannot be extended to section 154 – Any discrepancy that was not a subject matter of reassessment proceedings cannot, subsequently, upon conclusion of reassessment proceedings, be brought up by the A.O. by recourse to section 154

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    Sections 32, 37, 45, 50 – Where the business of the assessee came to a halt, expenses incurred by the assessee for maintaining its legal status and disposing of the assets are allowable u/s 37(1) of the Act Assessee owned leasehold rights in the land and a building was constructed thereon; on transfer of the same, capital gains were to be bifurcated as long-term capital gains on transfer of land u/s 45 and short-term capital gains on transfer of building u/s 50 Unabsorbed depreciation is deemed to be current year’s depreciation and it can therefore be set off against capital gains

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 56 read with sections 22 and 23 – Compensation received under an agreement entered into with a tenant granting him an option to take on lease other units which belonged to the assessee is taxable under the head Income from Other Sources

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Sections 2(47), 45 – Amount received by assessee, owner of a flat in a co-operative housing society, from a developer under a scheme of re-development was integrally connected with transfer of old flat to developer for purpose of re-development, in lieu of which assessee received the said amount and a new residential flat – To be treated as income under head ‘capital gain’

    By JAGDISH T. PUNJABI | Chartered Accountant
    DEVENDRA JAIN | Advocate
    Reading Time 3 mins

    Section 10(13A), Rule 2(h) of Fourth Schedule – For the purpose of computing qualifying amount u/s 10(13A) of the Act, the amount received as performance bonus does not assume character of salary

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    I.Section 194H – Benefit extended by assessee to the distributor under an agreement for supply of mobile phones cannot be treated as commission liable for deduction of tax at source u/s 194H as the relationship between the assessee and the distributor was not of a principal and agent II.Section 37 – Expenditure incurred on Trade Price Protection to counter changes in price of handsets by competitors, life of model, etc. was incurred wholly and exclusively for the purpose of business and was an allowable expenditure u/s 37(1)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 153(1) r/w clause (iv) of Explanation 1 – Extension of time is provided to complete the assessment in a case where A.O. makes reference to the Valuation Officer only u/s 142A(1) – Where a reference is made to the Valuation Officer u/s 55A or 50C, there is no extension of time to complete the assessment

    By JAGDISH T. PUNJABI | Chartered Accountant
    DEVENDRA JAIN | Advocate
    Reading Time 4 mins

    Section 143(2) – The statutory notice u/s 143(2) of the Act issued by the non-jurisdictional A.O. is void ab initio – If there are discrepancies in the details as per notice issued and details as per postal tracking report, then that cannot be considered as valid service of notice

    By JAGDISH T. PUNJABI | Chartered Accountant
    DEVENDRA JAIN | Advocate
    Reading Time 4 mins

    Section 142A(6): It is mandatory for the Valuation Officer to submit the Valuation Report within six months from the date of receipt of the reference – Delay in filing the report cannot be condoned

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    Rule 37BA(3) r/w/s 199: Credit for Tax Deducted at Source has to be allowed in the year in which the corresponding income is assessed even though the tax is deposited by the deductor in the subsequent assessment year

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 80P(4): Provisions of section 80P(4) exclude only co-operative banks and the same cannot be extended to co-operative credit societies

    By Jagdish T.Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 54F – Even after amendment w.e.f. A.Y. 2015-16, investment of long-term capital gain in two bungalows located adjacent to each other and used as one residential unit qualifies for exemption u/s 54F – Benefit of exemption could not have been denied on reasoning that there were two different registries of buildings / properties as both properties purchased by assessee were a single property located in same geographical area

    By JAGDISH T. PUNJABI | PRACHI PAREKH
    Chartered Accountants
    DEVENDRA JAIN | Advocate
    Reading Time 4 mins

    Section 194C r/w/s 40(a)(ia) – Even an oral contract is good enough to invoke section 194C – Payment of hire charges made by assessee to cab owners for hiring cabs for the purpose of providing transportation services to its customers would attract section 194C – Since payment is made by the assessee, the presumption would be that there was a contract for hiring of vehicles

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Sections 2(47), 45: When the terms of the sale deed and the intention of the parties at the time of entering into the sale deed have not been adhered to whereby full sale consideration has not been discharged, there is no transfer of land, even though the sale deed has been registered, and no income accrues and consequently no liability towards capital gains arises in the hands of the assessee

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 6 mins

    Section 115BBE, read with sections 69, 143 and 154 – Amount surrendered, in the course of survey, as undisclosed investment in stock and assessed as business income cannot be subsequently brought to tax u/s 115BBE by passing an order u/s 154

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 2(22)(e) – No addition can be made u/s 2(22)(e) since as per annual return filed by the assessee, he had transferred his shareholding in borrower company before the advancement of loan by the lender company to the borrowing company

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 50B read with sections 2(19), 2(42C) and 50 – Windmills of an assessee, engaged in the business of aqua culture, export of frozen shrimp, sale of hatchery seed and wind-power generation, along with all the assets and liabilities, constitute an ‘undertaking’ for the purpose of slump sale

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Sections 28, 36(1)(iii) – In a case where since the date of incorporation the assessee has carried on substantial business activities such as raising loans, purchase of land, which was reflected as stock-in-trade in the books of accounts, and entering into development agreement, the assessee can be said to have not only set up but also commenced the business. Consequently, interest on loan taken from bank for purchase of land which was held as stock-in-trade is allowable as a deduction

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Sections 2(47), 28(i), 45 – Gains arising on transfer of development rights held as a business asset are chargeable to tax as ‘business income’ – Only that part of the consideration which accrued, as per terms of the agreement, would be taxable in the year of receipt

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 44AD r/w sections 44AB and 144 – Assessing Officer can resort to estimation of income under the provisions of section 44AD only after rejecting the books of accounts of the assessee, by best judgment assessment u/s 144

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 50C – Provisions of section 50C are not applicable to introduction of development rights as capital contribution in an AOP of which assessee is a member

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Sections 250 and 271AAA – Ex parte dismissal of appeal by CIT(A), without considering the material on record on the ground that the written submissions were not signed by the assessee, is contrary to the provisions of sub-section (6) of section 250

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 244A – Interest is payable on refund arising out of payment of self-assessment tax even though refund is less than ten per cent of tax determined

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Explanation 1 to section 37(1): Deduction made by the buyers from the price, on account of damage / variance in the product quality does not attract Explanation 1 to section 37 (1) and same is an allowable deduction even when the assessee classified it as ‘penalty on account of non-fulfilment of contractual requirements’

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 54F: Where the genuineness of the transactions is established, to avail exemption u/s 54F it is not mandatory that the agreement must be registered or possession must be obtained

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    I. Section 194H r/w/s 201(1) – Discount on sale of set-top boxes and recharge coupons including festival discount and bonus points to customers cannot be considered as commission and therefore not liable for deduction of tax II. Section 36(1)(iii) – Assessee had filed necessary evidence to prove availability of owned funds to cover investment made in capital WIP. Thus, interest paid on borrowed funds was to be allowed u/s 36(1)(iii)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 115JB – When income which is exempt u/s 10 is credited to Profit & Loss Account, the Book Profit u/s 115JB is to be computed by reducing the amount of such income to which section 10 applies

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 37 – Expenditure incurred on cost of adhesive stamps for obtaining conveyance deed for assignment of receivables is allowable as the same is in connection with facilitating recovery of receivables which is a part of current asset and has been incurred for facilitating the business of the assessee

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Sections 50, 112 – Capital gains computed u/s 50 on transfer of buildings which were held for more than three years are taxable @ 21.63% u/s 112 and not @ 32.45%, the normal rate

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 45, Rule 115 – Foreign exchange gain realised on remittance of amount received on redemption of shares, at par, in foreign subsidiary is a capital receipt not liable to tax

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 23, Rule 4 – Amount of rent, as per leave and license agreement, which is not received cannot be considered as forming part of annual value merely on the ground that the assessee has not taken legal steps to recover the rent or that the licensee has deducted tax at source thereon

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 5 mins

    CIT(E) cannot pass an order denying registration u/s 12AA (without following the procedure of cancellation provided in the Act) from a particular assessment year by taking the ground that lease rental income exceeding Rs. 25 lakhs received from properties held by the trust violated provisions of section 2(15) when such registration was granted in the same order for prior assessment years

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Assessee being mere trader of scrap would not be liable to collect tax at source u/s 206C when such scrap was not a result of manufacture or mechanical working of materials

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 56(2)(vii)(c) – The provisions of section 56(2)(vii)(c) get attracted only when a higher than proportionate allotment of fresh shares issued by a company is received by a shareholder

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 2 mins

    Section 56(2)(vii)(b)(ii) – Even if there is no separate agreement between the parties in writing, but the agreement which is registered itself shows that the terms and conditions as contained in the said agreement were agreed between the parties at the time of booking of the flat

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 4 mins

    Section 56(2)(viia), Rule 11UA – Valuation report prepared under DCF method should be scrutinised by the A.O. and if necessary he can carry out a fresh valuation either by himself or by calling for a determination from an independent valuer to confront the assessee – However, he cannot change the method of valuation but has to follow the DCF method only

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 4 mins

    Section 56(2)(vii)(b)(ii) – The provisions of section 56(2)(vii)(b)(ii) will apply if they were on the statute as on the date of entering into the agreement

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 56(2)(viia) – Where share in profits of a firm during its subsistence and share in assets after its dissolution were consideration for capital contribution, such ‘consideration’ was ‘indeterminate’ – The provisions of section 56(2)(viia) could not be applicable to determine inadequacy or otherwise of such consideration and also to capital contribution of a partner made in the firm

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Non-furnishing of Form 15G/15H before CIT by the deductor is merely procedural defect and cannot lead to disallowance u/s 40(a)(ia)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Proceedings under the Income-tax Act cannot be continued during the moratorium period declared under the Insolvency and Bankruptcy Code, 2016

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 36(1)(iii) – Interest on funds borrowed for acquisition of land held as inventory is allowable u/s 36(1)(iii) – The provisions of Accounting Standards and the provisions of the Act are two different sets of regulations. It is well settled that if there is a contradiction between the two, the provisions of the Act shall prevail – There is no restriction in the provisions of section 36(1)(iii) that the interest can be disallowed if incurred for the purpose of inventory as provided in AS 16

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Section 56(2) – The A.O. was erroneous in mechanically applying the provisions of section 56(2) to the difference between the stamp duty value and the actual sale consideration – The addition made by the A.O. without making a reference to the DVO despite the assessee submitting valuation report was unjustified

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Section 54 – Exemption from capital gains cannot be denied where the assessee sold more than two residential properties and made reinvestment in one residential property

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Section 54F – Where possession of flat was taken within period of two years from date of transfer of original asset, assessee was entitled to benefit of section 54F irrespective of the date of agreement

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 4 mins

    Section 115JB – Where additional revenue was not shown by assessee in books of accounts, the A.O. could not tinker with book profit by adding additional revenue on account of subsequent realisation of export while computing book profit u/s 115JB

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Where accrual of income takes place but its realisation becomes impossible, such hypothetical income cannot be charged to tax

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Receipt in the form of share premium cannot be brought to tax as revenue receipt

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Amendment made to section 54B by the Finance Act, 2013 w.e.f. 1st April, 2013 making HUFs entitled for claiming benefit u/s 54B is clarificatory

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Gain received by assessee owing to fluctuation in foreign exchange rates in respect of loan which was given, as also received back in US dollars, by assessee to his cousin in Singapore under Liberalised Remittance Scheme issued by Reserve Bank of India, is a capital receipt not chargeable to tax

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Right to collect toll is an intangible asset which qualifies for depreciation @ 25%

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    ITAT allows assessee to claim the property cohabited by her as ‘let-out’ – Allows eligible deductions u/s 24 in computation of income under ‘house property’

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    ITAT allows claim of interest – Sets aside CIT(A)’s order arbitrarily restricting interest rate at 12% p.a. – Treats expenditure as allowable u/s 36(1)(iii)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 28(i) – Disallowance of loss made merely on ad interim order of SEBI and in absence of any material to prove that assessee entered into dubious transactions deliberately to show business loss, was liable to be deleted

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 68 – Where purchases were accepted as genuine, addition of credit balance at the end of the year which was entirely out of purchases for the year, could not be made

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Alleged on-money received cannot be taxed in the hands of assessee, a power of attorney holder – Assessee being power of attorney holder, cannot be treated as rightful owner of the income which has arisen on sale of a particular property as his action was only in a representative capacityAlleged on-money received cannot be taxed in the hands of assessee, a power of attorney holder – Assessee being power of attorney holder, cannot be treated as rightful owner of the income which has arisen on sale of a particular property as his action was only in a representative capacity

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Capital Gains – Amount received on sale of additional benefit derived by the assessee by way of getting vested with additional FSI on the land and building owned by the assessee is only a windfall gain by operation of law and which had not cost the assessee any money is a capital receipt Book Profits – A particular receipt which is in the capital field cannot be brought to tax u/s 115JB merely on the ground that the assessee has voluntarily offered it in the return of income

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 5 mins

    Business Expenditure – Swap charges paid to convert a floating rate loan to a fixed rate loan are allowable as deduction – Since interest was allowed when loan carried floating rate the character of transaction does not change by swapping from floating to fixed rate

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Business income – Proviso to S. 43CA(1) and the subsequent amendment thereto relates back to the date on which the said section was made effective, i.e., 1st April, 2014

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 2(47) r/w/s 50C – If there is a gap between the date of execution of sale agreement and the sale deed and if the guidance value changes, the guidance value as on the date of agreement has to be considered as the full consideration

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Provisions of section 68 would not apply in case where shares are allotted in lieu of self-generated goodwill wherein there is no movement of actual sum of money

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Reassessment made merely on the basis of AIR information was quashed as having been made on invalid assumption of jurisdiction

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Claim for deduction of interest u/s 24(b) is allowable even though assessee had not got possession of the house property

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Explanation 2 to section 37(1) is prospective w.e.f. A.Y. 2015-16

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    In the case of an assessee who had not undertaken any activities except development of flats and construction of various housing projects, expenses incurred by way of professional fees are allowable while computing income offered during survey

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Principle of consistency – Where in earlier years in the assessee’s own case the benefit of exemption u/s 11 was allowed, the Revenue’s appeal against the order of CIT(A) was dismissed, thereby upholding the claim of exemption u/s 11, following the principle of consistency

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 142(2A) – Reference to DVO cannot be made by an authority who is not empowered to do so – An invalid valuation report of DVO cannot be considered as incriminating material – In absence of any incriminating material for the unabated assessment years, additions cannot be made

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Surbhit Impex [130 taxmann.com 315] A.Y.: 2014-15; Date of order: 17th September, 2021 Section 41(1)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Artheon Battery [TS-863-ITAT-2021 (Pun)] A.Y.: 2014-15; Date of order: 7th September, 2021 Section 28(iv)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    ITAT holds that corrigendum to the valuation report to be considered in ascertainment of value u/s 56(2)(viib)

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 2 mins

    ITAT holds that amendments of Finance Act, 2021 to section 43B and 36(1)(va) apply prospectively

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 1 mins

    Section 115JB(2)(i) – Where an amount debited for diminution in value of Investments and Non-Performing Assets is in nature of an actual write-off, clause (i) of Explanation (1) to sub-section (2) of section 115JB is not attracted and thus the aforesaid amount is not to be added back while computing book profits

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 4 mins

    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 the developer vanished and there was neither any development nor any area received by the assessee, capital gains will not be chargeable to tax if the possession is taken back by the assessee and there was no development

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    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 non-jurisdictional officer is bad in law and void ab initio

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Whereas a part of a composite itinerary, the employee of the assessee employer availing LTC has travelled to a foreign sector along with destination in India, the assessee employer cannot be faulted for not deducting tax at source from LTC allowed to employee, given that such amount was no longer exempt to the employee u/s 10(5)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Assessee not liable to deduct tax at source from asset valuer’s fees paid by the lender bank and later recovered from the assessee

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 2 mins

    Non-compliance with section 194C(7) will not lead to disallowance u/s 40(a)(ia)

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Provisions of section 56(2)(vii)(b)(ii) will not apply to a case where there was an allotment prior to A.Y. 2014-15 – The amended provisions cannot apply merely because the agreement was registered after the provision came into force

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 5 mins

    If an assessee admits certain undisclosed income of the company in which he is a Director, on the basis of incriminating material found and seized during search, since income / entries in such seized material belonged to company, impugned additions made in hands of assessee on account of such undisclosed income of company was unjustified and liable to be deleted

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 4 mins

    Whether loss of current year can be set off from the income declared u/s 115BBD is a highly debatable issue which cannot be rectified u/s 154 Interpretation of ‘expenditure’ or ‘allowance’ in section 115BBD to cover current year loss is a highly debatable issue

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 2 mins

    An assessment order which does not comply with the mandatory procedure laid down in section 144C is non-est and an order u/s 263 revising such an order is a nullity as a non-est order cannot be a subject matter of revision u/s 263

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 2 mins

    The A.O. recommending a revision to the CIT has no statutory sanction and is a course of action unknown to the law

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    When the A.O. is not empowered to do certain acts directly, the revisionary authority certainly cannot direct him to do so indirectly by exercising power u/s 263. Accordingly, limited scrutiny assessment cannot be revised u/s 263 beyond the scope of scrutiny

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Re-opening of assessee’s case merely on basis of information from Director (Investigation) pertaining to receipt of huge amount of share premium by assessee and the opinion that the amount of share premium was not justifiable considering its lesser income during the year was unjustified

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 5 mins

    An assessee who has voluntarily surrendered the registration granted to it u/s 12A cannot be compelled, by action of or by inaction of Revenue authorities, to continue with the said registration

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 5 mins

    The ALV of the property, which could not be let out during the year, would be nil in accordance with the provisions of section 23(1)(c)

    By Jagdish T. Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 2 mins

    The scope of the fifth proviso to section 32(1) cannot be extended to transactions of purchases between two unrelated parties

    By Jagdish T. Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    Merely because a property is called a farmhouse it does not become a non-residential house property unless otherwise proved

    By Jagdish T. Punjabi
    Chartered Accountant | Devendra Jain
    Advocate
    Reading Time 3 mins

    Income from Other Sources – Interest on enhanced compensation for acquisition of agricultural land is a capital receipt not chargeable to tax u/s 56(2)(viii) r.w.s. 57(iv)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Limited Scrutiny – Revision – Order passed in a limited scrutiny cannot be revised on an issue which was not to be taken up in limited scrutiny – Action of A.O. in not examining an issue which was not to be taken up in limited scrutiny cannot be termed as erroneous

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Penalty – Search case – Specified previous year – Addition made by taking the average gross profit rate cannot be considered to be assessee’s undisclosed income for the purpose of imposition of penalty u/s 271AAA

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Capital gain – Investment in residential house – The date relevant for determining the purchase of property is the date on which full consideration is paid and possession is taken

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Evidence of data transmission and export of software by an assessee outside India is not a requirement to claim deduction u/s 10AA RBI approval for bank account maintained outside India not a requirement to be fulfilled to claim deduction u/s 10AA No requirement of maintaining separate books of accounts for various STPI / SEZ units if the primary books of accounts maintained by assessee are sufficient to compute profits of various STPI / SEZ units

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    In the absence of any incriminating and corroborative evidence, extrapolation of on-money received in one transaction cannot be done to the entire sales Addition u/s 68 in respect of unsecured loans cannot be made merely on the basis of statement of entry operators Only real income can be subject to tax – Addition cannot be made on the basis of notings in loose sheets which are not corroborated by any credible evidence

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 5 mins

    Section 37 – Input service tax credit is deductible u/s 37(1) when such Input Tax Credit is written off in the books of accounts

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Sections 120 and 250 – CIT(A) has no jurisdiction to pass orders after a direction from DGIT(Inv.) not to pass any further orders during the pendency of the explanation sought from him on the lapses in adjudicating the appeals – The order passed by him contrary to the directions of the superior officer cannot be said to be an order passed by a person having proper jurisdiction

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 5 mins

    Sections 2(24), 45, 56 – Compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and constitutes capital receipt as the property has gone into redevelopment

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Sections 250, 251 – The appellate authorities are obligated to dispose of all the grounds of appeal raised before them so that multiplicity of litigation may be avoided – There can be no escape on the part of the CIT(A) from discharging the statutory obligation cast upon him to deal with and dispose of all the grounds of appeal on the basis of which the impugned order has been contested by the assessee before him

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 5 mins

    Section 54F of the Income-tax Act, 1961 – Exemption to be granted even if investment in new residential property is made in the name of legal heir – Section 54F does not require investment to be made in assessee’s name

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 2 mins

    Where receipt of consideration was dependent upon fulfilment of certain obligations, the income cannot be said to have accrued in the year in which relevant agreement is entered

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 3 mins

    Reserve credited in the books of amalgamated company on account of acquisition of assets and liabilities in a scheme of amalgamation is in the nature of capital reserve only and not revaluation reserve

    By Jagdish T. Punjabi | Prachi Parekh | Chartered Accountants
    Devendra Jain | Advocate
    Reading Time 5 mins

    Section 68 – Once the total turnover of the assessee is much more than the total cash deposit in the bank account, no addition is called for on account of unexplained cash deposit in said account

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 263 – A non est order cannot be erroneous and prejudicial to the interest of the Revenue – Assessment order passed without jurisdiction is bad in law and needs to be quashed – Order passed u/s 263 revising such an order is also bad in law

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 115JB – Provision made for Corporate Social Responsibility, in accordance with the guidelines issued by the Department of Public Enterprises, constitutes an unascertained liability and needs to be added back while computing ‘book profits’ when how the amount is to be spent has neither been determined nor specified by the assessee

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 3 mins

    Section 28 – Loss arising on capital reduction by a subsidiary company in whose shares investment was made for purpose of business of assessee, for setting up supply chain system and manufacturing units in global market, is a business loss

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 5 mins

    Section 56(2)(viib) – Issue of shares at face value to shareholders of amalgamating company, in pursuance of scheme is outside the ambit of section 56(2)(viib)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Section 56(2)(vii) r.w.s. 2(14) – The term ‘property’ has been defined to mean capital asset, namely, immovable property being land or building or both and hence where immovable property does not fall in the definition of capital asset, it will not be subject to the provisions of section 56(2)(vii)

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    Section 147 – Reopening of assessment – A.O. to provide complete reasons as recorded by him to the assessee and not merely an extract of reasons

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 2 mins

    Extension for conducting special audit u/s 142(2A) cannot be granted by CIT, only the A.O. can grant such extension – Assessment concluded after such extended limitation period shall be considered as void ab initio

    By Jagdish T. Punjabi | Prachi Parekh
    Chartered Accountants | Devendra Jain
    Advocate
    Reading Time 4 mins

    CSR expenses, if given by way of donation to a trust eligible for 80G deduction, can be claimed under Section 80G. Restriction under Explanation 2 Section 37 does not apply to claim under section 80G

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Where premises were let along with furniture and fixture and rent for furniture and fixtures has been bifurcated by the assessee, deduction under Section 24(a) held to be allowable even for rent of furniture and fixture, etc Reimbursement of member’s share of contribution for repairing the entire society building held to be not taxable as it has no income element in it

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Since income from TDR is inextricably linked to the project and its cost, the cost of building has to be deducted against the income from sale of TDR. TDR receipts cannot be considered in isolation of assessee’s obligation under the SRA agreement to complete the SRA project

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 5 mins

    A society formed with the primary object of construction of chambers for its members and their allotment is eligible to be registered u/s 12AA since the objects amount to advancement of object of general public utility within the meaning of Section 2(15) of the Income Tax Act

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Exemption u/s 54 was available even if the new residential property was purchased in the joint names of assessee, her daughter and son in law

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Sum accepted as a loan, which is found correct in principle, could not be treated as an amount received since there is a pre-condition of its return to be made to the creditor party. The fact that the creditor company’s name is subsequently struck off is contrary to the factual position in the impugned year

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Section 43CA does not apply in a situation where allotment letters are issued and part payments received prior to 1st April, 2013

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 2 mins

    Expenditure incurred on a new project of starting a hotel chain for expansion of an existing business of real estate development and financing was to be considered as expenditure for the purpose of carrying on existing business and thus allowable as revenue expenditure u/s 37(1)

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Method of valuation of shares adopted by the assessee could be challenged by Assessing Officer only if it was not a recognized method of valuation as per Rule 11UA(2)

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    On maturity of life insurance policy, where section 10(10D) does not apply, it is only net income which is chargeable to tax

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    For the purpose of section 54, it is the date of possession which should be taken as the date of purchase and not the date of registration of agreement for sale

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Where source of funds is clearly established, clubbing provisions do not apply

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Proviso to section 68 inserted vide Finance Act, 2012 requiring the Assessee to prove source in respect of share premium money; operates prospectively from A.Y. 2013-14. Merely because the lender parties did not respond to summons/notices of the Assessing Officer; that cannot be sole ground to make addition u/s 68 when otherwise the documentary evidences were duly produced by the Assessee

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Where revenue had been duly informed about dissolution of trust and still chose to continue proceeding on dissolved entity which was no more in existence, such trust was a substantive illegality and not a procedural violation of nature adverted to in section 292B

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 2 mins

    Taxable loss cannot be set off against income exempt from tax under Chapter III. Short term capital loss arising on sale of shares cannot be set off against long term capital gains arising from the sale of shares, which are exempt u/s 10(38)

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    ITRs and Appeal forms of only individuals and Companies can be signed by a valid power of attorney holder in certain circumstances. Other categories of assessees (e.g. HUF/Firm) do not have this `privilege’ u/s 140 read with Rule 45(3) / 47(1) The benefit of the general rule that if a person can do some work personally, he can get it done through his Power of Attorney holder also is not intended to be extended to all categories of assessees

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Sec. 36(1)(va): Contribution deposited by assessee-employer after the due date prescribed in Sec. 36(1)(va) but before the due date of filing return u/s 139(1) was allowed as a deduction until A.Y. 2020-21 since the amendment to Sec. 36(1)(va) brought by Finance Act, 2021 is prospective and not retrospective

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Provisions of Section 56(2)(vii)(c) are not applicable to rights shares issued in case there was no disproportionate allotment by the company and if the transaction was a genuine one, without any intention of tax evasion or tax abuse

    By Jagdish T. Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 5 mins

    Section 56(2)(vii)(c) does not apply to bonus shares received by an assessee

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Proviso to section 201(1) inserted by the Finance (No. 2) Act, 2019 is retrospective as it removes statutory anomaly over sums paid to non-residents

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Adjustment u/s 143(1)(a) without adjustment is legally invalid

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Where Assessing Officer failed to bring evidences to support his finding that assessee was involved in rigging price of shares held by her so as to get an undue benefit of exemption u/s 10(38), transactions of sale and purchase of such shares by assessee through recognized stock exchange could not be treated as bogus so as to make additions under Section 68

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Powers of Commissioner (Appeals) are co-terminus with powers of Assessing Officer and that he is empowered to call for any details or documents which he deems necessary for proper adjudication of issue

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    Non-compete fees does not qualify for depreciation under section 32 since an owner thereof has a right in personam and not a right in rem

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 3 mins

    There is no prohibition for the NRI for accepting gifts from relatives. In the absence of any prohibition, no adverse inference can be drawn against the assessee based on the prevailing system in society Merely the difference in the time between the cash deposited in the bank vis-à-vis cash received as gift cannot authorise the revenue authorities to draw inferences against the assessee until and unless some documentary evidences are brought on record contrary to the contentions of the assessee

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Where under a joint venture agreement shares were issued to a resident venture and a non-resident venture at a differential price and the AO has not disputed or questioned the financial, technical and professional credentials of the venturists for entering into the joint ventures agreement, addition cannot be made under section 56(2)(viib) by disregarding the method of valuation adopted by the assessee

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Section 68: When the assessee has been able to prove the identity of the Investor, its creditworthiness and genuineness of the transaction in the matter, there is no justification for the authorities to make or confirm the addition against the assessee under section 68 of the I.T. Act, 1961

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 4 mins

    Section 254: The Tribunal has jurisdiction to admit the additional grounds filed by the assessee to examine a question of law which arises from the facts as found by the authorities below and having a bearing on the tax liability of the assessee

    By Jagdish Punjabi | Chartered Accountant
    Devendra Jain | Advocate
    Reading Time 2 mins

    Proceedings u/s 263 of the Act cannot be initiated merely for non-initiation of proceedings for levy of penalty u/s 270A

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    For determining interest u/s 244A, refund already granted has to be first adjusted against interest component

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    In a case where flat booked by the assessee (original flat) could not be constructed and the assessee, in lieu of the original flat, was allotted another flat (alternate flat) which was also under construction, the difference between stamp duty value of the alternate flat and the consideration is not chargeable to tax u/s 56(2)(vii)

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Appeal filed by a company, struck off by the time it was taken up for hearing, is maintainable

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    S. 23 – Where House Property was let out for monthly rentals along with a refundable security deposit, and the assessing officer takes a view that such a deposit is in lieu of reduced rent, no notional addition could be made to rental income where the assessee had furnished evidence to show that municipal value was much less than rental income.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Ss. 132 – Where a hard disk was seized from business premises of assessee, but, no corroborative documents were found to establish that information concerning certain expenditure derived from the hard disk was true and correct, no addition had been made

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Conditions imposed by CIT, at the time of registration, with respect to conduct of the trust and circumstances in which registration can be cancelled, vacated by the Tribunal on the ground that the scheme of law does not visualise these conditions being part of the scheme of registration being granted to the applicant trust.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Late payment charges and service tax do not attract TDS and consequently payment of these amounts without deduction of tax at source does not attract provisions of s.40(a)(ia).

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Proviso to section 43CA providing for tolerance limit of 10 per cent, being beneficial in nature, is retrospective.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Advances received by an Assessee landlord who has converted land into stock-in-trade, following project completion method, are not taxable on receipt basis.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Interest granted u/s 244A(2) cannot be withdrawn by passing a rectification order u/s 154 when PCCIT / CCIT / PCIT / CIT has not decided exclusion of period for interest.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Addition made due to wrong reporting in return of income deleted in an appeal against rectification order. Revised return held not necessary.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    S. 36(1)(iii) – Where interest free funds had been lent by the Assessee to its wholly owned subsidiary for business, no disallowance of interest will be made u/s 36(1)(iii) of the Act.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    S. 271(1)(c) – The Assessee had wrongly claimed a long-term capital loss in respect of a property which had been gifted by him to his son. Since the amount of capital loss had duly been disclosed in the computation of income and the Assessee had also accepted at the time of assessment proceedings it had considered gift made to son as a transfer by mistake, and there was no concealment of any material fact by the Assessee and thus, levy of penalty u/s 271(1)(c) was not justified.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Additional grounds filed by the assessee before the CIT(A) need to be adjudicated by him even though such grounds have been rejected by the PCIT earlier in revisionary proceedings

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Amendment to section 269SS, made by the Finance Act, 2015, to include “specified advances” within its scope w.e.f. 1st June, 2015 is prospective and applies to transactions entered by the assessee w.e.f. 1st June, 2015

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Indexation has to be granted with effect from the previous year in which the allotment was made even though the payment has been made in instalments in later years

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Despite violation of conditions for grant of exemption on conversion of proprietary concern into a company, transfer of goodwill ‘at cost’ will not be taxable.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    38. MA filed on the ground that the Revenue has filed an appeal u/s 260A of the Act with the Bombay High Court in the case on which reliance was placed while deciding the appeal and also in view of subsequent SC order dismissed.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    39. In case the assessee’s prayer on facts is not to be accepted, a reasonable opportunity of being heard is to be granted putting the issue to the notice of the assessee.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    40. Where the assessee had paid indirectly higher tax than actually liable, it shows that there was no malafide intention on the part of the assessee and the Department had no revenue loss. Since there is no revenue loss to the Department, therefore, there is no question of levying penalty on the assessee.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    41. Interest granted u/s 244A cannot be withdrawn by the AO in an order passed u/s 154 by holding that the proceedings resulting in refund were delayed for reasons attributable to the assessee.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    42. Where the identity of the shareholders has been established, no addition could be made u/s 68 with respect to the increase in share capital and share premium.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    43. Where the land of the assessee was situated beyond 5 km from the nearest Municipal Corporation, as per Notification No. SO 9447, dated 6th January, 1994 issued for Chenglepet Municipality, the land was agricultural land and hence out of ambit of ‘capital asset’ as defined u/s 2(14).

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    44. Amended provisions of section 56(2)(vii)(b) of the Act cannot be applied retrospectively.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    45. Subsidy in the nature of remission of sales tax given to promote industries is capital in nature and not chargeable to tax. Further, a subsidy under a retention pricing scheme is eligible for deduction u/s 80IB of the Act.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    No adjustment can be made u/s 115JB in respect of interest on income-tax refund, which as per consistent practice, was not credited to the profit & loss account but was reduced from advance income-tax paid under ‘loans and advances’

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Once a statutory provision provides explicitly that the Tribunal can only grant a stay subject to a deposit of not less than 20 per cent of the disputed demand, or furnishing of security thereof, it is not open to the Tribunal to grant a stay in violation of these basic statutory provisions.

    Law itself visualizes that the payment of 20 per cent of the disputed demands, impugned in the appeal before the Tribunal, cannot be viewed as a condition precedent for grant of stay by the Tribunal, in as much as when the applicant “furnishes security of equal amount in respect thereof”, the Tribunal can exercise its powers of granting a stay.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    Enhancing the assessed book profit for the amount disallowed u/s 14A is not a mistake apparent on record, which can be rectified by passing an order u/s 154

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    The second proviso to section 10(34) categorically states that dividends received on or after 1st April, 2020 alone would be subjected to tax. In the instant case, since the dividend was received during F.Y. 2019-20 relevant to A.Y. 2020-21, there is no case for taxing the said dividend during the year under consideration i.e. A.Y. 2020-21

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Credit for tax deducted at source needs to be allowed even though the amount so deducted is not reflected in Form No. 26AS of the payee.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    There need not be any “occasion” for receipt of gift by the assessee from his relative.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Where the assessee was hiring trucks from an open market on individual and need basis and payments had not been made to any sub-contractor since the assessee did not have any contract with the truck owner and therefore the question of TDS did not arise in respect of payments towards lorry hire charges

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Where the assessee stated that the source of cash deposit in its bank accounts was the balance of cash in hand brought forward from earlier assessment years, but the AO treated the same as an unexplained investment without assigning any reason, then impugned additions made u/s 69 was not justified.

    Where the Department had accepted that the assessee had earned a tuition fee in preceding assessment years then in terms of principle of consistency, the AO had no justifiable reason to disbelieve assessee’s claim of having received income from tuition fee and add the same to assessee’s income as unexplained money u/s 69A.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    Third proviso to section 50C being a beneficial provision, the benefit extended by third proviso to section 50C should be extended to a case where value determined by stamp valuation authority has been substituted by the value determined by DVO.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    There is no need for the AO to issue reopening notice before the expiry of time available to file return under section 139(4) and that too before the end of the assessment year itself. Reopening of an assessment cannot be resorted to as an alternative for not selecting a case for scrutiny.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Against a defect notice issued under section 139(9), an appeal lies to CIT(A) under section 246A(1)(a) as such notice has the effect of creating liability under the Act, which the assessee denies or would jeopardize refund.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Section 10B(7) r.w.s. 80IA(10) — The onus is on the department to prove that there existed an arrangement between the assessee and its associate enterprises to earn more than the ordinary profit and if that is not established then there cannot be any addition and corresponding disallowance under the said provisions.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 68 — The department without dislodging the primary onus that was duly discharged by the appellant under section 68 of the Act could not have drawn adverse inferences and treat the transaction as unexplained cash credit.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    Theatre owner is not liable to deduct tax at source on convenience fee charged by BookMyShow to the end customer and retained by it.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    Authorities directed to correct the demand raised due to deposit of TDS by the assessee vide a wrong challan.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    When the AO had himself observed that the undisclosed income surrendered by the assessee, during survey, was nothing but the accumulation of the profit which it had been systematically enjoying, then, drawing of a view to the contrary and holding the same as not being sourced out of latter’s business but having been sourced from its income from undisclosed sources within the meaning of Section 69 of the Act is beyond comprehension.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    What is applicable for TDS should also be applicable for TCS and merely because there is no Rule identical to Rule 37BA(2)(i) of the Rules with reference to TCS provisions, it cannot be the basis for the Revenue to deny the legitimate claim for credit of TCS made by an assessee

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Mere non-furnishing of the declaration by the deductee to the deductor in terms of proviso to Rule 37BA(2) cannot be reason to deny credit to the person in whose hands income is included.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Provisions of section 115JC are applicable to projects approved before the introduction of the section 115JC.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Where the assessee mentioned residential status in original return as resident in India and in return filed under section 153A mentioned residential status as Non-resident which was uncontroverted fact, then merely mentioning the residential status as resident in original return of income, does not make the assessee a resident in India. Once the assessee is a non-resident then income or deposit in foreign bank account is not taxable in India

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Assessment order passed in the name of non-existing entity is null and void ab initio. The decision of SC in Mahagun Realtors (P.) Ltd cannot be interpreted to mean that even in a case where factum of amalgamation was put to the notice of the AO, still the assessment made in the name of amalgamating company i.e. non-existing company is valid in law.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    S.10(38) –Where the assessee furnished all details to the AO with regards to long term capital gain arising from sale of shares on which securities transaction tax was paid, the the AO cannot deny exemption claimed under section 10(38) in respect of the said long term capital gain.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    S.68 read with S.153A –When cash deposited post-demonetization by assessee was out of cash sales which had been accepted by Sales Tax/VAT Department and not doubted by the AO and when there was sufficient stock available with the assessee to make cash sales then the said fact was sufficient to explain the deposit of cash in the bank account and could not have been treated as undisclosed income of assessee and accordingly, impugned addition made by the AO was not justified.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 7 mins

    Section 10 (38) r.w.s. 68 – Where the assessee claimed an exemption under section 10(38) towards long-term capital gains earned on the sale of shares alleged to be penny scrip and furnished various documentary evidences in the form of copies of contract notes, DEMAT account, details of share transactions, etc. in support of the claim, then onus casted upon assessee in terms of section 68 was discharged and therefore impugned addition made against alleged bogus LTCG was to be deleted.

    By Devendra Jain, Advocate
    Reading Time 4 mins

    Section 80-IB r.w.s 154 and Section 143 – Where the assessee’s claim for deduction under section 80-IB was rejected for want of filing of an audit report, in view of CBDT’s Circular No. 689, dated 24th April, 1984, the AO was required to consider rectification application filed by the assessee-company since a copy of said report in Form 10CCB was uploaded by the assessee on receipt of intimation under section 143(1).

    By Devendra Jain, Advocate
    Reading Time 2 mins

    Section 69A r.w.s. 115BBE and section 153A – Where cash deposits made in bank accounts of the proprietorship concern during demonetization period were routed through regular books of account of the assessee which were not rejected by AO and no incriminating material was found during the search conducted at the premises of the sister concern of the assessee to point out that she introduced her own unaccounted money in her proprietorship concern in the garb of sale to its sister concern then additions made by the AO in respect of such cash deposit were merely based on surmise and conjectures and, thus, same were to be deleted.

    By Devendra Jain, Advocate
    Reading Time 4 mins

    Interest on delayed payment of TDS is compensatory in nature and is allowable as deduction under section 37(1) of the Act.

    By Jagdish Punjabi
    Chartered Accountant
    Devendra Jain
    Advocate
    Reading Time 3 mins

    An addition made under the Black Money Act cannot be made on a protective basis under the Income-tax Act. This has been so held even though the assessment under section 10(3) of the Black Money Act had not attained finality and was subjudice.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Provisions of section 68 cannot be invoked as the assessee, offering income under presumptive tax provisions, was not required to maintain books of account.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Sum received towards undertaking restrictive covenant of non-imparting service to any other person and not to share associated goodwill of medical practice, being in the nature of non-compete fee, is a capital receipt and not taxable as business or professional income. Non-compete fee related to profession is made taxable only w.e.f. A.Y. 2017-18 and the non-compete fee in relation to profession for period prior to A.Y. 2017-18 would be treated as capital receipt. Changing of Section from 28(va) to 28(i) without confronting the Assessee is a fatal mistake.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 40(b) r.w.s 263–Where the assessee-firm had mentioned in its partnership deed that the partners shall be entitled to draw salary to the extent allowable under Income-tax Act but shall be drawing salary to maximum of Rs. 24 lakhs each per annum and accordingly the AO had allowed Rs. 36 lakhs of remuneration paid by assessee-firm to its three partners at the rate of Rs. 12 lakhs each under section 40(b)(v), Commissioner was not justified in invoking revisionary proceedings under section 263 on the basis that such remuneration of partners was not quantified in the partnership deed.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section145 r.w.s.68 and section 133–where the AO had not found a single defect in assessee’s books of account and enquiry made by him under section 133(6) had been properly explained by the assessee then addition made by the AO on the basis of the difference between amount reflected in books of account and in Form 26AS should be deleted.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Order imposing penalty under section 270A passed in the name of deceased is void.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    An addition made on the basis of estimation cannot provide foundation for under-reported income for the purpose of imposition of penalty under section 270A of the Act. The penalty cannot be sustained where the only basis of the addition is the estimate made by the DVO.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Penalty is not maintainable where AO does not pass an order accepting or rejecting an application filed by the assessee under section 270AA(4)

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    In view of section 270A (6)(a), no penalty under section 270A can be imposed in respect of an erroneous claim made by a salaried employee who is dependent on his consultant for filing the return of income which erroneous claim is withdrawn by filing a revised computation of income and also by revising return of income of subsequent year withdrawing the excess claim.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    S.69A read with S.148–Where the draft sale deed of property between the assessee-company and a developer was never signed by assessee and application filed by developer before Settlement Commission admitting to having invested certain amount of unaccounted income was not provided to assessee for confrontation then the additions made by the AO in the hands of the assessee-company were to be deleted

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 69A–Where the assessee had introduced capital from funds received from his relatives towards advance for purchase of property through banking channel and same was recorded in books of account and identity of person from whom amount was received was also not in doubt then provisions of section 69A could not be invoked. Section 69A r.w.s 131 – Where the assessee informed the address of a person from whom amount was received and also requested AO to summon person if there was any doubt, then addition under section 69A was not justified if summons was not issued by the AO

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    Section 68 – Where deposit had been made from cash balance available in the books of accounts, and the AO had not rejected the books of accounts, there was no question of treating the same as unexplained cash deposit and hence, its addition made to the assessee’s income was not justified

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Section 69 read with section 44AD – Where the assessee furnished bank statements for relevant assessment year which showed that there were deposits and withdrawals of almost equal amounts from the bank account of assessee and the AO failed to give any findings regarding said withdrawals, then the assessee deserved to get benefit of telescoping and addition of entire deposits as unexplained was unjustified.

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Section 32 read with section 263 – Where the subsidiary of the assessee company was amalgamated with it by following the purchase method, then the excess consideration paid by the assessee amalgamated company over and above the net-asset value of transferor/amalgamating company was to be treated as goodwill arising on amalgamation and same could be amortised in books of accounts of transferee company and was eligible for depreciation under section 32 (1).

    By Jagdish Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 8 mins

    Order imposing penalty under section 270A passed in the name of deceased is void. Assessment order cannot be rectified on the basis of an order of the Apex Court which was not available on the date when the AO exercised jurisdiction under section 154.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    Claim for deduction under section 80IC cannot be denied in a case where tax audit report as also audit report in Form 10CCB under Rule 18BBB is filed on time but the return of income is filed late.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 250, Rule 46A

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 69A – Where cash deposited in bank by the assessee during demonetisation period was out of cash sales and realisation from trade debtors which was duly shown in books of account and AO did not point out any specific defect in books of account maintained by assessee and no inflated purchases or suppressed sales were found, such cash deposit could not be treated as unexplained money of assessee.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 80-IB – Restriction on the extent of built up area of commercial space in housing project imposed by way of amendment to section 80-IB(10) w.e.f. 1st April, 2005 does not apply to housing projects approved before 1st April, 2005 even though completed after 1st April, 2005.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    Section 56 read with Rule 11UA of the Income Tax Rules — There was no fault in approach of assessee in considering guideline value of land and building to arrive fair value of preference shares that it would fetch in open market on valuation date and arriving at premium value for redemption of preference shares, hence addition made by TPO computing differential premium on basis of book value of assets was not sustainable.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Provisions of section 56(2)(vii)(c) are not applicable on receipt of bonus shares / bonus units.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Where valuation, as done by a registered valuer, vide a valuation report furnished by the assessee is rejected, the AO should refer the valuation to Departmental Valuation Officer (DVO).

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    Income from the business of consultancy qua stamp duty and registration would not be liable for taxation u/s 44ADA. The action of the assessee in offering profits of such business u/s 44AD was upheld.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Section 4 — Where pursuant to search upon assessee-company, an addition was made merely on the basis of statements recorded of ex-employees and where no incriminating material was recovered from premises of assessee, impugned addition made without giving assessee opportunity to cross-examine said ex-employees and dealers was unjustified. The department had failed to follow the cardinal principle of providing adequate opportunity for rebuttal of evidence being sought to be relied upon.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    Section 54B — Where assessee claimed capital gains arising on sale of agricultural land as exempted u/s 54B on purchase of another agricultural land, since the assessee had furnished all sales documents viz., agreement to sell and purchase, receipt, possession letter, GPA and affidavit, along with a copy of the return filed by the land owner, from whom new land was purchased, wherein she had declared capital gains arising from the sale of its land to assessee, the benefit of exemption u/s 54B was allowable.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 5 mins

    AO having not disputed that the provisions of section 44AD are not applicable, could not have called upon the assessee to produce P&L Account to show the source of expenditure. The addition, if challenged, would have been deleted. Penalty proceedings are independent proceedings. Such incorrect addition is not liable to penalty under section 270A.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    AO not having rejected books of accounts could not make any estimated additions or resort to section 44AD.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    A bank can receive Form No. 15G and need not deduct tax at source only in the cases, where the declaration is given that the tax liability on total income including the interest income will be Nil provided the interest income does not exceed the basic exemption limit. But where the interest income exceeds the basic exemption limit, the bank needs to deduct tax at source notwithstanding the furnishing of declaration in Form No. 15G and the bank will be treated as assessee in default u/s 201(1), where not only it failed to deduct tax at source but the customer also failed to pay such tax directly.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 6 mins

    S. 68 – Where the assessee-company had produced all the documents and evidence to establish the identity, genuineness and creditworthiness of investors by filing complete details including their bank statement and audited financial statements, share application money cannot be treated as unexplained or non-genuine merely on the ground that the directors could not appear before the Assessing Officer personally.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    S. 2(14), 50C, 43CA, 2(47), 263 — Where the assessee being an owner of the land had entered into a joint development agreement (JDA) with a developer, such an agreement of transfer of possession for development of property does not constitute transfer as per the Act as to attract provisions of section 43CA and said the order could not be treated as prejudicial to the interest of revenue.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    S. 69A – Where there was a huge amount available with the assessee in the form of cash which he had deposited during demonetization, it could not be presumed that cash deposited by the assessee was out of some undisclosed source without any adverse material.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Where the assessee sold flats at varied rates and the variation in rate was significant, Revenue directed to apply the weighted average rate of all the units for estimating the value of sales (except for one unit which is incomparable) and thus, to be valued at actual instead of the maximum rate applied by the Revenue to estimate sale value of the flats sold at varied rates by the assessee

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 5 mins

    The rate of tax mentioned in s. 115BBE does not apply to income surrendered in the course of the search, in a statement made under section 132(4), and the Department has no dispute with regard to the explanation of the assessee regarding the source of the surrendered income

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 4 mins

    When income is offered for taxation under the head ‘Income from House Property’ but the income is assessed under the head ‘profits and gains of business or profession’ it cannot be said that the assessee has suppressed or under-reported any income. Where the assessee offered an explanation as to why it reported rental income under the head ‘income from house property’ and the explanation of the assessee was not found to be false, the case would be covered by s. 270A(6)(a)

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 4 mins

    S. 271(1)(c) — Penalty levied without any independent and specific finding being recorded as to how disallowance made by the Assessing Officer (AO) which was upheld by the Tribunal, would lead to a charge of furnishing of inaccurate particulars of income by the assessee, was unjustified and to be deleted

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    S. 69B, 132 – Additions to total income not sustainable when no incriminating material was found during the search. S. 153A, 153C – Additions based on documents found during a search on a third party to be made under section 153C and not 153A of the Act

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    Once tax has been deducted at source credit, it therefore has to be granted to the deductee even though the deductor has not deposited the tax so deducted with the Government

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 2 mins

    Levy of penalty under section 271AAB is not mandatory. The AO has discretion after considering all the relevant aspects of the case to satisfy himself that the case of the assessee does not fall within the definition of an `undisclosed income’ as provided in Explanation to section 271AAB of the Act. Initiation of penalty will be invalid where show cause notice for initiation thereof neither specifies the grounds and default on the part of the assessee nor does it specify the undisclosed income on which the penalty is proposed to be levied.

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 7 mins

    The Tribunal held the act of PCIT in treating the assessment order as erroneous and prejudicial to the interest of the revenue only because the capital gain was not deposited in the capital gain account scheme as a hyper-technical approach while dealing with the issue. When the basic conditions of section 54(1) are satisfied, the assessee remains entitled to claim deduction under section 54.

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 4 mins

    Section 54B deduction is allowable even if agricultural land is purchased in the name of the wife.

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 2 mins

    Proviso to section 56(2)(vii)(b) providing for considering stamp duty value on the date of agreement applies even in a case where a part of the consideration was paid by the co-owner, and not by the assessee, on or before the date of the agreement

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 4 mins

    When income is offered for taxation under the head ‘Income from House Property’ but the income is assessed under the head ‘profits and gains of business or profession’, it cannot be said that the assessee has suppressed or under-reported any income

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 4 mins

    S. 69A – Where there was a huge amount available with assessee in form of cash which he had deposited during demonetization, it could not be presumed that cash deposited by assessee was out of some undisclosed source without any adverse material

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    S.69A r.w.s. 115BBE — Conversion of Miscellaneous business income into other sources by invoking provisions of section 69A without any evidence and taxing such income at special rate as per section 115BBE was improper

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    Section 54F, read with sections 48 and 50C — Where entire actual sales consideration had been invested in purchase and construction of residential house by assessee, capital gain would be exempt under section 54F and provisions of section 50C would not be applicable

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    In the absence of express mention to operate retrospectively, no retrospective cancellation for earlier years can be done under the amended section 12AB(4) introduced with effect from 1st April, 2022

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    Interest under section 244A is to be calculated by first adjusting the amount of refund already granted towards the interest component and balance left, if any, should be adjusted towards the tax component

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    Where the firm had borrowed a loan from the bank and raised fresh capital from the incoming partner to settle the debt / capital account of retiring partners, any interest paid on such loan / capital account is allowable under section 36(1)(iii)

    By Jagdish Punjabi, Chartered Accountant | Devendra Jain, Advocate
    Reading Time 3 mins

    Where the assessee transferred 62 per cent of the land to a developer in exchange for 38 per cent of the developed area to be constructed over time under an unregistered joint development agreement / irrevocable power of attorney, the transaction was liable to capital gain under section 2(47)(vi) in the year of the agreement.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    No exemption under section 54F is allowable in respect of a building which was predominantly used for religious purposes. Section 54F does not allow pro-rata exemption.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Where pursuant to a scheme of arrangement and restructuring, assessee’s shareholding in a company was reduced, long-term capital loss arising to assessee on account of reduction of capital has to be allowed even if no consideration is paid to the assessee.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Sec. 68: Where assessee, engaged in financial activities, and the records revealed that the credit entries were repayments of loans, and the third party was not a stranger entity and transactions were transparent and had been found to be routed through banking channel and reported in the return of income by the assessee as well as a third party, addition made under section 68 was to be deleted.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Sec. 271B r.w. Sec. 44AA, 44AB and Sec. 271A: Where Penalty u/s 271A is levied for not maintaining books of accounts u/s 44AA, the assessee could not further be saddled with penalty u/s 271B for failure to get books of accounts, which were not maintained, audited u/s 44AB.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    If the original return of income is filed within the due date under section 139(1), the carry forward of loss claimed in the revised return filed after the due date under section 139(1) cannot be denied.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Where the assessee passed away before framing of the assessment order, no assessment could be made in the name of the deceased without bringing the legal heirs of such person on record. In the absence of specific provision requiring the legal heirs to intimate the tax department, assessment cannot be valid only for the reason that the legal heirs failed to inform the department about the death of the assessee.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 2 mins

    Where the claim of exemption under section 11 of the assessee-Board was on the basis of commercial principles of accountancy and in accordance with directions of the Government of India, such exemption was allowable.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Section 2(22)(e) can be invoked only in the hands of the common shareholder who was in a position to control affairs of both the lender company and the receiving company, and not in the hands of the receiving company.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    Sec. 69B.: Where the assessee has provided the necessary explanation about the nature and source of unrecorded transactions / assets and the necessary nexus with assessee’s business income has been established, such unrecorded transactions cannot be considered as unexplained and thus, deeming provisions of section 69B cannot be invoked.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 4 mins

    Sec. 40A(2)(b).: Disallowance u/s 40A(2)(b) is not justified on merely estimating that more income should have been earned from subcontracting without bringing any comparable figures.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain, Advocate
    Reading Time 3 mins

    The Tribunal has the power to condone the delay in filing the application for final approval under clause (iii) of the first proviso to section80G (5)

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

    Exemption under section 10(26) is available to the individual members of the Scheduled Tribe and this benefit cannot be extended to a firm which has been recognized as a separate assessable person under the Income Tax Act.

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

    Proviso to section 2(15) will not apply to a charity if the profit derived from the services rendered in furtherance of the object of general public utility is very meagre

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

    Management fee paid is allowable as deduction while computing capital gains.

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

    Penalty under section 271F cannot be levied if estimated total income was less than maximum amount not chargeable to tax and assessee was not required to file return even pursuant to the provisos to section 139(1) though assessed income may have been greater than maximum amount not chargeable to tax. The basis of determination of income in the assessment order cannot be said to be the basis for filing of return of income under Section 139(1) of the Act.

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

    Income returned and assessed in the hands of the wife cannot again be taxed in the hands of the husband by invoking section 64(1)(ii)

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

    Notional interest income credited to the profit and loss account in compliance of Indian Accounting Standard (Ind AS) cannot be considered as real income in absence of contractual obligation of repayment.

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

    When notice is for under-reporting of income, order passed levying penalty for misreporting of income is not justified.

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

    Disallowance provision in section 143(1)(a)(v), introduced by the Finance Act, 2021, w.e.f. 1st April, 2021, dealing with deductions claimed under Chapter VI-A applies with prospective effect.

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

    Where refund arising consequent to granting MAT credit is more than 10 per cent of the total tax liability and is out of TDS and the return of income has been filed by due date mentioned in section 139(1), assessee is entitled to interest u/s 244A from the first day of the assessment year though the claim of MAT credit was made much later in a rectification application filed. Interest on unpaid interest also allowed.

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

    Section 50C ­— Leasehold rights in land are not within the purview of section 50C.

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

    Section 17(3) — payment of ex-gratia compensation without any obligation on the part of employer to pay an amount in terms of any service rule would not amount be taxable under section 17(3)(i). The Departmental Representative is required to confine to his arguments to points considered by AO / CIT(A) and could not set up altogether a new case before ITAT and assume the position of the CIT under section 263.

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

    S. 270A – No penalty under section 270A can be levied for incorrect reporting of interest income if the interest income as appearing in Form 26AS as on date of filing of return was correctly disclosed by the assessee and the difference in interest income was on account of delayed reporting by the deductor. S. 270A – No penalty under section 270A could be levied if the enhanced claim of exemption under section 10(10) of the assessee was on the basis of a mistaken but bona fide belief and he had disclosed all material facts and circumstances of his case S. 270A – Imposition of penalty under section 270A(1) is discretionary and not mandatory.

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

    Sec. 48.: Where assessee sold house properties and claimed indexed cost of improvement while computing long term capital gains, since all expenditure incurred enhanced the sale value of the house property, assessee was entitled to deduction towards cost of improvement. Sec. 54.: Where assessee reinvested sale proceeds in purchase of property from his own bank account, then the property being registered in the name of his parents will not disentitle the assessee to claim a deduction u/s 54 of the Act.

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

    Sec. 54, Sec. 263.: Where the assessee claimed deduction under section 54 within the prescribed time limits, capital gains not deposited in the CGAS scheme will not be considered as prejudicial to the interest of the revenue and invoking revisionary jurisdiction was bad in law.

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

    The resulting company in case of demerger and the Transferee Company in the case of transfer are eligible to claim TDS credit, even if the TDS certificates are in the name of the demerged company / Transferor Company.

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

    An assessment order passed, in search cases, without obtaining approval of the Joint Commissioner under section 153D is void. Failure on the part of the department to produce a copy of the approval gives rise to a presumption that there was no approval at all. In the absence of the same, no conclusion can be drawn if the approval was in accordance with the law or not.

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

    For a claim of deduction under section 54 the date of possession and not the date of agreement should be considered to be the date of purchase.

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

    I. The area of Balconies open to the sky is not to be considered as part of the built-up area of a particular residential unit. Claim for deduction under section 80IB(10) cannot be denied in respect of those residential units whose built-up area exceeds 1,000 sq. feet only when the area of open balcony is added to the built-up area of the residential unit. II. The project completion method is the right method for determining the profits. The Project Completion Method should not have been disturbed by the AO as it was being regularly followed by the assessee in earlier years also and there is no cogent reason to change the method.

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

    S. 12A–Where the assessee-trust selected an incorrect clause in an application for section 12A / 80G, since the mistake was not fatal, CIT was directed to treat the application under the appropriate clause and consider the case on merits.

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

    S. 115JB, 147–Reopening under section 147 is not maintainable where MAT liability would not get disturbed on correct application of law and tax on such book profits exceeded the total income determined as per the normal provisions of the Act.

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

    Payment made by assessee to tenants of a co-operative housing society towards alternate accommodation charges / hardship allowance / rent are not liable for deduction of tax at source under section 194I.

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

    The loss incurred on the sale of shares on stock exchange platform, where STT was duly paid, is eligible to be set of against the long-term capital gain earned by the assessee from sale of unlisted shares.

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

    Addition made by Assessing Officer during reassessment proceedings, not being based on any incriminating material during search and seizure action, was to be deleted.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 8 mins

    Where assessee sold a land and made investment in new land from sale proceeds of old land in name of his son, assessee is entitled to exemption u/s 54B even if investment was made before registration of sale deed.

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

    Interest earned by a co-operative housing society on investment with co-operative banks in Maharashtra is eligible for deduction under section 80P(2)(d).

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

    Deeming provision of section 50C is not applicable to leasehold rights in property.

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

    Disallowance under section 13 relating to benefit to interested persons cannot apply to charities notified under section 10(23C)(iv).

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

    Mistake in tax calculation whereby tax was calculated at slab rate instead of rate mentioned in section 115BBE is a mistake which can be rectified under section 154 and therefore provisions of section 263 cannot be invoked in such a scenario

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

    It is not necessary that the consideration of the original asset be invested in new residential house. Construction of new house can commence before the date of transfer of original asset. Where return of income is filed under section 139(4), investment in new residential house till the date of filing of such return qualifies for deduction under section 54

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

    Section 250(6) of the Act obligates the CIT(A) to state points for determination in appeal before him, the decision thereon and the reasons for determination. CIT(A) has no power to dismiss appeal of assessee on account of non-prosecution and without deciding on the merits of the case

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

    Sec. 68 r.w.s. 148: Where nothing was brought on record by the Assessing Officer to substantiate that assessee had taken accommodation entry, reopening notice was to be quashed

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

    Sec. 153D: Approval u/s 153D is a mandatory and not procedural requirement and mechanical approval without application of mind by the approving authority would vitiate assessment orders

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

    S. 45 — Revaluation of asset held by partnership firm and crediting amount of said revaluation to partners’ capital account is transfer taxable section45(4) and the fair market value fixed by stamp authorities should be taken as deemed value of consideration for purpose of section 48

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

    S. 12A / 12AB — Where the show cause notice was issued on 6th October, 2022, CIT(E) could not have cancelled registration retrospectively with effect from 1st April, 2014 in so far as section 12AA /12AB do not provide for cancellation of registration with retrospective effect

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

    S. 12A, 13 — CIT(E) cannot deny registration under section 12A by invoking section 13(1)(b) since section 13 can be invoked only at the time of framing assessment and not at the time of grant of registration

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

    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

    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.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 6 mins

    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.

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

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

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

    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.

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

    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.

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

    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).

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

    Ss. 166, 160, 246A — Where the assessment order was framed in the case of the sole beneficiary of the private discretionary trust, appeal against the order could be filed by the beneficiary only and not by the trust.

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

    S. 69A — Where the assessee had made frequent cash withdrawals and deposits, he should not be denied the benefit of peak credit and it was only peak shortage which could be added as unexplained income under section 69A.

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

    S. 251 — CIT(A) is not vested with any power to summarily dismiss the appeal for non-prosecution and is obliged to dispose off the same on merit.

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

    Sec. 263: Where there was no application of mind by CIT to take cognisance u/s 263 on the proposal sent by Additional CIT, order passed u/s 263 was to be quashed.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 6 mins

    Where assessee-company underwent a CIRP under IBC, 2016, the provisions of IBC, 2016 overrides the provisions of the other laws for the time being enforced and once a resolution plan is approved by the Adjudicating authority, Income-tax Department is also bound by terms of the resolution plan so approved.

    By Jagdish T Punjabi, Chartered Accountant
    Devendra Jain & Aditya Bhatt, Advocates
    Reading Time 4 mins
  • Tribunal News: Part B: International Tax Decisions

    Article 5 of India-Singapore DTAA; Section 9(1) of the IT Act – (i) Since the Indian parent company of Singapore subsidiary (Sing Sub) carried on all material activities, and since the Singapore subsidiary was merely shipping goods to Indian customers, fixed place PE of Sing Sub was constituted as what is relevant to be seen is the scope of activities carried out; (ii) on facts, dependent agent PE was constituted; (iii) the AO was directed to compute profit and attribute the same to PE as per directions given and various decisions on the issue.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 10 mins

    Article 12 of India-USA DTAA — Payment received by Amazon for cloud services provided by it is not royalty or fees for included services in terms of Article 12 of DTAA.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 13(4) of India-Mauritius DTAA (prior to its amendment) — Capital gain arising on sale of shares of Indian company is not taxable in India.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 5 of India-Switzerland DTAA – Liaison Office (LO) does not constitute PE as long as it is adhering to the approval conditions imposed by RBI

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 4 of India – Singapore tax treaty – Tie Breaker in case of individual breaks in favor of Singapore since the assessee stayed in a rental house with his family in Singapore. The Indian house was rented and the assessee paid tax on Singapore income.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 3 mins

    Article 13 of India – UK DTAA – Where payment for use of the software is not taxable, services intricately and inextricably associated with use of software are also not taxable.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 12 of India – Singapore tax treaty – Uplinking and Playout Services are not royalty or FTS

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 3 mins

    Article 13(4A) of India – Singapore tax treaty – Tax authorities cannot go behind TRC issued by Singapore tax authorities. Gain on sale of shares acquired prior to 1st April, 2017 is not taxable in India.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 2 mins

    Article 28 of India-Malaysia DTAA – Article 28 cannot be invoked if the company is having substance in the form of employees, revenue and is set up for valid business reasons; Article 12 of India-Malaysia DTAA – Sub-licensing payment to a Malaysian company for: (a) Logo Rights; (b) Advertising Privileges; (c) Promotion Activities Rights; and (d) Rights to Complimentary Tickets, in respect of the cricket matches outside India, is not in nature of royalty under Article 12 of India-Malaysia DTAA.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 4 mins

    Section 115-O read with Dividend Article of DTAA – Dividend Distribution Tax (DDT) rate prescribed under section 115-O cannot be reduced to rate mentioned in Dividend Article of DTAA rate applicable to a non-resident shareholder.

    By Geeta Jani | Dhishat B. Mehta | Bhaumik Goda
    Chartered Accountants
    Reading Time 8 mins

    Section 9 r.w. Article 13 of India-Mauritius DTAA – Where Mauritius company had acquired CCPS prior to 1.4.2017 but they were converted into equity shares after said date, without there being any substantial change in rights of the assessee, LTCG derived from the sale of such equity shares were within the ambit of Article 13(4) of India-Mauritius DTAA, and hence, was exempt from tax in India.

    By Geeta Jani , Dhishat B. Mehta , Bhaumik Goda
    Chartered Accountants
    Reading Time 3 mins

    Article 12(5) of India-Finland DTAA — Services are performed at the place where service is used and not where services are rendered — In absence of make available clause in India-Finland DTAA, consideration is chargeable to tax in India; Article 21 of India-Finland DTAA — Since providing corporate guarantee was not business activity but shareholder obligation, corporate guarantee fee was Other Income covered under Article 21 of India-Finland DTAA.

    By Geeta Jani , Dhishat B. Mehta , Bhaumik Goda
    Chartered Accountants
    Reading Time 4 mins

    Article 13(4) of old India-Mauritius DTAA – Having failed to establish that assessee is a conduit, basis TRC issued by tax authorities, the assessee is a tax resident of Mauritius and is entitled to DTAA benefits

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 2 mins

    Section 9, read with sections 195 and 201, of the Act — Payments made for Live Rights are not payments for copyright as broadcasting Live events does not amount to a work in which copyright subsists — hence, they cannot be charged to tax as royalty under section 9(1)(vi) of the Act

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Sections 9(1)(vii)(b), 195, and 40(a)(i) of the Act — Payments made to foreign service providers for testing, implementation, tutoring and demonstrating services to offshore clients in respect of software developed by the taxpayer is merely a support service and not in the nature of FTS. Even if it is considered to be FTS, still, payment is within the source rule carve out u/s 9(1)(vii)(b) of the Act since: (a) payments were made to foreign service provider who was a non-resident; (b) it had not rendered the services in India; (c) it did not have any permanent establishment in India; and (d) the services were utilised by the taxpayer in business carried on outside India, or for the purpose of making or earning income from a source outside India

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 4 mins

    Section 9(1)(vi) of the Act; Article 12(3) of India-Sweden DTAA — Since the facts for the relevant year are identical to those of AY 2014–15, where it was held that the receipts in question could not be taxed as “royalty”, both under section 9(1)(vi) of the Act and under Article 12(3) of India-Sweden DTAA, the assessee was not liable to deduct tax

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Section 92C, read with section 92B, of the Income-tax Act, 1961 — Interest-free loan is an international transaction. The nature of advances, whether it is quasi capital in nature or not, must be seen at the time of granting of advance/loan to the subsidiary.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Section 92C, read with section 92B, of the Income-tax Act, 1961 — In light of peculiar facts, TPO was correct in recharacterizing part consideration of merger in form of cash and CCD as income. Cash payment was to be treated as deemed loan and ALP for CCD interest was determined at Nil.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Article 5 of India-Singapore DTAA — For computation of duration of Service PE, only time spent in India needs to be considered. Presence in India should not include days during which employees did not render any services to the client such as days of vacation and business development. Further, presence should be computed based on solar days i.e. day on which more than one employee is present in India should be counted as one day.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 2 mins

    Explanation 5 to Section 9(1)(i) of the Act — Substantial viewership of Channel in India cannot be a reason to hold that Channel is situated in India; situs of intangibles is the situs of owner.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Capital gains on transfer of shares acquired prior to 1st April, 2017 were not taxable in terms of Article 13(4) of India-Mauritius DTAA because of grandfathering provisions; it was evident from TRC that Assessee was a tax resident of Mauritius.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 4 mins

    Income in respect of offshore supply of goods made on CIF basis to customers in India did not accrue in India, and hence, was not liable to tax in India because property in goods had passed outside India and payment was also made outside India.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 5 mins

    Article 12 of India-USA DTAA — Subscription fees received by an American scientific society for providing access to online chemistry database and for sale of online journal to Indian subscribers did not qualify as Royalty, either in terms of section 9(1)(vi) of Act, or in terms of article 12(3) of India-USA DTAA.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 2 mins

    Article 13 of India-Denmark DTAA — Assessee, a Danish tax resident, had obtained software licenses from Microsoft for its group entities and received payments from its Indian AE SGIPL. Since software was used by Indian AE, and such use did not involve any transfer of copyright or other rights, as neither assessee nor SGIPL had right to sub-license or modify software, payment made by Indian AE to assessee could not be characterised as royalty.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 2 mins

    Article 11 of India-Cyprus DTAA — Assessee is the beneficial owner of income if it has the right to receive and enjoy interest income without any obligation to pass on income to any other person.

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins

    Article 13(4) of India-Mauritius DTAA — on facts, assessee was not a conduit company and hence, qualified for exemption of capital gains under Article 13(4) of India-Mauritius DTAA

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 5 mins

    Article 4 of India-US DTAA — On facts, personal and economic relationships of assessee were closer to India, leading to assessee tie-breaking to India

    By Geeta Jani | Dhishat B Mehta | Bhaumik Goda, Chartered Accountants
    Reading Time 3 mins
Downloads
Editorial
  • Editorial

    Chairman’s Foreword

    By Gautam Nayak, Editor
    Reading Time 7 mins

    Reforms — Fast Forward ?

    By Gautam Nayak, Editor
    Reading Time 5 mins

    E-filing, e-payment and e-TDS — Successful ?

    By Gautam Nayak, Editor
    Reading Time 5 mins

    TDS Compliance

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Money Makes the world go round

    By Gautam Nayak | Editor
    Reading Time 5 mins

    The Challenge of Change — Always Ahead

    By Gautam Nayak, Editor
    Reading Time 5 mins

    The Bursting of the Bubble

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Backdoor Taxation ?

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Where is the Wealth of Commons?

    By Anil Sathe | Joint Editor
    Reading Time 7 mins

    Scrutiny of Income-tax Returns

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Direct Taxes Code

    By Gautam Nayak, Editor
    Reading Time 4 mins

    ICAI and Its (Student) Members

    By Sanjeev Pandit | Editor
    Reading Time 8 mins

    Radia Tapes

    By Sanjeev Pandit | Editor
    Reading Time 6 mins

    The changing profession

    By Gautam Nayak, Ashok Dhere, Editor
    Reading Time 5 mins

    Improving the effectiveness of Tax Laws

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Professional Growth

    By Gautam Nayak | Editor
    Reading Time 5 mins

    Taxing Charity

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Prosperity without Security ?

    By Gautam Nayak, Editor
    Reading Time 4 mins

    The European Economic Crisis

    By Gautam Nayak | Editor
    Reading Time 5 mins

    Indian Economy — A Victim of Bad Politics ?

    By Gautam Nayak, Editor
    Reading Time 4 mins

    Budget 2010 – A Significant Change for the Better?

    By Gautam Nayak | Editor
    Reading Time 4 mins

    Let’s not paint all bureaucrats with the same brush

    By Sanjeev Pandit | Editor
    Reading Time 3 mins

    Ordinary Taxpayers or Superhumans ?

    By Gautam Nayak, Editor
    Reading Time 5 mins

    National Pride

    By Sanjeev Pandit | Editor
    Reading Time 5 mins

    Accounts, Audit & the Companies Bill

    By Gautam Nayak, Editor
    Reading Time 4 mins

    Introduction of IFRS

    By Sanjeev Pandit, Editor
    Reading Time 6 mins

    US & Globalisation

    By Sanjeev Pandit | Editor
    Reading Time 6 mins

    Time for Introspection & Action

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Bogus Tax Refunds and Demands

    By Gautam Nayak | Editor
    Reading Time 4 mins

    Prime Minister, Sir, Crack The Whip

    By Anil Sathe | Joint Editor
    Reading Time 5 mins

    Churn and Changes in the Profession

    By Gautam Nayak, Editor
    Reading Time 4 mins

    Annus horribilis

    By Gautam Nayak, Editor
    Reading Time 4 mins

    Green Shoots ?

    By Gautam Nayak, Editor
    Reading Time 4 mins

    Sons of the Soil — Bad Economics ?

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Vote We Must !

    By Gautam Nayak, Editor
    Reading Time 5 mins

    Tax Deduction at Source in THE Absence of PAN

    By Gautam Nayak | Editor
    Reading Time 5 mins

    The Bombay Chartered Accountant Journal — History & Origins

    By Gautam Nayak
    Reading Time 5 mins

    BCAS recognises Challenges of change . . . . helps members stay ahead !

    By P. N. Shah, Chartered Accountant
    Reading Time 8 mins

    Censorship by Didi

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Colour of Money

    By Anil Sathe, Joint Editor
    Reading Time 7 mins

    Food for consumption……food for thought!

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    Accountability

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Law will Take its Own Course

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Precedent, Consistency, Limitation ……..Need for a Rethink

    By Anil J. Sathe, Joint Editor
    Reading Time 4 mins

    Rethinking growth strategy

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    Financial Sector Reforms

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Accounting and Auditing Professional – Introspect and Act!

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    The Year Gone By

    By Sanjeev Pandit | Editor
    Reading Time 6 mins

    Government Accounting Needs Urgent Reforms

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    Across the Border

    By Sanjeev Pandit, Editor
    Reading Time 4 mins

    Responsible Budget

    By Sanjeev Pandit, Editor
    Reading Time 4 mins

    Time for a system overhaul?

    By Anil J. Sathe, Editor
    Reading Time 4 mins

    The Backward Glance of a Lion (History of BCAS for the 6th Decade)

    By Ashok Dhere, Chartered Accountant
    Reading Time 6 mins

    Coal on Fire

    By Sanjeev Pandit
    Reading Time 5 mins

    Politically Exposed Persons

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Human Beings and Nature

    By Sanjeev Pandit, Editor
    Reading Time 4 mins

    Nobly Untruthful

    By Sanjeev Pandit Editor
    Reading Time 4 mins

    Elections are Coming

    By Sanjeev Pandit, Editor
    Reading Time 4 mins

    Acountability in governance

    By Anil Sathe, Joint Editor
    Reading Time 5 mins

    Vodafone – Wrong Number

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Rule of Law

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Companies Bill, 2012

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Inspire a generation

    By Anil J. Sathe, Joint Editor
    Reading Time 5 mins

    Harness technology, do not become its slave!

    By Anil J. Sathe, Joint Editor
    Reading Time 5 mins

    Professionaly Speaking…

    By Sanjeev Pandit, Editor
    Reading Time 5 mins

    Lokpal – Way Forward

    By Sanjeev Pandit
    Editor
    Reading Time 5 mins

    Relevance of audit reports

    By Anil J. Sathe | Joint Editor
    Reading Time 5 mins

    Delays in public life, can the problem be addressed?

    By Anil J. Sathe Editor
    Reading Time 5 mins

    FAMILY BUSINESSES

    By Sanjeev Pandit | Editor
    Reading Time 4 mins

    Harness IT, collaborate and grow !

    By Anil J. Sathe | Joint Editor
    Reading Time 6 mins

    Mumbai Blasts

    By Sanjeev Pandit | Editor
    Reading Time 4 mins

    FDI in Retail – Good Economics, Bad Politics !

    By Sanjeev Pandit, Editor
    Reading Time 6 mins

    Tax Acounting Standards – Do we need them?

    By Sanjeev Pandit, Editor
    Reading Time 4 mins

    Ring in the new!

    By Anil.J.Sathe Joint Editor
    Reading Time 5 mins

    Future of India –Youth’s perspective

    By Anil.J.Sathe Editor
    Reading Time 4 mins

    Create Opportunities and Not Entitlements

    By Anil.J.Sathe, Editor
    Reading Time 5 mins

    Winds of change

    By Anil J. Sathe, Joint Editor
    Reading Time 6 mins

    A Government that we can trust!

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    Tax Audit – Need for defining roles

    By Anil.J.Sathe Editor
    Reading Time 6 mins

    Accept the Vodafone decision with grace, make a new beginning!

    By Anil.J.Sathe Editor
    Reading Time 6 mins

    Auditing profession at the crossroads

    By Anil.J.Sathe Editor
    Reading Time 6 mins

    Rethinking Education!

    By Anil.J.Sathe Editor
    Reading Time 5 mins

    Time to introspect

    By Anil.J.Sathe Editor
    Reading Time 6 mins

    Let us clean the nation

    By Anil.J.Sathe Editor
    Reading Time 5 mins

    The lakshmanrekhas of life

    By Anil J. Sathe Editor
    Reading Time 5 mins

    Raise the Ethical Bar high enough!

    By Anil J. Sathe Editor
    Reading Time 6 mins

    The Dance of Democracy

    By Anil J. Sathe Editor
    Reading Time 6 mins

    A good beginning

    By Anil J. Sathe Editor
    Reading Time 5 mins

    An avoidable complication

    By Anil J. Sathe Editor
    Reading Time 5 mins

    The CA Course – Need for a relook

    By Anil J. Sathe Editor
    Reading Time 6 mins

    “Black Money”- do our laws really address the problem?

    By Anil J. Sathe Editor
    Reading Time 5 mins

    Expectations from our new leaders

    By Anil J. Sathe Editor
    Reading Time 5 mins

    Need for professional institutions to become transparent

    By Anil J. Sathe Editor
    Reading Time 6 mins

    The Extension Rigmarole – the profession needs to introspect

    By Anil J. Sathe Editor
    Reading Time 6 mins

    Independence, transparency, accountability

    By Anil J. Sathe Editor
    Reading Time 5 mins

    A House divided

    By Anil J. Sathe Editor
    Reading Time 4 mins

    Justice Easwar Committee Report – A Real Godsend

    By Anil J. Sathe Editor
    Reading Time 6 mins

    Tax on ‘Accreted Income’ – a Draconian Proposal

    By Anil J. Sathe Editor
    Reading Time 6 mins

    Change, but with a little more care

    By Anil J. Sathe Editor
    Reading Time 5 mins

    Need to show urgency and build consensus

    By Anil J. Sathe
    Editor
    Reading Time 4 mins

    The End of an Era – A tribute to Narayan Varma

    By Anil J. Sathe Editor
    Reading Time 5 mins

    Right to Live Yes – Right to Die?

    By Anil J. Sathe
    Editor
    Reading Time 5 mins

    Should Agricultural Income Be Taxed?

    By Anil J. Sathe
    Editor
    Reading Time 4 mins

    GST Finally Arrives!

    By Anil J. Sathe, Editor
    Reading Time 5 mins

    Satyamev Jayate @15.August.2017

    By -
    Reading Time 7 mins

    Stable Vs. Dynamic Tax Laws – Strike The Right Balance!

    By Anil J. Sathe, Editor
    Reading Time 6 mins

    30 days to GST: Many States, Many Rates, Many Credits, Many Dates

    By Raman Jokhakar
    Reading Time 7 mins

    INDIA ON THE CUSP OF CHANGE!

    By Anil J. Sathe, Editor
    Reading Time 6 mins

    An Incremental Budget

    By Anil J. Sathe, Editor
    Reading Time 6 mins

    Welcome 2017!

    By Raman Jokhakar,Co-chairman, Journal Committee
    Reading Time 7 mins

    GST@1: GOODNESS OF A SIMPLE TAX

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    By CA Chirag Doshi, President
    Reading Time 6 mins

    BCAS President CA Chirag Doshi’s Message for the Month of January 2024

    By CA Chirag Doshi, President
    Reading Time 6 mins

    BCAS President CA Chirag Doshi’s Message for the Month of February 2024

    By CA Chirag Doshi, President
    Reading Time 6 mins

    BCAS President CA Chirag Doshi’s Message for the Month of March 2024

    By CA Chirag Doshi, President
    Reading Time 7 mins

    Audits of Future

    By CA Chirag Doshi, President
    Reading Time 6 mins

    Professionals’ Role in Indian Economy

    By CA Chirag Doshi, President
    Reading Time 6 mins

    Viksit Bharat – Professional Firms

    By CA Chirag Doshi, President
    Reading Time 5 mins

    From The President

    By CA Mihir Sheth, President
    Reading Time 6 mins

    From The President

    By CA Mihir Sheth, President
    Reading Time 7 mins

    BCAS President CA Chirag Doshi’s Message for the Month of July 2024

    By CA Chirag Doshi
    Reading Time 7 mins

    BCAS President CA Anand Bathiya’s Message for the Month of August 2024

    By CA Anand Bathiya, President
    Reading Time 6 mins

    BCAS President CA Anand Bathiya’s Message for the Month of September 2024

    By CA Anand Bathiya, President
    Reading Time 7 mins

    From The President

    By CA Anand Bathiya, President
    Reading Time 6 mins

    From The President

    By CA Anand Bathiya, President
    Reading Time 6 mins

    From The President

    By CA Anand Bathiya, President
    Reading Time 5 mins
Golden Contents
  • From The Editorial

    From the Editorial – 1969

    By -
    Reading Time 2 mins
  • Golden Contents

    VIEW AND COUNTERVIEW
    GST – SHOULD TECHNOLOGY OVERRIDE THE LAW?

    By GOVIND G. GOYAL Chartered Accountant
    SUSHIL SOLANKI, IRS and DRASHTI SEJPAL Chartered Accountants
    Reading Time 16 mins

    VAT/GST: A FRIGHTENING BUT FASCINATING FUTUREWORLD….!

    By SHAILESH SHETH Advocate
    Reading Time 37 mins

    A TAXPAYER’S GST PRAYER

    By Shailesh Sheth, Advocate -
    Reading Time 1 mins

    Change before you get replaced!

    By AMEET N. PATEL Chartered Accountant
    Reading Time 32 mins

    VIEW AND COUNTERVIEW:NFRA: An Unwarranted Regulator?

    By -
    Reading Time 24 mins

    THE EDITORIAL TRIO AND ANGEL IN HEAVEN

    By ASHOK DHERE Chartered Accountant
    Reading Time 7 mins

    AS IT WAS, IS AND MAY BE
    (MUSINGS FROM THE PAST, ABOUT THE PRESENT AND THE FUTURE AS FORESEEN)

    By SOHRAB ERACH DASTUR Senior Advocate
    Reading Time 23 mins

    INTERVIEW | ZIA MODY

    By
    Reading Time 15 mins

    ELECTORAL AND POLITICAL REFORMS

    By Trilochan Sastry
    Reading Time 20 mins

    BCA JOURNAL @50 – HISTORY OF THE LAST 10 YEARS

    By Raman H. Jokhakar
    Chartered Accountant
    Reading Time 11 mins

    INTERVIEW – N. R. NARAYANA MURTHY

    By
    Reading Time 8 mins

    INTERVIEW | ISHAAT HUSSAIN

    By
    Reading Time 0 mins

    ROLE OF INDEPENDENT DIRECTORS

    By SOMASEKHAR SUNDARESAN
    Counsel
    Reading Time 16 mins

    Interview: Y. H. Malegam

    By -
    Reading Time 44 mins

    Accounting And Auditing In India – The Past, Present And Future

    By Himanshu Kishnadwala
    Nilesh Vikamsey
    Chartered Accountants
    Reading Time 47 mins

    View and Counterview: Fair Value: Should We Fear The Fair Value?

    By Dolphy D'souza
    Ashutosh Pednekar
    Chartered Accountant
    Reading Time 20 mins

    Substance Over Form

    By Natrajh Ramakrishna
    Chartered Accountant
    Reading Time 20 mins

    Accountants & Auditors: Ethics And Morality – A Fast Developing Story

    By Robin Banerjee, Chartered Accountant
    Reading Time 13 mins

    Forensic Audit: Adapting to Changing Environment

    By Chetan Dalal, Chartered Accountant
    Reading Time 11 mins

    Auditing: An Indic Framework

    By Raghu Aiyar, Chartered Accountant
    Reading Time 11 mins

    Emerging Technologies And Their Impact On Accounting And Assurance

    By Milan Seth
    Raghav Shukla
    Chartered Accountants
    Reading Time 21 mins

    THE INSOLVENCY & BANKRUPTCY CODE, 2016

    By Bahram N. Vakil
    Advocate
    Reading Time 16 mins

    INSOLVENCY RESOLUTION PROFESSIONAL – JOURNEY AND ACCOUNTING AND TAX ASPECTS

    By Dhinal Shah
    Chartered Accountant
    Reading Time 27 mins

    Corporate Social Responsibility

    By Mukund Chitale
    Chartered Accountant
    Reading Time 32 mins

    DEVELOPMENT OF TAX LAWS AND ADMINISTRATION IN INDIA – PAST, PRESENT AND FUTURE

    By Justice R.V.Easwar
    Former Judge
    Delhi High Court
    Reading Time 27 mins

    INTERNATIONAL TAXATION AND FEMA KAL – AAJ – AUR – KAL

    By Dilip J. Thakkar
    Chartered Accountant
    Reading Time 12 mins

    THE AUDITOR’S TRAGEDY

    By Devdutt Pattanaik
    Mythologist, Author, Illustrator
    Reading Time 4 mins

    STRATEGY AND ROLE OF PARTNERS IN PROFESSIONAL SERVICE FIRMS

    By NANDITA PAREKH I AMEET PATEL I VAIBHAV MANEK
    Chartered Accountants
    Reading Time 15 mins

    HR MANTRA FOR MID-SIZED FIRMS: ATTRACT – ENGAGE – GROW

    By PRIYA SAWANT
    Reading Time 16 mins

    View and Counterview

    By KETAN DALAL | MILIND KOTHARI
    Chartered Accountant
    Reading Time 19 mins

    BCAJ SURVEY ON CHALLENGES FACED BY PRACTITIONERS – AUGUST 2018

    By
    Reading Time 2 mins

    SUCCESSION OF PROPERTY OF HINDUS

    By N. M. RANKA
    Senior Advocate
    Reading Time 23 mins

    TESTAMENTARY SUCCESSION

    By M. L. BHAKTA
    Advocate & Solicitor
    Reading Time 13 mins

    SUCCESSION FOR MOHAMMEDANS, PARSIS AND CHRISTIANS

    By MARYLOU BILAWALA
    Advocate and Solicitor
    Reading Time 22 mins

    TAXATION ASPECTS OF SUCCESSION

    By YOGESH A. THAR
    Chartered Accountant
    Reading Time 20 mins

    SUCCESSION PLANNING VIA PRIVATE TRUSTS – AN OVERVIEW

    By Hiten Kotak / Neelu Jalan
    Chartered Accountants
    Reading Time 19 mins

    Interview: Rakesh Jhunjhunwala

    By -
    Reading Time 17 mins

    View and Counterview : Market Returns: Is Direct Investing the Best Approach?

    By -
    Reading Time 13 mins

    Emerging Canvas Of Investment – Opportunities And Risks

    By Dr. Uma Shashikant
    Reading Time 15 mins

    Equities – Simple, But Not Easy

    By Prashant Jain
    Reading Time 15 mins

    Real Estate – A Viable Investment?

    By Pranay Vakil
    Chartered Accountant
    Reading Time 9 mins

    The Promise Of The New Economy

    By Siddharth Sthalekar
    Reading Time 13 mins

    The Story of Two Investors

    By -
    Reading Time 2 mins

    INDIAN BANKING: HOW BAD ASSETS WERE CREATED AND WHAT THE FUTURE HOLDS

    By Tamal Bandhopadhyay
    Business Journalist and Author
    Reading Time 19 mins

    LANRUOJ TNATNUOCCA DERETRAHC YABMOB EHT (JACB)

    By Vinayak Pai.V
    Chartered Accountant
    Reading Time 6 mins

    BCAJ FEATURES

    By
    Reading Time 1 mins

    DEBT OF GRATITUDE

    By
    Reading Time 1 mins

    THE LIGHT ELEMENTS

    By Jal E. Dastur
    Chartered Accountant
    Reading Time 5 mins

    INTERVIEW – CHAIRMAN AND CEO OF THE INSTITUTE OF INTERNAL AUDITORS

    By
    Reading Time 20 mins

    AUDITOR RESIGNATION – PRESCRIPTIONS AND RESPONSIBILITIES

    By T.N. Manoharan
    Chartered Accountant
    Reading Time 20 mins

    JOSH OF CAN ACHIEVE : A KALEIDOSCOPIC VIEW

    By
    Reading Time 32 mins
Gst - Special Articles
  • Article

    GST @ 5: ONE NATION, ONE TAX, MULTIPLE STAKEHOLDER PERSPECTIVES

    By Sunil Gabhawalla
    Chartered Accountant
    Reading Time 14 mins

    REVISITING THE “WHY” OF GST AND WAY FORWARD

    By Bhavna Doshi
    Chartered Accountant
    Reading Time 13 mins

    IRONING THE CREASES

    By K. Vaitheeswaran
    Advocate
    Reading Time 16 mins

    5 YEARS OF GST – AN INDUSTRY PERSPECTIVE

    By Vinod Mandlik
    Chartered Accountant
    Reading Time 9 mins

    HOW COURTS HAVE VIEWED GST THUS FAR?

    By V. Raghuraman | Senior Advocate
    Rajath Bharadwaj | Advocate
    Reading Time 54 mins

    ERA OF TAXOLOGISTS IS HERE!

    By Divyesh Lapsiwala
    Chartered Accountant
    Reading Time 15 mins

    ADVANCE (MIS?) RULINGS

    By Bharat Raichandani | Annweshaa Laskar
    Advocates
    Reading Time 9 mins
  • GST Special Articles -

    Indian Goods and Services Tax – A Macro Overview

    By Bhavna Doshi, Chartered Accountant
    Reading Time 15 mins

    GST – A Business Perspective

    By Jamshyd Godrej
    Managing Director, Godrej & Boyce Mfg. Co. Ltd
    Reading Time 3 mins

    Constitutional Perspective of GST – Issues and Challenges

    By Vipin Jain, Advocate
    Reading Time 9 mins

    “Supply” Under GST – Some Interpretational Issues

    By Sushil Solanki
    Chartered Accountant
    Reading Time 15 mins

    Destination Based Taxation – The Concept of ‘Place of Supply’, Its Philosophy and Significance

    By Shailesh Sheth, Advocate
    Reading Time 19 mins

    Place of Supply of Goods under GST

    By C. B. Thakar, Advocate
    Reading Time 23 mins

    Place of Supply of Services – Critical Analysis

    By A. R. Krishnan
    Chartered Accountant
    Reading Time 29 mins

    Classification of Goods and Services

    By S. S. Gupta, Chartered Accountant
    Reading Time 26 mins

    Valuation of Supplies in GST

    By Jayraj S. Sheth, Chartered Accountant
    Reading Time 15 mins

    Input Tax Credit (ITC)

    By Govind G. Goyal, Chartered Accountant
    Reading Time 17 mins

    Transitional Provisions

    By Sunil Gabhawalla, Chartered Accountant
    Reading Time 14 mins

    Reverse Charge Mechanism under Goods and Services Tax (GST)

    By Naresh K. Sheth, Samir L. Kapadia, Chartered Accountants
    Reading Time 17 mins

    Goods and Services Tax Network – Concept and Challenges in Implementation

    By Samir L. Kapadia, Chartered Accountant
    Reading Time 8 mins

    Registration under GST

    By Rajkamal Shah, Ashit Shah, Chartered Accountants
    Reading Time 11 mins

    GST Returns

    By Chirag Mehta, Dushyant Bhatt, Chartered Accountants
    Reading Time 19 mins

    Impact of GST on Small & Medium Businesses (Including Composition Scheme)

    By Bakul Mody, Chartered Accountant
    Reading Time 16 mins

    Contract Manufacturing And Job Work Operations

    By Mandar Telang, Chartered Accountant
    Reading Time 14 mins

    Export, Deemed Export, SEZ, Operations in Territorial Waters and High Seas Including Refund Provisions

    By Puloma Dalal, Chartered Accountant
    Reading Time 21 mins

    Provisions of E-Way Bills in GST Law

    By Janak Vaghani, Chartered Accountant
    Reading Time 11 mins

    GST and its Impact on Accounting

    By Rajat Talati, Chartered Accountant
    Reading Time 18 mins

    Impact of GST on Practising Chartered Accountants

    By Saurabh Shah, Chartered Accountant
    Reading Time 13 mins

    GST – A Huge Area of Practice Opportunities

    By Madhukar N. Hiregange, Chartered Accountant
    Reading Time 12 mins
India @ 75 "Azadi Ka Amrit Mahotsav" - Special Articles
  • Article

    75 YEARS OF INDIAN INDEPENDENCE

    By P. N. Shah, Chartered Accountant
    Reading Time 4 mins

    COURAGE WILL TAKE INDIA TO NEW HEIGHTS!

    By Dilip J. Thakkar, Chartered Accountant
    Reading Time 4 mins

    INDIA CAN BUILD ON ITS UNIQUE ADVANTAGES AND HERITAGE

    By Haren Jokhakar, Chartered Accountant
    Reading Time 4 mins

    YOUTH WILL DRIVE INDIA’S PROGRESS

    By Nayan Parikh, Chartered Accountant
    Reading Time 4 mins

    MOST SIGNIFICANT ACHIEVEMENTS OF INDIA SO FAR

    By H. N. Motiwalla, Chartered Accountant
    Reading Time 4 mins

    A CHANGE OF MINDSET WILL CHANGE THE DESTINY OF INDIA

    By Ashok Dhere, Chartered Accountant
    Reading Time 5 mins

    INDEPENDENT INDIA’S ACHIEVEMENTS @ 75

    By Pranay Marfatia, Chartered Accountant
    Reading Time 4 mins
  • Introduction

    INTRODUCTION

    By
    Reading Time 2 mins
  • Poems

    Poems

    By
    Reading Time 1 mins
Indirect Taxes
  • Article

    Important Representations of BCAS Incorporated in Amended Model GST Law

    By Author
    Reading Time 1 mins

    Negative List and its Implications in tht Context of Cenvat Credit Rules

    By Shailesh P. Sheth, Advocate
    Reading Time 18 mins

    Definition of Service, Charge of Service Tax and Negative List

    By Rajkamal Shah, Chartered Accountant
    Reading Time 28 mins

    VAT on Builders and Developers in the State of Maharashtra – Part II

    By Govind G. Goyal, Chartered Accountant
    Reading Time 25 mins

    VAT on Builders and Developers in the State of Maharashtra

    By Govind G. Goyal
    Chartered Accountant
    Reading Time 18 mins

    CBEC’s confusing clarification regarding Form VCES-3 and CENVAT credit

    By Kewal Satra Chartered Accountant
    Reading Time 9 mins

    SERVICE TAX IMPLICATIONS OF REDEVELOPMENT OF CO-OPERATIVE SOCIETY ON OR AFTER 01-07-2012

    By Naresh K. Sheth Chartered Accountant
    Reading Time 18 mins

    Allowability of Corporate Social Responsibility (CSR) expenditure under the Income tax Act

    By Ankit Virendra Sudha Shah Chartered Accountant
    Reading Time 18 mins

    Constitution Amendment Bill for introducing Goods and Services Tax

    By Parind Mehta Chartered Accountant
    Reading Time 24 mins

    IMPORTANT AMENDMENTS IN SERVICE TAX BY FINANCE AC T, 2015

    By Puloma D. Dalal
    Bakul Mody Chartered Accountants
    Reading Time 22 mins

    Welcome GST – Part 3 GST in Singapore and Malaysia

    By Rajkamal Shah
    Reading Time 22 mins

    Welcome GST – Part II VA T (GST) in Australia & New Zealand

    By Govind Goyal Chartered Accountant
    Reading Time 16 mins

    Welcome GST

    By Govind Goyal Chartered Accountant
    Reading Time 25 mins

    Welcome GST – Part IV VAT (GST) in the European Union (‘EU’)

    By Samir Kapadia Chartered Accountant
    Reading Time 10 mins

    Welcome GST VAT (GST) in the European Union (Part II)

    By Samir Kapadia Chartered Accountant
    Reading Time 13 mins

    Welcome GST Transitional Provisions under GST

    By Raj kamal Shah Chartered Accountant
    Reading Time 17 mins

    Welcome GST Reverse Charge Mechanism under Goods and Services Tax (GST)

    By Naresh K. Sheth
    Chartered Accountant
    Reading Time 10 mins

    Welcome GST Flight Delayed But Expected To Land Safely

    By Govind G. Goyal,Chartered Accountant
    Reading Time 12 mins

    Analysis of Input Tax Credit (Revised Provisions in the Act and Draft ITC Rules)

    By Mandar Telang
    Chartered Accountant
    Reading Time 22 mins

    Decoding GST – GST – First Principles on Reverse Charge Mechanism

    By Sunil Gabhawalla
    Rishabh Singhvi
    Parth Shah
    Chartered Accountants
    Reading Time 21 mins

    Welcome GST Indian GST: Goods and Services Tax – Overview & Framework

    By Sunil Gabhawalla
    Chartered Accountants
    Reading Time 18 mins

    Welcome GST – Input Tax Credit Provisions under the Model GST Act (Revised Nov 2016)

    By Mandar Telang
    Chartered Accountant
    Reading Time 29 mins

    GST @ 1: TAXPAYER REACTIONS

    By SUNIL GABHAWALLA Chartered Accountant
    Reading Time 10 mins

    Is Schedule Ii To The Central GST Act, 2017 & Other State GST Acts Unconstitutional As Regards Certain Services?

    By V. Raghuraman
    Chartered Accountant
    Reading Time 15 mins

    Can There Be A Levy Of IGST On Actual Imports?

    By V. Raghuraman
    Chartered Accountant
    Geetha Pentakota
    Reading Time 31 mins

    Analysis Of Decisions Taken At The 22ND & 23RD Meetings Of The GST Council

    By Chirag B. Mehta
    Chartered Accountant
    Reading Time 17 mins

    GST on Re-development of Society Building, SRA and JDA – Part II

    By Rajkamal Shah, Chartered Accountant , Shailesh Sheth, Advocate
    Reading Time 22 mins

    GST on Re-Development Of Society Building, SRA And JDA – Part I

    By Rajkamal Shah
    Chartered Accountant
    Shailesh Sheth
    Advocate
    Reading Time 19 mins

    Welcome GST IGST and Place of Supply Rules

    By Sunil Gabhawalla
    Chartered Accountants
    Reading Time 25 mins

    Welcome GST – “Supply” under proposed Indian GST – ‘Model GST Law’

    By Amitabh Khemka Chartered Accountant
    Reading Time 31 mins

    Welcome GST Input Tax Credit Under GST Regime – Model GST Law

    By Amitabh Khemka
    Chartered Accountant
    Reading Time 15 mins

    MODEL GST ACT – DICEY ISSUES

    By SANJIV M SHAH Advocate
    Reading Time 15 mins

    Welcome GST – VA T (GST) in Canada

    By Udayan Choksi Chartered Accountant
    Reading Time 18 mins

    GST @ 2 – A SHORT WISH LIST

    By Sunil Gabhawalla
    Chartered Accountant
    Reading Time 14 mins

    THE ART OF UNDERSTANDING & MANAGING STAKEHOLDER EXPECTATIONS – AN INTERNAL AUDITOR’S PERSPECTIVE

    By Jyotin Mehta
    Chartered Accountant
    Reading Time 17 mins

    CALCUTTA CLUB CASE: PRINCIPLE OF MUTUALITY AND ITS RELEVANCE UNDER GST REGIME

    By V.Raghuraman | C.R. Raghavendra | J.S. Bhanumurthy
    Advocates
    Reading Time 21 mins

    INTERNATIONAL DECISIONS IN VAT/GST

    By Ishaan Patkar
    Chartered Accountant
    Reading Time 16 mins

    GST ON PAYMENTS MADE TO DIRECTORS

    By Tejal Mehta
    Chartered Accountant
    Reading Time 14 mins

    OPERATIONAL IMPACT OF CORONAVIRUS OUTBREAK ON GST

    By MANDAR TELANG
    Chartered Accountant
    Reading Time 12 mins

    LATENT ISSUES UNDER GST LAW ON INTERCEPTION, DETENTION, INSPECTION & CONFISCATION OF GOODS IN TRANSIT

    By Ganesh V. Shandage
    Chartered Accountant
    Reading Time 26 mins

    Input Tax Credit – Disputed Propositions W.R.T. Section 16(4) Of The CGST Act

    By Mandar Telang, Chartered Accountant
    Reading Time 25 mins

    Resolving the Conundrum of Input Tax Credit under GST: Striking a Balance for Genuine Claimants

    By Priti Makhija, Chartered Accountant
    Reading Time 16 mins

    Erroneous Refund of Input Tax Credit – Whether Adjudication under section 73 / 74 Permissible?

    By Jatin Harjai, Chartered Accountant
    Reading Time 9 mins

    Builders and Developers – Understanding Reconciliation of GST and Accounting Records

    By Chirag B Mehta, Chartered Accountant
    Reading Time 22 mins