Search
Jun 26, 20233 min read
ITAT Upholds Disallowance On Bogus Purchases
Introduction In Silmohan Gems Pvt. Ltd. v. DCIT[i], the ITAT upheld the disallowance of purchases computed at 5% of the purchases and...
Jun 23, 202311 min read
'Control’ under the new FEMA Overseas Investment regime
Regulating outward investments by Indian residents has been an area of contention under the foreign exchange laws of India. More so, such...
Jun 20, 20233 min read
No Addition Can Be Made in the Absence of Incriminating Material Found During the Search
Introduction The case of Manjeet Kaur Saran v. ACIT [i] involves a search and seizure operation conducted by the Income Tax Department....
Jun 19, 20233 min read
[ITAT – Delhi] Re-Assessment Order Passed Against a Non-Existent Entity is Void Ab Initio
Introduction Income Tax Appellate Tribunal – Delhi (‘ITAT’) in the case of S.S.S Glass Pv.t Ltd. v. ITO[i], quashed the reassessment...
Jun 15, 20233 min read
[ITAT-Delhi] Addition Under S. 68 of the Income-tax Act Was Deleted as the Assessing Officer Found No Incriminating Material
Introduction The Hon’ble Income Tax Appellate Tribunal – Delhi (‘ITAT’) ACIT, Central Circle – 19 v. KRBL Foods Ltd[i]., upheld the...
Jun 6, 20236 min read
An Overview of LRS
Introduction The Reserve Bank of India (‘RBI’) introduced the Liberalized Remittance Scheme (‘LRS’) back in February 2004. The LRS allows...
Jun 1, 20233 min read
[Delhi HC] S. 83 of the CGST Act Cannot Be Invoked to Secure the Revenue of Another Taxable Person
Delhi HC rules in favor of Zhudao Infotech, stating Section 83 of the CGST Act cannot be used to attach assets for others' tax liabilities.
May 19, 20238 min read
An analysis of Karnataka HC's decision in Gameskraft Technologies
This article summarizes and analyzes the recent decision of the Karnataka High Court in the case of Gameskraft Technologies Private...
May 12, 20235 min read
Recent changes in Liberalised Remittance Scheme ('LRS')
Amendments to bring International Credit Card Transactions within the ambit of the Liberalised Remittance Scheme of the RBI On...
May 11, 20234 min read
[SC] No service tax on corporate guarantees by parent companies on behalf of its subsidiaries
The Hon’ble Supreme Court has recently held in Commissioner v. M/s Edelweiss Financial Services Ltd., that no service tax would be levied...
May 2, 20235 min read
What You Need to Know About the New Tax Rules for Online Gaming
The Central Board of Direct Taxes (‘CBDT’), the authority on direct taxes in the country, released the Income Tax (Fifth Amendment)...
Apr 22, 20233 min read
No Vicarious Liability: Jharkhand HC Quashes Charges Against Finance Advisor in TDS Remittance Case
Jharkhand HC rules financial advisors are not liable for a firm's TDS defaults.
Mar 23, 20233 min read
CBDT Notifies New Consequences for Inoperative PAN
The Income-tax (Fourth Amendment) Rules, 2023 - Amendment in Rule 114AAA Notification G.S.R. 227(E) [No. 15/2023/F.NO....
Mar 15, 20234 min read
Charitable Trusts: New Audit Report Format for Greater Transparency and Compliance
Introduction: The Central Board of Direct Taxes (CBDT) recently issued notification No. 07/2023, dated 21.02.2023, introducing...
Mar 10, 202310 min read
GST prosecution: Whether assessment is a must before prosecution?
The GST Acts lay down provisions for criminally prosecuting a person in case there are certain contraventions of the tax law. However,...
Feb 12, 20235 min read
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023
The trend of undervaluing imported goods, for the purpose of evading customs duty or for other ulterior purposes, has been on a constant...
Jan 18, 20231 min read
CBDT extends time for compliance with sections 54 to 54GB in view of Covid-19
The Central Board of Direct Taxes (CBDT) has extended the time for filing compliance documents for the purpose of claiming any exemption...
Jan 17, 20232 min read
[SC] Writ petition challenging reassessment cannot be dismissed merely based on alternative remedy
The Supreme Court of India recently, in Red Chilli International Sales v ITO [2023] 146 taxmann.com 224 (SC), set aside a judgment of the...
Dec 14, 20223 min read
[Del HC] Pre-deposit of 20% tax demand not a prerequisite for keeping tax recovery in abeyance
The Delhi High Court, in Dabur India Limited v CIT (TDS) [2023] 146 taxmann.com 315 (Delhi), has held that the requirement of pre-deposit...
Oct 17, 202210 min read
An illustrative inquiry under the Black Money Act
The Black Money Act is a draconian law, being a hybrid of high rate of taxation and criminal liabilities - an illustration examines this.