RavPratapSingh
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Section 54, IT Act, 1961: A Short Note on its Evolution
Section 54, IT Act, 1961 provides exemption from capital gains tax if an assessee sells residential house and reinvests the capital gains in another residential house. While core of the Section 54 has remained unaltered, various…
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Powers of Arrest under GST: Unravelling the Phrase ‘Committed an Offence’
CGST Act, 2017 provides the Commissioner power to arrest under specific circumstances. Section 69, CGST Act, 2017 states that: Where the Commissioner has reasons to believe that a person committed any offence specified in clause (a) or clause…
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Tax Treatment of Mandatory CSR: Alignment of CGST Act, 2017 and IT Act, 1961
In this article, I elaborate on one of the several changes introduced by Finance Act, 2023 to CGST Act, 2017. Section 17, CGST Act, 2017 was amended via Finance Act, 2023 to clarify that the goods…
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Dividend Distribution or Reduction of Share Capital: DDT’s Long Shadow on Cognizant
Dividend Distribution Tax (‘DDT’) – abolished in April 2020 - was one of the most contested taxes in India as it taxed dividends in hands of companies which distributed dividends. Making companies liable to pay dividend…
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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 17(2)…
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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 ambiguities…
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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 of…
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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 of…
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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 water…
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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 Court.…
