Issuance of Bonus Share and its Taxability
by Kartik Sharma†
Income Tax Act
Judgment Debtor’s right under Rule 60 of Second Schedule of Income Tax Act a valuable right to save his property; cannot be taken away on technical ground or bona fide mistake for which he is not at fault: SC
Supreme Court: The bench of MR Shah* and BV Nagarathna, JJ has held that the right available to the judgment debtor under
Supreme Court July 2022 Roundup| PMLA constitutional; Bail Act; Abu Salem’s scheduled release; Unmarried women’s right to abortion; and more
Top Stories Your cheat sheet to Supreme Court’s 545 pages long Money Laundering verdict The 3-judge bench of AM Khanwilkar, Dinesh Maheshwari
Legislations | Monthly RoundUp [July, 2022]
Around 50 Legislation Updates | Relating to Controlled Delivery (Customs) Regulations, 2022, Bullion exchange units, Legal Metrology, Work from Home for the
Twin conditions of furnishing declaration within time limit “mandatory” for exemption relief under Section 10B (8) of IT Act: Supreme Court
Karnataka High Court and ITAT committed a “grave error” in holding that the requirement of furnishing a declaration under Section 10B (8) of the Income Tax Act, 1961 (IT Act) is mandatory, but the time limit within which the declaration is to be filed is not mandatory but is directory.
Formation of reasons to believe for search & seizure under Income Tax Act is an administrative function, to be tested by judicial restraint: SC
Supreme Court: The Division Bench of Hemant Gupta* and V. Ramasubramanian, JJ., held that non-supply of satisfaction note to the assessee will
Meghalaya High Court| Minimum 7 days time to be provided to respond to the reassessment notice under S. 148 of IT Act, 1961
Meghalaya High Court: The Division Bench of Sanjib Banerjee, CJ. and W. Diengdoh, J. disposed of a petition holding that the assessee
If an assessee living outside India delays in filing objection to Show Cause notice by one day in asking for adjournment, Can HC deny him of his right? Here’s what Del HC observes
Delhi High Court: The Division Bench of Manmohan and Manmeet Pritam Singh Arora, JJ., expressed that, merely because there was a delay
Whether supply of hostel accommodation along with food is a composite supply? GST AAAR Rajasthan elucidates
Rajasthan Appellate Authority for Advance Ruling: The Bench of Pramod Kumar Singh, Member (Central Tax) and Ravi Jain, Member (State Tax) while
Amalgamation does not necessarily nullify tax assessment as only the outer shell of the amalgamating company gets destroyed but the business and the adventure lives on: SC
It is essential to look beyond the mere concept of destruction of corporate entity which brings to an end or terminates any assessment proceedings.
Declaration under the Income Declaration Scheme cannot lead to non-declarant’s immunity from taxation: SC
Supreme Court: The bench of UU Lalit and S. Ravindra Bhat*, JJ has held that the declaration under the Income Declaration Scheme
S. 292BB of Income Tax Act deals with failure of service of notice or failure to issue notice? Del HC explains
Delhi High Court: The Division Bench of Manmohan and Dinesh Kumar Sharma, JJ., addressed a matter wherein the decision of Income Tax
Will Tax deducted at source be attracted on compensation awarded under Consumer Protection Act “in the form of simple interest”? NCDRC answers
National Consumer Disputes Redressal Commission (NCDRC): The Coram of Dinesh Singh (Presiding Member) and Justice Karuna Nand Bajpayee (Member) expressed that in
Provision of Personal Hearing would defeat the purpose of Faceless Assessment Scheme? Del HC decides
Delhi High Court: The Division Bench of Manmohan and Navin Chawla, JJ., while focusing on the principles of natural justice and right
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
Supreme Court on ‘Bogus Donations’ made to Trust: Delves to know whether registration under S. 12AA of Income Tax Act was being misused or not
Supreme Court of India: Noting the donations being made to the Trust to be ‘bogus donations’ Bench of Uday Umesh Lalit and
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.”
CBDT | Calculation of taxable interest relating to provident fund transactions prescribed vide Income Tax (25th Amendment) Rules, 2021
The Central Board of Direct Taxes has passed Income Tax (25th Amendment) Rules, 2021 on August 31, 2021. The Income Tax (25th
Payment of Gratuity Act | Whether 2010 amendment in Gratuity Act contemplating Rs 10 lakhs as amount of gratuity would have retrospective effect?
Supreme Court: The Division Bench of Hemant Gupta and A.S. Bopanna, JJ., addressed whether the 2010 amendment of Payment of Gratuity Act