Opportunity for philanthropy without any tags
Whereby virtue of any agreement, settlement, trust, covenant, agreement, gift deed or any other arrangement for transfer, income arises to…
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Today's
Right to reason HP Court pointer to flaw in section 148A ......Read More
Yesterday's Wrong reopening ......Read More
Yesterday's Wrong reopening ......Read More
Taxation of third world incomes
In Emmerich Jaegar v. CIT (2005)274ITR125 the assessee non-resident claimed benefit under an exception (exemption) provision of Article 14(2) under…
......Read MorePenalty for failure to report foreign assets (FA)
A new law called ‘THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015’ is passed…
......Read MoreRevision/refund possible in case of over assessment
By the Gujarat High Court decision in 276ITR165 an intimation u/s 143(1) is not an order of assessment hence a…
......Read MoreOffering anonymous donations/unexplained sums as incomes has greater risks
During assessment of charitable institutions ( other than religious institutions) the assessee is expected to prove the identity, creditworthiness, genuineness…
......Read MoreTax Residence abnormalities –UAE Resident
For the first time, the AAR in Mohsinally Alimohammed Rafik, In re (1995) 213ITR317 held a view that a UAE…
......Read MoreA Classic example of Perversity
Dictionary meaning An order that suffers from perversity is bound to fail in the ultimate test before Supreme Court.…
......Read MoreYardsticks for business deductions – interplay of sections 28 and 37
The M P High Court in 278ITR345 held that to be an allowable expenditure within the provisions of section 37(1)…
......Read MoreCurrent and non current repairs
Not all repairs are entitled to the deduction. When one is using the premises of its own then the law…
......Read MoreReanalysis of existing facts
The Gujarat HC in 426ITR146 held that reopening on the basis of reanalyzing of the existing material is nothing but…
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