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Rav Singh
Taxation of Perquisites: SC Rules on Constitutionality
Challenge In a recent judgment, the Supreme Court ruled on constitutionality of Section 17(2)(viii), IT Act, 1961 and Rule 3(7)(i), IT Rules, 1962 which include concession loans under perquisites and provided for their valuation respectively. Section… Read More »Taxation of Perquisites: SC Rules on Constitutionality
Tax Exemption v/s Tax Exemption for ‘Beneficial Purpose’: Interpretive Dilemmas
The thumb rule in interpreting a tax statute is that it must be strictly construed and any ambiguities in statutory provisions are resolved in favor of the taxpayer. However, the rule relating to interpretation of… Read More »Tax Exemption v/s Tax Exemption for ‘Beneficial Purpose’: Interpretive Dilemmas
Rainbow Papers Case and the Art of Misinterpretation
On September 6, 2022, the Supreme Court pronounced its judgment in Rainbow Papers case that unsettled prevailing understanding of the waterfall mechanism under Section 53, Insolvency and Bankruptcy Code, 2016 (‘IBC’). And equally unconvincingly defended the merits… Read More »Rainbow Papers Case and the Art of Misinterpretation
Intersection of Trusts, DTAAs, and IT Act, 1961: Profile of ADIA Case
Abu Dhabi Investment Authority (‘ADIA’) is currently embroiled in a tax dispute in India that involves questions about its eligibility to claim tax benefit under India-UAE DTAA, recognition of foreign trusts in India, and interpretation… Read More »Intersection of Trusts, DTAAs, and IT Act, 1961: Profile of ADIA Case
Water Cess: States Run into a Constitutional Hurdle
Two States – Himachal Pradesh and Uttarakhand – in their attempts to generate additional sources of revenue have run into constitutional hurdles. Both States attempted to levy a ‘water cess’, a tax on use of… Read More »Water Cess: States Run into a Constitutional Hurdle
Kerala versus Union: Dispute Lingers
The dispute between the State of Kerala and Union of India involving disagreement on the latter’s scope of power to restrict debt levels of the former, was referred to a Constitution Bench by the Supreme… Read More »Kerala versus Union: Dispute Lingers
‘Simple and Non-Controversial’: Section 13A, IT Act, 1961
Section 13A was introduced in the IT Act, 1961 via the Taxation Laws (Amendment) Act, 1978 (‘1978 Act’) to grant income tax exemption to political parties. The then Minister of Finance, Shri H.M. Patel, introduced… Read More »‘Simple and Non-Controversial’: Section 13A, IT Act, 1961
Including Capital Gains within Scope of Income: A Short Note from Tax History
Provisions to tax capital gains in India’s income tax law were first included in 1947. The Act XII(22) of 1947, amended Income Tax Act, 1922 (‘IT Act, 1922’) – predecessor to India’s current income tax… Read More »Including Capital Gains within Scope of Income: A Short Note from Tax History