Tribunals/Regulatory Bodies/Commissions Monthly Roundup | November 2021
Here’s a run-through of all the significant decisions covered in the month of November 2021 under the Section of Tribunals/Commissions/Regulatory Bodies.
Income Tax
‘Power’ of conducting IPL is vitally distinct from ‘Object’ of BCCI: ITAT explains substantive law, allows BCCI to continue registration under S. 12-A of Income Tax Act to avail tax exemption benefits
Income Tax Appellate Tribunal (ITAT), Mumbai: A two-Member Bench of Pramod Kumar (Vice President) and Ravish Sood (Judicial Member) allowed the Board
Judicial Slugfest on Applicability of New Provisions for Reopening of Assessments under Income Tax Law: An Overview
by Tarun Jain†
Cite as: 2021 SCC OnLine Blog Exp 84
Will hostel facility which is incidental to providing education as per object of assessee be a charitable purpose exempted under S. 11 of Income Tax Act? ITAT answers
Income Tax Appellate Tribunal (ITAT): Coram of Anil Chaturvedi (Accountant Member) and Suchitra Kamble (Judicial Member) allowed the appeal filed by the
Explained| Section 263 of Income Tax Act: Date of order or receipt of order – When does the limitation clock starts ticking?
Supreme Court: Interpreting Section 263(2) of the Income Tax Act, 1961, the bench of MR Shah* and AS Bopanna, JJ has held that receipt
CBDT notifies Income Tax (31st Amendment) Rules, 2021
The Central Board of Direct Taxes notified the Income Tax (31st Amendment) Rules, 2021 which seeks to further amend Income Tax Rules,
Supreme Court emphasises on Simplification of Tax Law
by Tarun Jain†
Cite as: 2021 SCC OnLine Blog Exp 72
Income-tax (30th Amendment) Rules, 2021
The Central Board of Direct Taxes has notified the Income-tax (30th Amendment) Rules, 2021 vide notification dated 24th September, 2021. The amendment
Extension of timelines under the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
On September 17, 2021, the Central Government extends timelines under the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act,
Income-tax (29th Amendment) Rules, 2021
On September 13, 2021, the Central Board of Direct Taxes notifies Income-tax (29th Amendment) Rules, 2021 to amend Income-tax Rules, 1962. The
Income tax (28th Amendment) Rules, 2021
The Ministry of Finance has issued the Income tax (28th Amendment) Rules, 2021 on September 10, 2021, to further amend the Income-tax
Interest free funds not kept in separate account. Can proportionate disallowance on interest under Section 14A of IT Act be allowed? SC explains
“… in taxation regime, there is no room for presumption and nothing can be taken to be implied.”
Taxation Laws (Amendment) Act, 2021
The Ministry of Finance has passed the Taxation Laws (Amendment) Act, 2021 on August 13, 2021. The Act amends the Income Tax
New provision introduced in Income tax Rules, 1962 prescribing manner of authentication of an electronic record under electronic verification code under section 144B
On September 06, 2021, the Central Board of Direct Taxes makes the Income-tax (26th Amendment) Rules, 2021 further to amend Income-tax Rules,
Explained: Explanation 3C of Section 43B of Income Tax Act, 1961 clarificatory or adds a new condition?
Supreme Court: The division bench of RF Nariman* and BR Gavai, JJ has explained the object and scope of Explanation 3C of
Explained| Scope of Section 80-IA(5) of the Income Tax Act, 1961 with respect to determination of quantum of deduction under Section 80-IA(1)
Supreme Court: Interpreting the true scope of Section 80-IA(5) of the Income Tax Act, 1961, the bench of L. Nageswara Rao* and
Amounts paid by Indian companies to non-resident manufacturers/suppliers for resale/use of the computer software not royalty, hence, not taxable in India: Supreme Court [Read detailed report]
DTAA provisions must be treated as law and followed by Indian courts, notwithstanding what may be contained in the Income Tax Act to the contrary, unless more beneficial to the assessee.