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IT Act 1961
Bombay HC Allows Petitioner to Claim Benefit of Section 54(F), IT Act, 1961
In a lucid judgment[1], the Bombay High Court allowed petitioner to claim benefit of Section 54(F), IT Act, 1961 and held that the amendment made to the impugned provision by virtue of Finance Act, 2014… Read More »Bombay HC Allows Petitioner to Claim Benefit of Section 54(F), IT Act, 1961
CA Firm Cannot Invoke MSME Act Against the Income Tax Department
In a unique case[1], the Delhi High Court adjudicated that a Chartered Accountancy firm (‘CA firm’) cannot invoke the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSME Act’) for fees payable to it for… Read More »CA Firm Cannot Invoke MSME Act Against the Income Tax Department
Interplay of Section 153 and Section 144C: Bombay High Court Provides Clarity
In a recent judgment[1], the Bombay High Court clarified that the period of limitation for passing an assessment order will be governed by Section 153, IT Act, 1961 and not by the time period envisaged… Read More »Interplay of Section 153 and Section 144C: Bombay High Court Provides Clarity
DTAAs are Relevant for TDS Provisions under IT Act, 1961
In a recent judgment[1], the Karnataka High Court reiterated the ratio of Engineering Analysis case, more specifically the applicability of Double Taxation Avoidance Agreements (‘DTAA’) vis-à-vis withholding tax obligations under the IT Act, 1961. Introduction The assessee… Read More »DTAAs are Relevant for TDS Provisions under IT Act, 1961
Revenue Mistakes Buying for Selling: Bombay High Court Quashes Order
Short Note In a recent judgment[1], the Delhi High Court provided a remedy to the assessee that should have ordinarily not required judicial intervention. The High Court reminded the Revenue that the assessee had purchased… Read More »Revenue Mistakes Buying for Selling: Bombay High Court Quashes Order
No Whisper in Reasons to Believe: Bombay High Court Quashes Reassessment Notice
The Bombay High Court in a judgment[1] delivered on 09.06.2023, quashed a reassessment notice issued to the assessee. The High Court inter alia observed that the notice had been issued without any justification and the assessing… Read More »No Whisper in Reasons to Believe: Bombay High Court Quashes Reassessment Notice
Possession, Ownership and Valuable Articles: Supreme Court Opines on Section 69A, IT Act, 1961
On 16 May 2023, a Division Bench of the Supreme Court in M/s DN Singh case[1] delivered a well-reasoned judgment clarifying the scope of Section 69A, IT Act, 1961. The case required the Supreme Court to determine if… Read More »Possession, Ownership and Valuable Articles: Supreme Court Opines on Section 69A, IT Act, 1961
Winnings from Online Games: CBDT Clarifies Contours of Section 194BA, IT Act, 1961
Finance Act, 2023 inter alia introduced changes to withholding tax obligations for winnings from lottery, crossword puzzles and horse races under Sections 194B and 194BB, IT Act, 1961. Finance Act, 2023 also introduced a new… Read More »Winnings from Online Games: CBDT Clarifies Contours of Section 194BA, IT Act, 1961