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Search Previous year Issues of BCAJ

november 2024
Accountancy and Audit
  • From Published Accounts

    From Published Accounts

    By Himanshu Kishnadwala, Chartered Accountant
    Reading Time 17 mins
  • IND AS/IGAAP - Interpretation & Practical Application

    Accounting for Coaching Fees

    By Dolphy D’souza, Chartered Accountant
    Reading Time 13 mins
Corporate And Other Laws
  • Allied Laws

    Allied Laws

    By Dr. K. Shivaram, Senior Advocate, Rahul K. Hakani | Shashi Bekal, Advocates
    Reading Time 8 mins
  • Corporate Law Corner

    Part A | Company Law

    By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
    Reading Time 3 mins
  • Laws And Business

    Would IBC Prevail Over The PMLA?

    By Dr Anup P. Shah,Chartered Accountant
    Reading Time 15 mins
  • Securities Laws

    Prevention Of Market Abuse In The Securities Market

    By Bhavesh Vora | Khushbu Shah, Chartered Accountants
    Reading Time 11 mins
Direct Taxes
  • Article

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

    By Pankaj R. Toprani, Advocate
    Reading Time 30 mins
  • Controversies

    Transfer of Capital Asset to Subsidiary / Holding Company

    By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
    Reading Time 25 mins
  • Glimpses Of Supreme Court Rulings

    Glimpses of Supreme Court Rulings

    By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
    Reading Time 4 mins
  • In the High Courts: Part A-Reported Decisions

    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
  • In The High Courts: Part B-Unreported Decisions

    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
  • Tribunal News: Part A-Domestic Taxation

    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
Editorial
  • Editorial

    Editorial

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

    From The President

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

    Packaged Tours and Place of Supply Provisions under GST

    By Mandar Telang, Chartered Accountant
    Reading Time 24 mins
  • Decoding GST

    RCM Provisions – Recent Developments

    By Sunil Gabhawalla | Rishabh Singhvi | Parth Shah, Chartered Accountants
    Reading Time 30 mins
  • Recent Decisions: Part A: Goods and Services Tax

    Goods And Services Tax

    By Puloma Dalal | Jayesh Gogri | Mandar Telang, Chartered Accountants
    Reading Time 13 mins
  • Recent Developments In GST

    Recent Developments in GST

    By G. G. Goyal, Chartered Accountant | C. B. Thakar, Advocate
    Reading Time 18 mins
International Taxation
  • Article

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

    By Harshal Bhuta | Naisar Shah, Chartered Accountants
    Reading Time 33 mins
Namaskaar
  • Namaskaar

    मुखरस्तत्र हन्यते

    By C. N. Vaze, Chartered Accountant
    Reading Time 3 mins
News And Views
  • Light Elements

    Hanuman’s Intelligence

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

    Miscellanea

    By Jhankhana Thakkar | Chirag Chauhan, Chartered Accountants
    Reading Time 9 mins
  • Regulatory Referencer

    Regulatory Referencer

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

    Learning Events at BCAS

    By Kinjal Shah | Kinjal bhuta, Hon. Jt. Secretaries
    Reading Time 8 mins
Practice Management And Technology
  • Tech Mantra

    Tech Mantra

    By Yazdi Tantra, Chartered Accountant
    Reading Time 3 mins
Special Feature
  • Interview

    Interview – Dr Nishith Desai

    Reading Time 32 mins

From Published Accounts

From Published Accounts

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 17 mins

IND AS/IGAAP - Interpretation & Practical Application

Accounting for Coaching Fees

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

Allied Laws

Allied Laws

By Dr. K. Shivaram, Senior Advocate, Rahul K. Hakani | Shashi Bekal, Advocates
Reading Time 8 mins

Corporate Law Corner

Part A | Company Law

By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
Reading Time 3 mins

Laws And Business

Would IBC Prevail Over The PMLA?

By Dr Anup P. Shah,Chartered Accountant
Reading Time 15 mins

Securities Laws

Prevention Of Market Abuse In The Securities Market

By Bhavesh Vora | Khushbu Shah, Chartered Accountants
Reading Time 11 mins

Article

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

By Pankaj R. Toprani, Advocate
Reading Time 30 mins

Controversies

Transfer of Capital Asset to Subsidiary / Holding Company

By Pradip Kapasi | Gautam Nayak | Bhadresh Doshi, Chartered Accountants
Reading Time 25 mins

Glimpses Of Supreme Court Rulings

Glimpses of Supreme Court Rulings

By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
Reading Time 4 mins

In the High Courts: Part A-Reported Decisions

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

In The High Courts: Part B-Unreported Decisions

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

Tribunal News: Part A-Domestic Taxation

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

Editorial

Editorial

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

From The President

From The President

By CA Anand Bathiya, President
Reading Time 6 mins

Article

Packaged Tours and Place of Supply Provisions under GST

By Mandar Telang, Chartered Accountant
Reading Time 24 mins

Decoding GST

RCM Provisions – Recent Developments

By Sunil Gabhawalla | Rishabh Singhvi | Parth Shah, Chartered Accountants
Reading Time 30 mins

Recent Decisions: Part A: Goods and Services Tax

Goods And Services Tax

By Puloma Dalal | Jayesh Gogri | Mandar Telang, Chartered Accountants
Reading Time 13 mins

Recent Developments In GST

Recent Developments in GST

By G. G. Goyal, Chartered Accountant | C. B. Thakar, Advocate
Reading Time 18 mins

Article

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

By Harshal Bhuta | Naisar Shah, Chartered Accountants
Reading Time 33 mins

Namaskaar

मुखरस्तत्र हन्यते

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

Light Elements

Hanuman’s Intelligence

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

Miscellanea

Miscellanea

By Jhankhana Thakkar | Chirag Chauhan, Chartered Accountants
Reading Time 9 mins

Regulatory Referencer

Regulatory Referencer

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

Society News

Learning Events at BCAS

By Kinjal Shah | Kinjal bhuta, Hon. Jt. Secretaries
Reading Time 8 mins

Tech Mantra

Tech Mantra

By Yazdi Tantra, Chartered Accountant
Reading Time 3 mins

Interview

Interview – Dr Nishith Desai

Reading Time 32 mins