Jurisdictional Issues — Challenges before CESTAT
by Suvendu Kumar Pati†
Income Tax Act 1961
[Harmonious Construction] Section 529A of Companies Act, 1956 would prevail over Income Tax Act, 1961: Madhya Pradesh High Court
“…the Act of 1956 is a special Act which govern the law regarding companies only whereas IT Act is a general Act which percolates in just about every sphere of life and is applicable to all the citizen of India when it comes to payment of Income Tax.”
Reopening of completed assessments if Income Tax searches unearth ‘incriminating material’: Supreme Court resolves conundrum
The Revenue had submitted that the Assessing Officer is competent to consider all the material that is available on record, including that found during the search, and make an assessment of ‘total income’. While some of the High Courts agreed with the said proposition, some disagreed. The Supreme Court was, hence, called upon to resolve the conundrum.
Amended Section 153C of the Income Tax Act, 1961 applicable retrospectively to searches conducted prior to 2015 Amendment: Supreme Court
The amendment in Section 153-C of the Income Tax, 1961 was brought and the words “belongs or belong to” were substituted by the words “pertains or pertain to” after a ruling by Delhi High Court in Pepsico India Holdings Private Limited v. ACIT, 2014 SCC OnLine Del 4155.
Online Gaming Budget Proposals – Challenges during Transition Phase
by S. Vasudevan†, Karanjot Singh Khurana†† and Harshit Khurana†††
Online Gaming Budget Proposals – Challenges during Transition Phase
Cite as: 2023 SCC OnLine Blog Exp 27
Availability of Alternative Remedy is not an absolute Bar to challenge re-opening of assessment: Madhya Pradesh High Court
The Madhya Pradesh High Court held that alternative remedy is not absolute bar for examining conditions to issue reassessment notice and admitted the petitions for the final hearing.
Delhi High Court holds assessment order passed under IT Act against the deceased assessee without bringing on record all his legal heirs as void
Delhi High Court: In a case, where petition was filed by a son against the assessment order and the notice
Ministry of Finance issues revised guidelines for compounding of offence under the Income -Tax Act, 1961
On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the Income-Tax Act, 1961 to simplify and
Legislations | Monthly RoundUp [August, 2022]
MINISTRY OF CORPORATE AFFAIRS Record keeping requirements modified vide Companies (Accounts) Fourth Amendment Rules, 2022 On 05-08-2022, the Ministry of
Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC
Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for
Appropriate High Court for filing an appeal under Section 260A of the Income Tax Act would be the one where the Assessing Officer is situated: Supreme Court
“A judicial remedy must be effective, independent and at the same time certain. Certainty of forum would involve unequivocal vesting of jurisdiction to adjudicate and determine the dispute in a named forum.”
Issuance of Bonus Share and its Taxability
by Kartik Sharma†