From Published Accounts

Investments Held By Investment Entities and Application Of FVTPL

NFRA’S Twin Imperatives: New Audit Documentation And Communication Regime In Audit Governance

GST on Sale, Transfer, Amalgamation of Business

Chatting Up About India: Part II : Statins, Stents and Lifestyle Changes to Unblock the Arteries of Regulations

Fraud Reporting – A Convoluted Examination

Beyond The Business Card

Section 12AB – Bombay High Court Holds Irrevocability Clause Not A Precondition For Registration

Allied Laws

Company Law

Personal Guarantors under the Insolvency and Bankruptcy Code, 2016

Structural Shift In Merchant Banking Regulations – Aligning With Maturing Capital Markets

Validity Of Manually Filed Forms Where E-Filing Mandatory

Glimpses Of Supreme Court Rulings

Assessment — Validity of assessment order — Revised return filed within time — Revised return filed during pendency of scrutiny proceedings based on an audit objection — Assessment order passed based on the original return — CIT (Appeals) annulled the assessment order — Tribunal, proceeding on the erroneous basis that revised return was filed beyond period of limitation, set aside order of CIT (Appeals) and restored matter to the AO — High Court held that where revised return filed is validly filed, the assessment order cannot be passed on basis of the original return — Once a revised return is filed, original return stands obliterated — Assessment order set aside, order of CIT (Appeals) modified, and matter remitted to the AO — AO directed to determine taxable income on the basis of revised return.

Collection and recovery of tax — Company —Recovery from director of the Company — Attachment of the Bank Account of the wife of the Director — Unjustified — S. 179 is applicable to the Director of the Company — Cannot be extended to the wife of the Director of the Company.

Provisional attachment of property — Powers u/s. 281B — Power must be exercised cautiously — Before attachment authorities must examine whether assessee is a regular taxpayer — Mere reliance on factors such as bank loans or hypothetical future demand is incorrect — Attachment without objective satisfaction is impermissible.

A. Reassessment — Income escaping assessment — Audit Objections — Relevant details submitted and on record before the AO during original assessment — It amounts to review of assessment — Re-considering of same material to arrive at different conclusion cannot be permitted — Re-opening of assessment bad-in-law. B. Reassessment — Time limit for issuance of notice for A. Y. 2016-17 — Time limit of four years from the end of the relevant Assessment Year applicable prior to 01/04/2021 — Notice u/s. 148 issued on 31/03/2023 — Beyond a period of four years — First proviso to section 149 — No notice could have been issued under the pre-amended provisions — Notice and subsequent proceedings barred by limitation.

A. TDS — Certificate for deduction at lower rate u/s 197 — Validity — Certificate is valid for the assessment year specified in the certificate unless cancelled earlier — Effective throughout the assessment year and not prospectively from the date of certificate. B. Assessee in default u/s. 201(1) — Since certificate operates for the entire assessment year the assessee cannot be deemed as assessee in default — Consequent interest u/s. 201(1A) is unjustified.

Stay Application – Pendency of Appeal before CIT(A) – Addition made based on statement recorded of third party which was retracted – Assessee salaried employee – unconditional stay granted and attachment on bank account lifted.

Notice and assessment order passed, in the name of a non-existent entity – scheme of amalgamation – Department intimated.

Software expenses such as annual maintenance charges, database support fees and licence renewal costs, being in the nature of subscriptions for a fixed period and conferring benefits limited to that period, were held to be revenue in nature and allowable as a deduction under section 37(1).

Where the assessee-society invested in shares of a private limited company and none of its office bearers individually held or controlled substantial interest in the said company, section 13(2)(e) was not applicable in respect of such investment.

Where the assessee-trust purchased land out of trust funds originally contributed by the trustees, but the sale deeds were mistakenly registered in the names of the trustees, and the facts showed that the property was used exclusively for running the school without any benefit accruing to the trustees, section 13(1)(c) was not applicable.

Sec. 68 r.w.s. 69C – Bogus exports – Additions based solely on DRI show-cause notice without independent inquiry – No corroborative evidence brought on record – Deletion by CIT(A) justified – Subsequent Customs adjudication having material bearing admitted as additional evidence – Matter remanded for de novo adjudication

Sec. 54F – Capital gains exemption – Investment in residential plot for construction – Possession not handed over and construction not commenced within prescribed period due to reasons beyond assessee’s control – Subsequent surrender of plot and reinvestment in new residential property – Deduction allowable considering beneficial nature of provision.

Articles 13 and 24(4A) of India-Singapore DTAA – On facts, in absence of any primary motive of tax avoidance, gains from alienation of shares acquired before 01 April 2017 were taxable only in Singapore

Articles 13 and 24(4A) of India-Singapore DTAA – Entities interposed to take benefit under DTAA were not entitled to qualify for benefit under capital gains article. Accordingly, the gains arising from alienation of shares acquired before 01 April 2017 were taxable in India.

When Words No Longer Reveal The Writer

From The President

Writ Petition As An Alternative Remedy

Goods And Services Tax

Recent Developments In GST

‘म’ कारा दश चञ्चला:

(Audacity To Complain!)

ICAI and Its Members

Miscellanea

Regulatory Referencer

Learning Events At BCAS

Statistically Speaking