Important Updates Of Case Laws, Articles And Association News
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Association News
REQUEST TO SEND SUGGESTIONS ON THE PROPOSED PROVISIONS OF INCOME-TAX BILL, 2025.
https://us02web.zoom.us/webinar/register/WN_c2B5evSLRpS1VxU-ahnniw#/registration [Read more]
Case Laws
N.P. SASEENDRAN VERSUS N.P. PONNAMMA (SUPREME COURT)
Supreme Court: What is the difference between a Gift, Settlement and Will? The nomenclature of the instrument is immaterial and the nature of the document is to be derived from its contents. There must be a transfer of interest in praesenti for a gift or a settlement and in case of postponement of such transfer until the… Read More ...
Supreme Court: (i) It appears that on account of mistakes or errors getting noticed on the input tax credit, and the input tax credit being subsequently denied to the purchaser, the Revenue has been taking the stand that rectification is not possible after expiry of the period prescribed under Sections 37(3) and 39(9) of the Central Goods… Read More ...
Supreme Court: (i) The Central Board of Indirect Taxes and Customs must re-examine the provisions/timelines fixed for correcting the bonafide errors. Time lines should be realist as lapse/defect invariably is realized when input tax credit is denied to the purchaser when benefit of tax paid is denied. Purchaser is not at fault, having paid the tax amount.… Read More ...
Mumbai Tribunal : S. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the assessee should be… Read More ...
Supreme Court: (i) In view of the declaration of law made in Ghanashyam Mishra and Sons Pvt. Ltd v. Edelweiss Asset Reconstruction Company Ltd (2021) 9 SCC 657, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued… Read More ...
Mumbai Tribunal : S. 69 : Unexplained Investments-Alleged on money-Purchase of flat-Survey statement-Opportunity of cross examination is not provided- Merely on the basis of statement of the accountant of the builder no addition can be made. [S. 132(4), 133A] The assesseee purchased the flat from shah Hosecon Pvt. Ltd. In the course of survey in the premises of… Read More ...
Bombay High Court: S. 268A : Appeal-Instructions-Circulars-Monetary limits-Revision-Penalty- Concealment penalty-Monetary limit is also applicable to proceedings under section 263 of the Act-The CIT u/s. 263 of the Income-tax Act directed the AO to initiate a penalty for concealment, which was not originally initiated in the assessment order-Tribunal set aside the order of the Commissioner-On appeal as the tax… Read More ...
Bombay High Court: S. 68 : Cash credits – Failure to furnish source , identity of parties and genuineness of transaction -Shell companies - A racket of illegal business of providing accommodation entries -Accommodation entry provider -Credit appearing in the bank account -Books of account -Data appearing in 2 CDs are extracted by the investigating wing from books… Read More ...
Articles
Important Judgements of Honourable Shri B. R. Baskaran Accountant Member, Mumbai
By Neelam Jadhav, Advocate, Bombay High Court: Important Judgements of Honourable Shri B. R. Baskaran Accountant Member, Mumbai Read More ...
Important Judgements of Honourable Shri Amarjit Singh, Accountant Member, Mumbai Bench.
By Neelam Jadav, Advocate, Bombay High Court.: Important Judgements of Honourable Shri Amarjit Singh, Accountant Member, Mumbai Bench. Read More ...
Amendments to Chapter XII-G – Tonnage Tax Scheme as proposed by Finance Bill, 2025
By Ajay R Singh and Ahmad Faraz Jahangir, Advocates: One of the significant policy measures introduced to boost the Indian shipping industry was the introduction of Tonnage Tax Scheme under Chapter XII-G of the Income-tax Act, 1961 (the “Act”). The Tonnage Tax Scheme offers an alternative method of taxation for qualifying shipping companies, shifting from the conventional method of computation of income to a… Read More ...
Carry forward of losses on amalgamation
By G. Bhaskar, Advocate: Existing Position: ⮚ Sections 72A & 72AA provide for carry forward and set off of accumulated loss and unabsorbed depreciation allowance in the case of amalgamation or demerger and amalgamation in certain cases respectively. ⮚ As per the existing position, accumulated loss of the amalgamating company shall be deemed to be the loss of the… Read More ...
I.T.BILL 2025 AND PRIVACY INVASION
By Anadi Varma : The article decodes the provisions existing and proposed amongst riding concerns of invasion of privacy under proposed clause 247 of the new income tax bill in public domain and subject to concerned netizens and fora making representations about the same.Views expressed are personal. Read More ...
Regards,
Editorial Board