Capital gains transaction planning
Under the law it is not a requisite under section 54 of the Income tax Act that purchase of residential…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Golden rules of taxation
Consult your CA earlier than later File return of income disclosing true income in time Offer to tax each and…
......Read MoreRate change in taxation of Royalty/Fees for Technical Services (FTS) is truly Unfair and Illegitimate – Unnecessary amendment in s. 115A- Time to reduce rates in the treaty and renegotiate them boldly
The Finance Bill 2013 memorandum read out the amendment in s.115A as under: Section 115A of the Income-tax Act…
......Read MoreWhether it is fair to revise an assessment in a mechanical manner for lack of enquiry by the AO in the absence of any clear mandate in the Act?
Non-conduct of proper enquiry renders the order erroneous and prejudicial to the interests of the Revenue. In more than one…
......Read MoreMAT assessments for A Y 2001-02 and 2002-03- interest charged u/s 234B/C may be reclaimed- Retrospective amendment cannot place such burden
At one point in time the Karnataka High Court in Kwality Biscuits Ltd. v. Commissioner of Income-tax (2000) 243ITR519 held…
......Read MoreOnus discharge
The DHC in 350ITR407 held that it was not open to the assessee to direct the Assessing Officer to go…
......Read MoreSuccession of business
Before the Madras High court in CIT v. National Textile Corpn. Ltd. (109TAX300) there was a statutory transfer of a…
......Read MoreConcealment Penalty
The Kerala High court in the case of CIT v. A. Sreenivasa Pai (109TAX267) held that the right conferred on…
......Read MoreDepreciation Allowance
In a landmark ruling the Supreme Court in the case of CIT v. Mahendra Mills (243ITR56) held that the assessing…
......Read MoreShares against technical knowhow
Here is a case of a joint venture company. The foreign partner has brought technical knowhow as capital contribution. The…
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