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After Top CA Firms, Elite Law Firms Also Go Into 'Survival Mode' To Escape The CoronaVirus Meltdown
The adverse economic effects of CoronaVirus is being felt by everyone. Elite CA and Law Firms have tightened their seat belts with a view to surviving the contraction in demand for professional servicesDeletion Of Penalty Resulting In Deletion Of Addition: Supreme Court's Converse Logic In Basir Ahmed Sisodia's Case
Advocate Rahul Sarda has pointed out that the recent judgement of the Supreme Court in Basir Ahmed Sisodia vs. ITO 116 TM.com 375 (SC) upholds the fundamental tenet of taxation that tax proceedings are not adversary proceedings. Tax authorities are only engaged only in the administrative act of adjusting a taxpayer's liability. A taxpayer who has failed to bring on record all facts in the assessment proceedings to justify his claim can do so during the penalty proceedings and expect to succeed in the assessment proceedingsSection 271 AAD – Some Issues
Section 271AAD, which was inserted by the Finance Act 2020 to levy penalty for 'existence of any false entry' or 'omitting any entry' has given rise to a controversy as to whether it applies to the assessment year 2020-21 or later. There is also debate on the precise meaning of the term "false entry". CA. Pankaj Agrwal has considered both aspects and expressed his opinion in a clear manner See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Releasing Income-Tax Refunds – A COVID Relief Measure Or A Statutory Obligation?
Advocate Sukhsagar Syal has explained the law relating to the grant of income-tax refunds in the context of the statutory provisions and the circulars issued by the CBDT. He has referred to all the important judgements on the subject including the latest judgement of the Supreme Court in Vodafone Idea Ltd vs. ACIT. He has opined that the legislature should stipulate a time limit for grant of refund to avoid unnecessary hardship to taxpayers__._,_.___
Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>
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