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Allowability of Expenditure incurred wholly and exclusively in connection with transfer of capital asset [Section 48(i)]
Allowability of Expenditure incurred wholly and exclusively in connection with transfer of capital asset [Section 48(i)]Expenditure incurred wholly and exclusively in connection with the transfer of a capital asset is de...
Landmark Judgments of Supreme Court on Law of Limitation
Landmark Judgments of Supreme Court on Law of LimitationThe ‘Law of Limitation’ prescribes the time-limit for different suits within, which an aggrieved person can approach the court for redress or justice. The suit,...
Procedure where an identical question of law is pending before High Courts or Supreme Court [Section 158AB]
Procedure where an identical question of law is pending before High Courts or Supreme Court [Section 158AB]The pendency of appeals at various judicial fora has been a grave concern for the taxpayers and tax adm...
Income of other Persons included in Assessee’s Total Income as per provisions of Section 60 to 64 of the Income Tax Act, 1961
Income of other Persons included in Assessee’s Total Income as per provisions of Section 60 to 64 of the Income Tax Act, 1961Generally, an assessee is taxed on income accruing to him only and he is not liable to tax fo...
75 Landmark Judgements on Section 271D of the Income Tax Act, 1961 [Penalty for failure to comply with the provisions of section 269SS]
75 Landmark Judgements on Section 271D of the Income Tax Act, 1961 [Penalty for failure to comply with the provisions of section 269SS] SLP dismissed as withdrawn against High Court’s ruling that where assessee fa...
Handling the cases of Bogus Capital Gains from Penny Stocks
Handling the cases of Bogus Capital Gains from Penny StocksWhat are penny stocks?Penny stocks is not defined under the Income-tax Act or for that matter in any of the statute books. The term penny stock as defined in Bla...
Evolution of Direct Tax laws in India
Evolution of Direct Tax laws in IndiaIn India, Direct taxes have been levied in India for centuries. The system of direct taxation as it is known today has been in force in one form or another even from ancient time...
Foreign Tax Credit (FTC) on taxes paid in foreign country
Foreign Tax Credit (FTC) on taxes paid in foreign countryThe concept of giving credit for the taxes paid in foreign country against the income earned in that country first seems to have emanated in USA during 1918 after ...
Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme Court
Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme CourtSection 14A was introduced by the Finance Act, 2001, with retrosp...
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.In order to provide immunity from penalty and prosecution in certain cases, a section 270AA has been inserted by the Financ...