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IT Act 1961

SAAR v/s GAAR: Inauguration of an Interpretive Dilemma 

In a recent decision, the Telangana High Court dismissed petitioner’s contention that General Anti-Avoidance Rule (‘GAAR’) cannot be applied by the Income Tax Department since the impugned fact situation is apparently covered by Specific Anti-Avoidance Rule (‘SAAR’). And that the relevant SAAR provision – Section 94(8) – specifically excludes the impugned… Read More »SAAR v/s GAAR: Inauguration of an Interpretive Dilemma 

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) defines perquisites to include various perks under different clauses. Section 17(2)(viii) is a residuary… Read More »Taxation of Perquisites: SC Rules on Constitutionality

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 provisions of IT Act, 1961 on taxability of revocable trusts and their representative assessees.… Read More »Intersection of Trusts, DTAAs, and IT Act, 1961: Profile of ADIA Case

Portuguese Civil Code, Income Tax, and Companies Act: Understanding Beneficial Ownership 

The Bombay High Court, in a recent judgment, had to unravel the interplay of Portuguese Civil Code, IT Act, 1961, and the Companies Act, 1956 – among other issues – to ascertain the tax liability of assessees. While the case involved other issues, I will focus on the beneficial ownership aspect… Read More »Portuguese Civil Code, Income Tax, and Companies Act: Understanding Beneficial Ownership 

Not Providing Opportunity of Being Heard Vitiates Order Imposing Penalty: Raj HC

In a recent decision, the Rajasthan High Court held that the petitioner’s representation – filed under Section 270AA, IT Act, 1961 – for waiving the penalty imposed under Section 270A, IT Act, 1961 was wrongly rejected without providing an opportunity of being heard. And since the impugned orders did not specifically… Read More »Not Providing Opportunity of Being Heard Vitiates Order Imposing Penalty: Raj HC